EAGLEBANK AGREES TO PAY MORE THAN $9.7 MILLION TO RESOLVE BANK SECRECY ACT INVESTIGATION

WASHINGTON, June 30 -- The U.S. Department of Justice's Criminal Division issued the following news release:

Note:A copy of the non-prosecution agreement and statement of facts can be found here.

EagleBank, a community bank with operations in Maryland, Virginia, and the District of Columbia, and its parent entity, Eagle Bancorp Inc. (collectively, EagleBank), entered into a non-prosecution agreement today and agreed to pay over $9.7 million to resolve the Justice Department's investigation into violations of the Bank Secrecy Act.

"For more than a decade, EagleBank knowingly allowed favored clients to operate a check kiting scheme, even as compliance personnel repeatedly tried to stop it," said Assistant Attorney General A. Tysen Duva of ...