Eagle in Maryland to Raise $55M

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Independent Bank in McKinney, Texas, is planning to raise capital by issuing debt.

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Eagle Bancorp in Bethesda, Md., plans to raise $55 million by issuing subordinated debt.

The $3.9 billion-asset bank plans to use the proceeds to pay the cash portion of its planned merger with the $917 million-asset Virginia Heritage Bank, as well as for general corporate purposes.

Eagle agreed in June to buy Virginia Heritage, in Tysons Corner, Va., for $183 million in cash and stock. Eagle operates 19 offices throughout Maryland, Virginia and the District of Columbia, according to the Federal Deposit Insurance Corp.

Sander O'Neill + Partners is the sole manager for the offering.

Kristin Broughton

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