Eagle Bancorp of Bethesda, the parent company of Eagle Bank, said it has agreed to acquire Alliance Bankshares Corp. of Chantilly, Va., and Alliance’s subsidiary Alliance Bank Corp., for approximately $31.2 million in a stock-for-stock deal.
Under the terms of the agreement, Eagle would be the surviving company, and Alliance Bank’s six branches in Northern Virginia would become Eagle Bank branches.
The merger is expected to close in 2011’s fourth quarter.
As of June 30, Eagle Bancorp Inc. had $2.35 billion in assets and Alliance had $536 million in assets. Eagle currently has 13 offices in Montgomery County, Washington and Fairfax County, Va.