Tuesday, Eagle Bancorp, Inc. (EGBN), the parent company of EagleBank said the acquisition of Fidelity & Trust Financial Corp. and the merger of Fidelity & Trust Bank into EagleBank, is effective August 31, 2008. The transaction was valued at $13.1 million as per the agreement.
Subsequent to the merger, EagleBank would have aggregate assets of approximately $1.4 billion, and loans and deposits each in excess of $1.1 billion.
The bank has 15 offices in the Washington, DC metropolitan area, comprising 9 banks in Montgomery County, Maryland, 5 in the District of Columbia and one in Northern Virginia. The combined bank would have around 230 employees.
To acquire Fidelity common stock, Eagle had to part with 1.63 million shares of its common stock, with the exemption of 196, 090 shares of common stock that are issuable upon the exercise of options.
Further, as per the announcement on July 25, Eagle plans to declare a 10% stock dividend after the merger, to ensure receipt of dividend by former Fidelity stockholders as well.
Commenting on the merger, Ronald Paul, who would continue as the Chairman and Chief Executive Officer of Eagle Bancorp and Eagle Bank, said, " We are excited to be implementing the best practices of both banks and enhancing our position in the market by providing an expanded capacity to help local businesses grow, including a larger lending limit, and providing our customers with continued access to local decision makers."
EGBN closed Monday's regular trading at $8.34. For the past 52 weeks, the stock has been trading in the range of $7.01 to $14.78.
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