UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 97774 / June 21, 2023

ADMINISTRATIVE PROCEEDING

File No. 3-20963

In the Matter of

Eagle Bancorp, Inc.,

Respondent.

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SECOND EXTENSION ORDER

The Division of Enforcement (“Division”) has requested an extension of time until 

October 18, 2023 to submit a Proposed Plan of Distribution under Rule 1101(a) of the 

Commission’s Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. § 201.1101(a).

On August 16, 2022, the Commission issued an Order Instituting Cease-and-Desist 

Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the 

Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order (the 

“Order”)1 against Eagle Bancorp, Inc. (“Eagle” or “Respondent”). In the Order, the Commission 

found that Eagle made material misstatements and omissions about related party loans that 

Eagle’s principal subsidiary, EagleBank, extended to family trusts affiliated with Eagle’s former 

Chairman, CEO, and President, Ronald D. Paul (“Paul”), and to other related parties. From 

March 2015 through April 2018, Eagle failed to include these undisclosed loans in the related 

party loan balances included in its annual reports and proxy statements filed with the 

 1 Securities Act Rel. No. 11092 (Aug. 16, 2022).
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Commission. Eagle and Paul also made false statements regarding the nature of the loans in two 

press releases. Based on this conduct, the Commission found that Eagle violated Sections 

17(a)(2) and 17(a)(3) of the Securities Act, and Sections 13(a), 13(b)(2)(A), 13(b)(2)(B) and 

14(a) of the Exchange Act and Rules 12b-20, 13a-1, and 14a-9 thereunder. 

The Commission ordered Eagle to pay $2,600,000 in disgorgement, $750,493 in 

prejudgment interest, and a $10,000,000 civil money penalty, for a total of $13,350,493, to the 

Commission. In its Order, the Commission also created a Fair Fund, pursuant to Section 308(a) 

of the Sarbanes-Oxley Act of 2002, so the penalties paid, along with the disgorgement and 

interest paid, could be distributed to harmed investors. 

The Fair Fund consists of the $13,350,493 paid by the Respondent. The Fair Fund has 

been deposited in a Commission-designated account at the U.S. Department of the Treasury, and 

any accrued interest will be added to the Fair Fund. 

On October 20, 2022, the Division, pursuant to delegated authority, issued an Extension 

Order, extending the Division’s time until June 30, 2023 to submit a proposed plan of 

distribution to complete the fund administrator solicitation and appointment process, select and 

appoint a tax administrator, develop the distribution methodology, and prepare the proposed plan 

of distribution.2

A tax administrator has been appointed, and the Division now believes additional time is 

needed to complete the fund administrator selection and appointment process and prepare the 

proposed plan of distribution.

 2

 Exchange Act Rel. No. 96115 (Oct. 20, 2022).
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Accordingly, for good cause shown, IT IS HEREBY ORDERED that the Division’s 

request for an extension of time until October 18, 2023 to submit a Proposed Plan of Distribution 

is granted.

For the Commission, by the Division of Enforcement, pursuant to delegated authority.3

Vanessa A. Countryman

Secretary

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 17 C.F.R. § 200.30-4(a)(21)(i).