Press release
EagleBank Rises to Meet COVID-19 Challenge
EagleBank Teams Race to Serve Customers Seeking PPP and Loan Relief and The EagleBank Foundation Makes Major Contributions to Area Health, Aid Organizations
About this update from Eagle Bancorp, Inc.
[{"type":"text","content":"EagleBank Teams Race to Serve Customers Seeking PPP and Loan Relief and The EagleBank Foundation Makes Major Contributions to Area Health, Aid Organizations\nBETHESDA, Md., June 02, 2020 (GLOBE NEWSWIRE) -- EagleBank, one of the largest community banks in the Washington, D.C., metropolitan area, announced today that it had successfully provided financial relief to an unprecedented volume and range of bank customers affected by the COVID-19 crisis who were seeking federal funding packages.\n In order to meet the urgent demand for assistance from bank clients, EagleBank deployed over 70 bank team members to support the 5 veteran members of the SBA Lending Group. These additional staffers, together with the SBA team, worked round the clock to enter and push through Paycheck Protection Program (PPP) applications – further assisted by numerous EagleBank colleagues who were reviewing and validating all applications submitted. As of May 10, 2020, EagleBank had approved over 1,330 applications totaling over $491 million in PPP loans. “In my long history with EagleBank, I have never been prouder of the strength and commitment of our Banking staff,” said Susan G. Riel, CEO and President of EagleBank. “Recognizing the emergent situation faced by so many of our clients, EagleBank pulled together as never before to provide the professional assistance and hands-on guidance for which we have always been known. We estimate that the PPP and loan relief we were successful in providing helped save around 41,000 jobs in the Washington tri-state area,” Ms. Riel added. In addition to the substantial hours that were devoted to secure PPP funding for clients, the Bank also harnessed new technology that allowed it both to automate uploading of client applications for PPP and to automate emails that kept customers abreast of their application progress. One grateful client, Michael Haft of Compass Coffee, had this to say: “We truly appreciate your heroic efforts to get our loan application through to the SBA. I know there were many late nights and huge obstacles to overcome in making this happen. Getting this loan allows Compass to begin rebuilding. Many people say that they care about relationships but EagleBank truly means it and backs it up with actions. What you guys did was heroic and I’m not sure how we will ever be able to say thank you enough.” Bo...