Eagle Bancorp CFO Charles Levingston seems to have the help of the company’s board as he faces a doable enforcement action by the U.S. Securities and Exchange Fee.
The SEC has indicated its staff built a preliminary perseverance to endorse rates from Levingston by sending him a so-known as Wells observe. The father or mother business of EagleBank disclosed the observe Wednesday in an earnings launch.
But Eagle Bancorp CEO Susan Riel said Thursday that the board had determined to have Levingston continue to serve as CFO.
“The board’s leading precedence is, as it often has been, to act in the finest fascination of the business and the company’s stockholders, and we, and the board, keep on being self-assured in the company’s disclosure controls, accuracy of its fiscal reporting, and the professionalism of the company’s finance function and staff,” she said in an earnings connect with.
Levingston has been with the Bethesda, Md., bank considering that 2012 and earlier labored as a bank examiner for the Federal Reserve Banking institutions of Atlanta and Philadelphia.
The earnings launch did not specify what allegations Levingston could possibly be dealing with but said he had been given the Wells observe in link with an SEC investigation that Eagle 1st disclosed in July 2019.
The bank has “initiated discussions with the staff about a probable resolution or settlement of the staff’s investigation with respect to the company” and “any latest workers and directors,” the launch said.
In accordance to American Banker, the SEC has been investigating Eagle’s ties to former District of Columbia Councilman Jack Evans, who allegedly lobbied for laws that would be favorable to Eagle soon after the bank employed him as a consultant. He also owned Eagle shares.
Eagle’s co-founder and former CEO Ron Paul abruptly retired in March 2019, citing wellness troubles.
“The business thinks [the investigation] relate[s] to the company’s identification, classification and disclosure of associated occasion transactions the retirement of certain former officers and directors and the connection of the business and certain of its former officers and directors with a community public official, among other issues,” the earnings launch said.
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