EagleBank, Maryland's largest locally headquartered bank, is expanding into Baltimore for the first time in its nearly 30-year history, and this time it's not just sending a few loan officers to scout the territory. The Bethesda-based bank, which holds $9.6 billion in assets, has hired two commercial bankers to launch its Baltimore operations and plans to open a physical office in Baltimore City complete with a retail branch.
According to WBAL, EagleBank's commercial banking team will lead a full rollout in the Baltimore market, and the bank intends to establish a substantial presence there rather than simply placing a couple of bankers in the city. Chief Lending Officer Evelyn Lee, a Baltimore native, framed the decision to open a brick-and-mortar branch as a statement of intent. Lee said opening a physical retail branch in Baltimore City signals a commitment to “plant a flag” in the local community rather than operating strictly as a loan production office, per the station's report.
New Leadership, New Direction
The Baltimore push comes months after Eagle Bancorp installed Stephen Curley as president and CEO in July, replacing longtime chief executive Susan Riel. Curley has said the bank plans to diversify its loan book with more commercial and industrial lending while continuing to lend in commercial real estate, according to American Banker. Curley previously served as chief banking officer for national business lines at Phoenix-based Western Alliance Bank before officially assuming EagleBank's top job on July 6.
Curley described the Baltimore expansion as a natural extension of the bank's regional franchise, saying it aligns with a strategy to enter markets where local relationships and responsive decision-making drive business growth, per a release cited by GlobeNewswire. Riel, who joined EagleBank at its 1998 founding and became CEO in 2019, agreed to a 12-month consulting agreement following her retirement to assist with the executive transition, according to FinTech Futures. She remains a member of Eagle Bancorp's board of directors.
The Bankers Behind the Push
Leading the charge in Baltimore is Lynn Sanders, EagleBank's new Baltimore market executive, who joined from Wells Fargo Commercial Banking, where she spent more than a decade as executive director and senior relationship manager overseeing banking relationships for Maryland-headquartered companies with annual revenues ranging from $100 million to $14 billion. Richard Yoskey will lead EagleBank's local commercial and industrial lending operations after previously working for CFG Bank and structuring acquisition financing as senior director of capital markets at Baltimore-based Cerebro Capital, the GlobeNewswire release noted. Yoskey also serves on the board of the Association for Corporate Growth Maryland.
EagleBank's commercial rollout in Greater Baltimore will target small and middle-market businesses with services including treasury management, equipment financing, acquisition financing, and commercial lending, aiming to serve owner-led and Maryland-headquartered companies. The bank is betting that Sanders and Yoskey's combined experience in corporate banking and sponsor finance will help it win over Baltimore-area businesses that might otherwise bank with larger regional players.
Why EagleBank Is Diversifying Now
EagleBank's move into Baltimore follows a period of asset-quality problems tied to its commercial real estate concentration. Banking Dive reported that the bank posted two large quarterly losses in 2025. Activist investor Diligence Capital Management criticized EagleBank's search and proposed reducing its commercial real estate-related risk.
That same office-market softness has rippled through EagleBank's own backyard. In Bethesda, where EagleBank keeps its corporate headquarters, property investor In-Rel Properties acquired the ground lease at 3 Bethesda Metro Center at an 87% discount from its 2011 price, while highlighting earlier leasing deals signed with EagleBank at 7500 Old Georgetown Road, Hoodline previously reported.
Decades in the D.C. Suburbs
EagleBank commenced operations in 1998. In the decades since, it has grown into a regional commercial bank with 12 banking offices and four lending locations across Maryland, Washington, D.C., and Northern Virginia. The bank is now expanding into Baltimore.
