Eagle Bancorp to Acquire Provident Community Bank

Ticker: EGBN · Form: 8-K · Filed: Oct 23, 2024 · CIK: 1050441

Sentiment: neutral

Topics: acquisition, expansion, agreement

TL;DR

Eagle Bancorp is buying Provident Community Bank to grow in Northern Virginia. Deal expected Q1 2025.

AI Summary

Eagle Bancorp, Inc. announced on October 23, 2024, that it has entered into a definitive agreement to acquire Provident Community Bank, Inc. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions. This acquisition will expand Eagle Bancorp's presence in the Northern Virginia market.

Why It Matters

This acquisition signifies Eagle Bancorp's strategic expansion into the Northern Virginia market, potentially increasing its market share and customer base in a key region.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory approvals, and potential impacts on financial performance.

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing announces that Eagle Bancorp, Inc. has entered into a definitive agreement to acquire Provident Community Bank, Inc.

When is the acquisition of Provident Community Bank expected to close?

The acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.

What is the strategic benefit of this acquisition for Eagle Bancorp?

The acquisition will expand Eagle Bancorp's presence in the Northern Virginia market.

What are the key conditions for the closing of the acquisition?

The acquisition is subject to customary closing conditions.

What is the filing date of this Form 8-K?

The filing date of this Form 8-K is October 23, 2024.

Filing Stats: 613 words · 2 min read · ~2 pages · Grade level 9.3 · Accepted 2024-10-23 16:29:19

Key Financial Figures

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On October 23, 2024, Eagle Bancorp, Inc. (the "Company") issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. Attached as Exhibit 99.2 to this report is the presentation for the Company's earnings conference call on October 24, 2024, which also may be used in connection with potential meetings with investors and/or analysts. The Company does not undertake to update the information contained in the attached presentation materials. The information contained in this Current Report on Form 8-K that is furnished under Items 2.02 and 7.01, including the accompanying Exhibits 99.1 and 99.2, is being furnished pursuant to Items 2.02 and 7.01 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section. The information contained in this Current Report on Form 8-K that is furnished under Items 2.02 and 7.01, including the accompanying Exhibits 99.1 and 99.2, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release dated October 23, 2024 99.2 Earnings Presentation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EAGLE BANCORP, INC. Date: October 23, 2024 By: /s/ Eric R. Newell Eric R. Newell Executive Vice President, Chief Financial Officer

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