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In the Matter of Eagle Bancorp, Inc. Admin. Proc. File No. 3-20963

Jan. 5, 2023

On August 16, 2022, the Commission instituted and simultaneously settled cease-and-desist proceeding (the “Order”) against Eagle Bancorp, Inc. (“Eagle” or “Respondent”). In the Order, the Commission found that Eagle made material misstatements and omissions about related party loans that Eagle’s principal subsidiary, EagleBank, extended to family trusts affiliated with Eagle’s former Chairman, CEO, and President, Ronald D. Paul (“Paul”), and to other related parties. From March 2015 through April 2018, Eagle failed to include these undisclosed loans in the related party loan balances included in its annual reports and proxy statements filed with the Commission. Eagle and Paul also made false statements regarding the nature of the loans in two press releases.

The Commission ordered the Respondent to pay $2,600,000.00 in disgorgement, $750,493.00 in prejudgment interest, and a $10,000,000.00 civil money penalty, for a total of $13,350,493.00, to the Commission. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalty paid, along with the disgorgement and interest paid, can be distributed to harmed investors (the “Fair Fund”). See the Commission’s Order: Release No. 33-11092.

The Fair Fund includes the $13,350,493.00 paid by the Respondent. The Fair Fund and has been deposited in an interest-bearing account at the U.S. Department of the Treasury, and any interest accrued will be added to the Fair Fund.

On May 17, 2023, the Commission issued an order appointing Heffler, Radetich & Saitta, LLP, as the Tax Administrator of the Fair Fund. See the Commission’s Order: Release No. 34-97515.

On November 14, 2023, the Commission issued an order appointing JND Legal Administration, as the Fund Administrator to oversee the administration and distribution of the Fair Fund and set the administrator’s bond amount. See the Commission’s Order: Release No. 34-98922.

On February 5, 2024, the Commission published a notice of the proposed plan of distribution and opportunity for comment and simultaneously published the proposed plan of distribution (“Proposed Plan”). The notice provides the public with 30 days to submit their comments on the Proposed Plan. See the Commission’s Notice: Release No.34-99465 and the Proposed Plan.

The Proposed Plan provides that the Fair Fund shall be distributed to those injured investors who purchased or acquired shares of Eagle Bancorp common stock on March 2, 2015, through July 17, 2019, inclusive, and suffered a Recognized Loss as calculated by using the methodology detailed in the Plan of Allocation of the Distribution Plan.

On April 3, 2024 the Commission issued an order approving the Proposed Plan and simultaneously posted the approved plan of distribution (the “Plan”).  See the Commission’s Order:  Release No. 34-99899.and the Plan.

The claim form may found at

For more information, please contact the Fund Administrator:

Eagle Bancorp Fair Fund
c/o JND Legal Administration
PO Box 91487
Seattle, WA 98111

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