Eagle Bancorp, Inc. (“Eagle” or the “Company”) (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, today announced that Susan G. Riel has informed the Company’s Board of Directors (the “Board”) of her intention to retire as President and Chief Executive Officer in 2026. She will remain on the Board but will relinquish her Chair role. The Board has engaged a leading executive search firm to assist with the recruitment of Ms. Riel’s successor and the evaluation of all candidates.
To ensure a smooth leadership transition, the Board has elected James A. (“Jim”) Soltesz, formerly the Board’s Lead Independent Director, as independent Chair of the Board, and Louis P. (“Pete”) Mathews Jr. as Vice Chair, effective immediately. Ms. Riel continues to serve as a director of the Company.
“On behalf of the Board, I want to thank Susan for her many years of dedication to Eagle and its employees, customers, mission and shareholders,” said Mr. Soltesz, Chair of the Board. “The Board looks forward to working with Susan to ensure a seamless transition and to building on the foundation Susan has established. We wish her the very best in retirement.”
“It has been a privilege to lead Eagle over the last seven years, and to work alongside such a talented and dedicated team,” said Ms. Riel. “Together, we have built one of the region’s premier community banks, known for our superior, personalized service to our customers and our unwavering commitment to our communities. I am confident that Eagle is well positioned for continued success, and I look forward to leading Eagle until my successor is identified and in place.”
Mr. Soltesz added, “The Board has the utmost confidence in the Company’s strategic direction. During this succession process, the Eagle team will remain focused on the proactive steps we have initiated to reposition Eagle for sustainable profitability and long-term growth.”
About James A. (“Jim”) Soltesz
Jim Soltesz joined the Board of Eagle Bancorp in 2007 and was appointed Lead Independent Director in 2021. He has served as the President and CEO of Soltesz, Inc., which provides engineering and related services for real estate development projects in Eagle’s markets, since 2001. He is licensed as a Professional Engineer, is a recognized expert in local land use and entitlement processes and has worked on commercial, residential, healthcare, logistics, data centers, institutional facilities, professional sports venues and major infrastructure projects with local, national and international real estate developers and brokerage houses.
In 2024, Mr. Soltesz was appointed by Maryland Governor Wes Moore to the Board of the Maryland Economic Development Corporation (MEDCO); he also serves on the Board of the Montgomery County Economic Development Corporation. He previously chaired the Regulatory Reform Commission under Governor Larry Hogan and currently serves on the Steering Committee for Prince George’s County Executive Aisha Braveboy, where he focuses on economic development initiatives. Mr. Soltesz is a past trustee of Georgetown Preparatory School, the Mater Dei School, and Catholic Charities. He has been inducted into the Montgomery County Business Hall of Fame and was the recipient of the Industry Icon award by the Maryland Society of Professional Engineers.
Mr. Soltesz holds a Master of Science in Civil Engineering from Georgia Institute of Technology, a Bachelor of Science in Civil Engineering from Purdue University, and an MBA from the University of Cincinnati.
About Louis P. (“Pete”) Mathews Jr.
Pete Mathews joined the Board of Eagle Bancorp in July 2024. He is a former Senior Executive Vice President at M&T Bank. At the time of his retirement in 2022, he was the Senior Deputy Credit Officer overseeing the Commercial Credit teams supporting the bank’s Commercial Lending and Commercial Real Estate segments. Before that, he was the Deputy Credit Officer in charge of the Commercial Real Estate Credit group. He began his career over 45 years ago at First National Bank of Maryland in the Retail Branch Management Program. Thereafter, he maintained various Relationship Manager and Team Leader roles within commercial and commercial real estate lending. At the time that First National Bank of Maryland (or Allfirst Bank, as it later came to be known) merged with M&T Bank in 2003, Mr. Mathews was in charge of the Commercial Real Estate Division. He ran the Mid-Atlantic CRE unit for M&T until becoming the bank’s Senior Real Estate Credit Officer in 2005.
Mr. Mathews currently serves on the Board of Catholic Charities of Baltimore and chairs the Board of Healthy Neighborhoods, Inc. Mr. Mathews obtained a Bachelor of Arts in American History from Princeton University.
Context of the Transition
The leadership change comes at a pivotal time for the Bethesda-based bank. In 2025, Eagle Bancorp faced significant “asset quality challenges,” particularly within its commercial real estate (CRE) portfolio. The company reported net losses in the second and third quarters of 2025 as it aggressively moved to write down or sell off troubled office loans.
Incoming Chair Jim Soltesz noted that the leadership team remains focused on “repositioning Eagle for sustainable profitability and long-term growth” while maintaining the bank’s status as a leading community lender in the Washington D.C. area.
The impact of this transition can be categorized into three main areas:
Financial Stabilization and Recovery
The announcement of Susan Riel’s retirement in November 2025 coincided with the bank taking aggressive “proactive steps” to clean up its balance sheet.
Return to Profitability
Just yesterday, on January 21, 2026, Eagle Bancorp reported a return to profitability for Q4 2025 with $7.6 million in net income ($0.25 per share). This was a massive reversal from the $67.5 million loss in Q3 2025.
Reduced Risk Profile
The transition has seen a sharp focus on reducing commercial real estate (CRE) exposure. Provision for credit losses dropped from $113.2 million in Q3 to just $15.5 million in Q4, signaling that the worst of the “office pain” may be over.
Strategic Fresh Start
By separating the roles of Chair and CEO (appointing Jim Soltesz as Independent Chair, the bank is adopting a governance structure that is favored by modern institutional investors.
Specialized Expertise
The appointment of Pete Mathews Jr. as Vice Chair, a former M&T Bank credit executive adds deep credit-risk expertise to the board. This is seen as a direct response to the asset quality issues that plagued the bank in mid-2025.
Shift in Lending Focus
Under the new board leadership, the bank is pivoting toward Commercial & Industrial (C&I) loans, which grew by roughly 11% in the final quarter of 2025, while simultaneously shrinking its riskier income-producing real estate portfolio.