Press release
Eagle Bancorp, Inc. Announces Dividend and Share Repurchase Program Extension and Expansion
BETHESDA, Md., Dec. 18, 2019 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (Nasdaq – EGBN) (the “Company”) announced today that its Board of Directors declared a
About this update from Eagle Bancorp, Inc.
[{"type":"text","content":"BETHESDA, Md., Dec. 18, 2019 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc. (Nasdaq – EGBN) (the “Company”) announced today that its Board of Directors declared a cash dividend. The Board of Directors announced a cash dividend for the fourth quarter of 2020, in the amount of $0.22 per share. The cash dividend will be payable on January 31, 2020 to shareholders of record on January 15, 2020.\n Additionally, the Board of Directors extended its share repurchase program that was initiated earlier this year, and increased the number of shares subject to repurchase. Under the revised repurchase program, 1,641,000 shares of common stock, or approximately 5% of its outstanding shares of common stock at September 30, 2019 are subject to repurchase through the expiration of the program on December 31, 2020, subject to earlier termination of the program by the Board of Directors. As of December 16, 2019, the Company had approximately 33,242,482 shares outstanding. Repurchases may be made in open market purchases, block trades or in privately negotiated transactions. Repurchases, if any, under the program will be made at the discretion of management, and will depend upon market pricing and conditions, business, legal, accounting and other considerations. Open market purchases will be conducted in accordance with the limitation of Rule 10b-18 of the Securities and Exchange Commission (the “SEC”). Repurchases may be made pursuant to any trading plan that may be adopted in accordance with SEC Rule 10b5-1, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Under applicable law, repurchased shares will be cancelled and revert to the status of authorized but unissued shares. The repurchase program may be modified, suspended or terminated at any time without notice, in the Company’s discretion, based upon a number of factors, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, the need for capital in the Company’s operations and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to repurchase any shares. “We are pleased to announce the continuation of a quarterly cash dividend paymen...