In connection with the transaction, Fidelity & Trust Bank will be merged into EagleBank, with EagleBank being the surviving entity. The combination is structured as a stock-for-stock exchange, under which Fidelity’s shareholders will receive 0.92 shares of Eagle common stock for each share of Fidelity common stock owned, subject to possible reductions under certain circumstances set forth in the merger agreement.
Once the combination is consummated Ronald Paul will become chairman of Eagle Bancorp, with Robert Pincus serving as vice chairman. Mr Paul will continue his duties as chairman and CEO of EagleBank and Mr Pincus will be vice chairman of EagleBank.
Mr Pincus said: The combination of the two banks, with the outstanding human resource talent at each institution, will enable the combined company to strengthen its infrastructure. Moreover, by utilizing the best practices of each institution, we will continue providing the highest level of customer service to truly become one of the leading relationship banks in the region.
