Ron Paul Resigns Suddenly as Head of EagleBank

Ron Paul Resigns Suddenly as Head of EagleBank

Bank cites 'serious health developments' as cause, names new chairman

| Published:

EagleBank Founder Ron Paul

Via Eagle Bancorp

Bethesda-based EagleBank announced Thursday that founder and CEO Ronald Paul has resigned “effective immediately” for health reasons.

Paul, 61, made the decision as the “result of serious health developments which would substantially interfere with his ability” to do his job, the bank said in a statement.

While the statement didn’t address the nature of his medical condition, Paul has had two kidney transplants.

As detailed in a 2009 story in Bethesda Magazine, Paul received a kidney from his brother Steven in 1990 after his kidneys started to fail in his mid-20s. When the transplanted kidney started to deteriorate, Paul had another transplant in 2009. The second donor was Kathy MaCallum, a longtime bank colleague and friend.

Paul founded EagleBank in 1997 and built it into one of the largest and most successful banks in the Washington area and the state. The bank has 21 branches in Maryland, the District and Northern Virginia.

According to the statement, the bank’s board of directors has chosen Norman Pozez as the new chairman of the board and Susan G. Riel as interim president and CEO.

The bank’s parent company, which opened its first branch in Rockville in 1998, reported assets of $8.39 billion at the end of 2018, up 12 percent from the previous year.

The company also reported double-digit growth in deposits and loans last year and record earnings, with net income of $152.3 million, according to filings with federal regulators.

This story will be updated.

 

 

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