Diligence Capital Takes Fight for EagleBank Board Seats Public

Diligence Capital Management, an activist investor, is calling for the replacement of three board members at Bethesda, Maryland-based EagleBank with directors who have experience in bank turnarounds. The investor first proposed the change in December, after the bank reported consecutive quarters of losses. Eagle's CEO, Susan Riel, is retiring this year, and Diligence is pushing for a three-year performance improvement plan, transparency into the bank's loan disposal plan, and separation of the chair and CEO roles.