Eagle Bancorp, Inc. And Alliance Bankshares Corporation Announce Merger Agreement
The merger is expected to close in the fourth quarter of 2011. It has been approved by the boards of directors of both companies and is subject to the approval by common shareholders of Alliance, the approval of the regulatory authorities, and the satisfaction or waiver of the conditions to closing and covenants of each of the parties contained in the Agreement.
Ronald D. Paul, Chairman and CEO of Eagle and EagleBank said, “We are thrilled about the proposed acquisition of Alliance and Alliance Bank and the opportunities the combination creates for us in Northern Virginia. Both banks are similar in that we share a common vision and culture of providing outstanding customer service, and always putting customer relationships first. We look forward to serving the Alliance customers with our portfolio of deposit, cash management, and loan products. Most are specifically tailored for small and medium-sized businesses, law firms and other professional organizations. The combination with Alliance Bank is consistent with our stated desire to expand our presence in the Northern Virginia market. The addition of Alliance’s experienced, skilled bankers and branch network combined with our own organic growth gives EagleBank the ability to be a major factor in this dynamic market. In addition this really rounds out our footprint in the entire Washington, D.C. metropolitan area. We feel that banking customers in Northern Virginia will value our vision of providing superior customer service, making credit available to eligible borrowers, providing access to local leadership decision makers and commitment to the community.”
William E. Doyle, Jr., President and CEO of Alliance and Alliance Bank noted, “In a little more than a decade, EagleBank has established itself as the leading community banking company serving the Washington, D.C. metropolitan area. For our customers, the partnership with Eagle means access to additional products and services, and an expanding, well positioned branch network. For our shareholders, taking the currency of a high performing company translates into enhanced shareholder value. The joining of our two companies will be a winning combination all around.”
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