July marks the 20th anniversary of EagleBank, a milestone the community bank has reached while continuing to grow its revenues, lending capacity and deal volume. But 20 years ago, the bank was founded "with four of us in a conference room with no windows," CEO and founder Ron Paul told Bisnow.
Bisnow: What was the biggest challenge in starting EagleBank back in 1998?
Ron Paul: It was the regulatory world, understanding what our business plan was going to be, what type of lending we wanted to do. The entire business plan itself took a while for it to jell, as opposed to a bunch of us just talking about it. We just wanted to stay the same as what makes typically a strong community bank, the basic lending the community needed, which was business lending and real estate lending.
Bisnow: What makes a community bank successful in Washington, D.C., when you're competing with the big national players?
Paul: The personality and being accessible. Knowing [as a client] you’re going to get a quick decision, it’s going to be executed upon, knowing you can talk through a request, knowing through good times and bad times, your lender is going to be there, and we can talk the talk because we know the market. That’s a very substantial difference that you have in this market versus banks that are run outside of Washington. One of the big differences that we have today is knowing the market as well as we do. It’s not one homogeneous market, there are submarkets, and we have knowledge of what those submarkets are.
Bisnow: What do the next 20 years have in store for EagleBank?
Paul: I think Eagle just wants to continue to grow as its grown. We have no specific expectations. The business model we have is the same: we want to continue going forward and we want to continue to make that difference, so we have more ability to make loans, more ability to do cash management, a variety of products and to use those to enhance the community.