Eagle Bancorp Completes Subordinated Notes Offering

Eagle Bancorp, Inc.

, EagleBank's parent company, revealed that it completed the public offering, as well as, the sale of $150 million of its 5.00 percent Fixed-to-Floating Rate Subordinated Notes due August 1, 2026. According to the company, the Notes were sold at par. As a result, it expects net proceeds of $147.75 million from the offering. Eagle Bancorp said that it intends to use the net proceeds of the offering for general corporate purposes. This included contribution of capital to its subsidiaries, like EagleBank, to support continued growth. The book running managers to the issue were Sandler O'Neill + Partners, L.P. while Keefe, Bruyette & Woods, A Stifel Company was the co-manager. Shares of the company shed 0.2 percent on Tuesday.