DOJ - U.S. Department of Justice

EagleBank Settles $9.7M for Bank Secrecy Act Violations EagleBank and its parent, Eagle Bancorp Inc., have agreed to pay over $9.7 million to settle a U.S. Justice Department investigation into Bank Secrecy Act violations. From 2010 to 2021, EagleBank allowed a check kiting scheme involving two customers, resulting in a $6.3 million loss to another financial institution. The bank's former chairman and CEO, who resigned in 2019, was linked to the scheme. EagleBank will pay a $9,057,821.62 fine and forfeit $736,515 in overdraft fees, while also enhancing its anti-money laundering program and cooperating with ongoing investigations.