Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), today announced
that it had effected the strategic re-organization of its Board of
Directors, as well as the Board of Directors of EagleBank, its
primary subsidiary. As a result of the reorganization, both the
holding company and bank boards will have the same composition and
membership. A key feature of the reorganization is the election of
four new Directors to the Board of the Bancorp. Three of the new
Directors, Lynn Hackney, Leslie Ludwig and Benjamin M. Soto, have
previously served on the Board of EagleBank. The fourth new
Director, Theresa G. LaPlaca, has over 29 years of experience in
the banking industry and an extensive background in risk
management. Prior to her retirement from Wells Fargo, Ms. LaPlaca
was Head of the Conduct Management office, which was created to
resolve issues identified in that company’s sales and reporting
practices.
“We are pleased to enhance the strength of our
Board by the addition of these four new Directors. Their
participation under our new Board structure improves our ability to
benefit from their particular expertise and skills at a higher
level,” noted Norman R. Pozez, Chairman of the Board of Eagle
Bancorp, Inc. Mr. Pozez continued, “The alignment of the
composition and structure of both the Bancorp and Bank Boards is in
accord with the Company’s commitment to meeting the highest
standards of governance practices. It will allow us to streamline
our Board and Board Committee oversight functions, and improve
interaction with management to foster the continued soundness and
success of the Bank. We are also pleased to note that the new
structure has improved the diversity of our Board composition,
which has been a goal for some time.”
The experience and qualifications of each of the
new Bancorp directors are:
Lynn Hackney
Ms. Hackney, 53, founded Allyson Capital in
2008, a development and investment firm specializing in urban
residential - condominium, multifamily, mixed-use and townhomes -
primarily concentrated in Washington, DC, New York, and Miami. As
the founder of Urban Pace, a development services advisory firm,
Ms. Hackney was the only woman in the Washington area to have had
sole ownership of a major real estate corporation, residential or
commercial, until she sold her firm to a multibillion-dollar
company in 2016. Urban Pace is now owned by Berkshire Hathaway. Ms.
Hackney’s accomplishments in the real estate industry resulted in
her election in 2015 to a two-year term as President of the DC
Building Industry Association, the first woman ever to hold that
post. She holds Board seats with Johns Hopkins University and
University of Miami. Ms. Hackney has been a Director of EagleBank
since 2016. She has a post graduate certificate from the Harvard
Business School, an MBA from Johns Hopkins University and a B.S.
from Virginia Commonwealth University.
Theresa G. LaPlaca
Ms. LaPlaca, 59, is the former Executive Vice
President and Head of the Conduct Risk Management Office at Wells
Fargo and Company. She has spent over 29 years in the banking and
financial services industry and her experience ranges from
accounting, financial management and strategic planning to mergers
and acquisitions, corporate governance and risk management. Ms.
LaPlaca is a nationally recognized speaker on the topics of conduct
and culture. Previously she held the position of Chief Financial
Officer for the Wealth and Investment Management Division of Wells
Fargo and as a Division Chief Financial Officer for
CitiStreet, a major provider of 401K administration services. She
is a member of the Queens University Arts Advisory Board and
previously served as a Board Director and Treasurer of the Nevins
Foundation and the St. Anthony Foundation. Ms. LaPlaca earned her
bachelor’s degree from Shenandoah University.
Leslie Ludwig
Ms. Ludwig, 57, is the co-founder of L&L
Advisors, a commercial real estate consulting firm. She is a
retired Partner at JBG Smith (formerly The JBG Companies) where she
was Chairperson of the Management Committee and oversaw the
Finance, Accounting, Human Resources, Investor Reporting, Insurance
and Marketing functions, as well as provided leadership to the
company’s diversity initiatives. Ms. Ludwig has over 35 years of
experience in finance and capital markets. Prior to joining The JBG
Companies in 2002, she was Senior Vice President at Wachovia Bank,
serving as a Commercial Real Estate Relationship Manager. Ms.
Ludwig is a member of CREW (Commercial Real Estate Women), and was
formerly on the Investment Advisory Committee for the National
Multifamily Housing Corporation, the Virginia Tech Real Estate
Industry Advisory Board and the Advisory Board of CREW. Ms. Ludwig
has a B.A. from Frostburg State University. She has served as a
director of the Bank since 2017.
Benjamin M. Soto
Mr. Soto, 50, is an attorney practicing in the
areas of real estate transactions and bankruptcy. He is the
principal of Premium Title and Escrow, LLC, a Washington, DC-based
full service title company. In addition, he is the owner of
Paramount Development, LLC, which is focused on the acquisition and
ground up development of commercial buildings and hotels in
Washington, DC. He is a former Board Director of the National Bar
Association, and of the DC Sports and Entertainment Commission, and
a former Vice-Chair of the DC Board of Real Property Assessment and
Appeals. Mr. Soto is a Board Director of the DC Chamber of
Commerce, the DC Land Title Association, the DC Public Education
Fund, and National Foundation for Affordable Housing Solutions,
Inc. and the Georgetown Day School. Mr. Soto has served as a
Director of the Bank since 2006.
Within the new Board structure at the Bancorp
level, Mr. Pozez will continue to serve as the Chair of the
Governance and Nominating Committee and Ms. Kathy A. Raffa will
continue as Chair of the Audit Committee. Ms. Ludwig has become the
Chair of the Compensation Committee. Ms. LaPlaca will become the
Chair of the Risk Committee to be formed in the near future. This
Committee will address the continued development of risk management
and infrastructure resources as we grow and approach the $10
billion regulatory threshold.
Coincident with the Board reorganizations,
Dudley Dworken and Donald Rogers resigned from the Bancorp Board.
Mr. Rogers will continue to serve as the Chair of the EagleBank
Foundation. Mr. Pozez stated that “We would like to express our
gratitude to Don and Dudley, who have contributed so much to the
Company and EagleBank.”
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 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:Michael T.
Flynn301.986.1800
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