Eagle Bancorp defends decision to keep its CFO on the job amid SEC investigation

Eagle Bancorp Inc.’s board of directors determined the company’s chief financial officer should remain on the job amid a Securities and Exchange Commission investigation that could result in charges against him, the Bethesda-based financial institution’s top executive said Thursday.

Eagle Bancorp Inc. (NASDAQ: EGBN) CEO Susan Riel told analysts on the company’s second-quarter earnings call that the board weighed the appropriateness of keeping Charles Levingston in his role in light of a “Wells notice” the SEC recently issued against him that Eagle Bancorp first disclosed Wednesday. Levingston was also on Thursday’s call but limited his remarks to the company’s financial performance for the period ended June 30. Wells notices are not formal charges but rather a preliminary warning and an opportunity for the subject of an investigation to respond to those allegations and potentially avoid formal charges.

“Charles is continuing to serve in his capacity as CFO,” Riel said on Thursday’s call.…

Read the full story from the Washington Business Journal.

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