Eagle in Md. Sells Indirect Auto Portfolio to MainStreet in Va.

M&A

Eagle in Maryland to Buy Virginia Heritage for $183M

Eagle Bancorp (EGBN) in Bethesda, Md., has agreed to buy Virginia Heritage Bank (VGBK) in Tysons Corner, Va.

By Paul Davis

June 9
Community banking

Eagle in Maryland to Raise $70M to Exit SBLF

Eagle Bancorp in Bethesda, Md., is looking to raise funds to exit the Small Business Lending Fund.

By Evan Nemeroff

March 2
Community banking

MainStreet Bank in Va. Raises $13 Million

MainStreet Bank in Fairfax, Va., has raised nearly $13 million by issuing common stock.

By Kristin Broughton

December 29

Eagle Bancorp in Bethesda, Md., has sold its indirect auto loan portfolio to MainStreet Bank in Fairfax, Va.

The $5.8 billion-asset Eagle inherited the $83.4 million portfolio from its acquisition of Virginia Heritage Bank last year.

Eagle said the portfolio was not a strategic fit and it will use the proceeds of the sale to make commercial real estate and business loans, improve its yield on earning assets and reduce operating expenses.

The $376 million-asset MainStreet raised $13 million in stock offering in December.

Andy Peters

twitter

MORE FROM AMERICAN BANKER

Community banking

Insurance deal too rich for Trustmark to pass up, CEO says

The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.

By John Reosti

10h ago
Consumer lending

Synchrony hikes interest rates on credit cards to offset late-fee rule

The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.

By Polo Rocha

10h ago
Industry News

Bank of America, Goldman Sachs CEOs hang onto their board chair hats

At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.

By Allissa Kline

11h ago
Politics and policy

Why are Republicans trying to nullify bank rules? Blame the coming election.

Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.

By Claire Williams

April 24
Fraud prevention

Sharing fraud data is hard. Two industry efforts aim to make it easier.

The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.

By Carter Pape

April 24
Small business lending

GOP lawmakers demand SBA revoke Funding Circle's 7(a) license

Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.

By John Reosti

April 24