Both the banks developed irreconcilable differences of opinion regarding a number of matters related to the merger and merger agreement subsequent to the execution of the merger agreement.
Alliance and Alliance Bank president and CEO William Doyle said that they continue to feel that Alliance’s shareholders are best served by pursuing an affiliation with a strategic partner in order to gain scale, strengthen our capital base and generate attractive future returns for our shareholders.
"Accordingly, we intend to continue working with our financial advisor to evaluate our strategic alternatives," added Doyle.
Eagle Bancorp chairman and CEO Ronald Paul said that while they are disappointed that this long process has not turned out as they at Eagle had originally hoped, they wish Alliance the best in its future efforts.
"We are confident that Eagle will be able to successfully continue its organic growth in the Northern Virginia market, including with two new branches, in Reston and Merrifield, within the next year," added Paul.