UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 96115 / October 20, 2022

ADMINISTRATIVE PROCEEDING

File No. 3-20963

In the Matter of

Eagle Bancorp, Inc.

Respondent.

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EXTENSION ORDER

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

June 30, 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”)1against 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 

 

1

 Securities Act Rel. No. 11092 (Aug. 16, 2022).
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party loan balances included in its annual reports and proxy statements filed with the 

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 an interest-bearing account at the U.S. Department of the Treasury, and any 

accrued interest will be added to the Fair Fund.

In its request for an extension of time, the Division states that additional time is needed to 

seek authority to transfer any funds collected in a related district court action to be combined 

with the Fair Fund, 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. 
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Accordingly, for good cause shown, IT IS HEREBY ORDERED that the Division’s 

request for an extension of time until June 30, 2023, to submit a Proposed Plan of Distribution is 

granted. 

For the Commission, by the Division of Enforcement, pursuant to delegated authority.2

Vanessa A. Countryman

Secretary 

 

2

 17 C.F.R. § 200.30-4(a)(21)(i).