Eagle Bancorp announces a 7-for-5 stock split

During regular trading today, the Board of Directors of Eagle Bancorp Inc. (Nasdaq: EGBN) announced a 7-for-5 stock split, payable on June 15, 2001 in the form of a 40% dividend on its common stock.

Eagle Bancorp currently has approximately 2.06 million shares outstanding, 1.70 million shares in the float, and 5.0 million shares are authorized for issuance to the public. This is Eagle's second split since the company commenced operations in 1998.

On April 16, 2001, Eagle Bancorp announced net income of $482 thousand, which equates to $0.23 cents per diluted share, for the three months ended March 31, 2001. This compares to net income of $128 thousand, or 6 cents per diluted share, for the same period in 2000. For the quarter ending March 31, 2001 the annualized return on assets was 1.1% and annualized return on equity holdings was 12.0%.

EGBN shares were off $0.50 to $14.50 in recent mid-day trading, just off the new 52-week high of $15.00 which was hit on Tuesday. Volume was moderate today for this small cap company at 1,100 shares.

About the Company:

Eagle Bancorp, Inc. was incorporated under the general corporation laws of the State of Maryland, on October 28, 1997, and is headquartered in Bethesda, Maryland. The Company was formed to be a bank holding company as defined by the Federal Reserve System. On June 9, 1998, the Company closed its initial offering of shares of the Company stock, having received subscriptions for 1.65 million shares of common stock. Gross proceeds of the offering amounted to $16.5 million. Eagle Bank was formed to serve the business community of Montgomery County, Maryland, and contiguous areas. (Company Press Release)

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