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

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

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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

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