Eagle Bancorp, Inc. Announces First Share Repurchase Program
August 09 2019 - 7:32AM
Eagle Bancorp, Inc. (Nasdaq – EGBN) (the “Company”) announced today
that its Board of Directors had adopted its first share repurchase
program. Under the repurchase program, the Company may repurchase
up to 1,715,547 shares of its common stock, or approximately 5% of
its outstanding shares of common stock at June 30, 2019. The
repurchase program will expire on December 31, 2019, subject to
earlier termination of the program by the Board of Directors. As of
June 30, 2019, the Company had approximately 34,539,853 shares
outstanding.
Repurchases may be made in open market
purchases, block trades or in privately negotiated transactions.
Repurchases, if any, under the program will be made at the
discretion of management, and will depend upon market pricing and
conditions, business, legal, accounting and other considerations.
Open market purchases will be conducted in accordance with the
limitation of Rule 10b-18 of the Securities and Exchange Commission
(the “SEC”). Repurchases may be made pursuant to any trading plan
that may be adopted in accordance with SEC Rule 10b5-1, which would
permit common stock to be repurchased when the Company might
otherwise be precluded from doing so under insider trading laws.
Under applicable law, repurchased shares will be cancelled and
revert to the status of authorized but unissued shares.
The repurchase program may be modified,
suspended or terminated at any time without notice, in the
Company’s discretion, based upon a number of factors, including
market conditions, the cost of repurchasing shares, the
availability of alternative investment opportunities, liquidity,
the need for capital in the Company’s operations and other factors
deemed appropriate. These factors may also affect the timing and
amount of share repurchases. The repurchase program does not
obligate the Company to repurchase any shares.
About Eagle Bancorp: The
Company is the holding company for EagleBank, which commenced
operations in 1998. The Bank is headquartered in Bethesda,
Maryland, and operates through twenty branch offices, located in
Suburban Maryland, Washington, D.C. and Northern Virginia. The
Company focuses on building relationships with businesses,
professionals and individuals in its marketplace.
Forward-looking
Statements: This press release contains
forward-looking statements within the meaning of the Securities and
Exchange Act of 1934, as amended, including statements of goals,
intentions, and expectations as to future trends, plans, events or
results of Company operations and policies and regarding general
economic conditions. In some cases, forward-looking statements can
be identified by use of words such as “may,” “will,” “anticipates,”
“believes,” “expects,” “plans,” “estimates,” “potential,”
“continue,” “should,” and similar words or phrases. These
statements are based upon current and anticipated economic
conditions, nationally and in the Company’s market, interest rates
and interest rate policy, competitive factors, and other conditions
which by their nature, are not susceptible to accurate forecast and
are subject to significant uncertainty. Because of these
uncertainties and the assumptions on which this discussion and the
forward-looking statements are based, actual future operations and
results in the future may differ materially from those indicated
herein. For details on factors that could affect these
expectations, see the risk factors and other cautionary language
included in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2018 and in other periodic and current reports
filed with the SEC. Readers are cautioned against placing undue
reliance on any such forward-looking statements. The Company’s past
results are not necessarily indicative of future performance.
EAGLE BANCORP,
INC.CONTACT:Charles D. Levingston(301)
986 1800
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