Eagle Bancorp (EGBN) in Bethesda, Md., plans to sell more than $10 million in stock to go along with a $35 million offering that it recently completed.
The company said Monday morning that it has priced 552,000 shares of common stock at $18.25 each, which will provide it with net proceeds of $9.7 million. The offering is expected to close by Oct. 31, Eagle said in a press release.
Eagle also said that it had completed another stock offering that it launched in May, selling more than 2 million shares for net proceeds of $33.8 million. Those shares sold at an average price of $17.06 each.
The company, which earned $9.5 million in the third quarter because of loan growth, said it plans to use the proceeds from the offerings to contribute capital to its subsidiaries to support organic growth, among other uses and for general corporate purposes.
"We are very satisfied by these events in that they improve the financial strength of the company," Ronald Paul, the company's chairman and chief executive, said in the release. "While the capital position of EagleBank was already very strong, the company is pleased to complete these transactions in a favorable market."