BETHESDA, Md., June 27, 2012 (GLOBE NEWSWIRE) -- EagleBank announced today that it was one of a select number of Montgomery County, MD based banks to qualify for a new County program, Small Business Plus!, that will deposit a total of $10 million into eligible banks. The banks, in return, have agreed to lend out twice that amount or $20 million, to provide new business loans and commercial real estate loans to small businesses in Montgomery County. The decision to entrust a substantial amount of County monies to qualifying community banks places Montgomery County alongside a growing number of states and municipalities which have made this move recently.*
"I am delighted that EagleBank, with its leadership record of supporting local businesses, start-ups, professional organizations and philanthropies, is able to participate with the County in this program," stated Ronald D. Paul, EagleBank's Chairman & CEO. "We are proud of our record as an active lender to small businesses and pleased to have worked with Montgomery County officials on the development of this program. Our participation will allow us to continue and expand our lending programs of commercial loans and commercial real estate loans to small businesses in Montgomery County. We have committed to lend into the community twice the amount of funds that we receive from the Small Business Plus! Program," Mr. Paul added. "This support allows these local businesses to grow, create new employment opportunities and thereby improve the local economy."
The Small Business Plus! program is set for launch in July 2012. Eligible community banks are required to be headquartered in Montgomery County and to have between $200 million and $5 billion in assets. Other qualifying criteria include that participating banks meet County standards for safety and soundness and be positioned to make and sustain loans to small businesses.
"I commend the forward-thinking, community-minded work undertaken by Montgomery County officials that has led to the launch of the Small Business Plus! Program," Mr. Paul stated. "This program is a win-win-win for the County, for Montgomery County businesses and for the local community banks that stand ready to help them grow," he concluded.
ABOUT EAGLE BANCORP, INC. AND EAGLEBANK
Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and conducts full service banking services through sixteen offices, located in Montgomery County, Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace.
The EagleBank logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6102
*States and municipalities that have enacted or are considering community bank deposit programs similar to the one recently announced by Montgomery County include: Arizona, the District of Columbia, Minnesota, New Mexico, Rhode Island, Illinois, Louisiana, Massachusetts and Pennsylvania.