and Trust Bank in a $13.1 million transaction. In July 2011, EagleBank announced it would buy Alliance Bank for $31 million, but the transaction was called off five months later because they could not agree on the terms of the deal. In November 2014, EagleBank acquired Virginia Heritage Bank for $183 million. Sponsorships & Company Initiatives Eagle Bancorp Foundation was established in 2005. Funded from the proceeds of its golf fundraising event, the foundation supports organizations involved in the fight against breast cancer. In 2014, the tenth annual event raised more than $375,000 to support local hospitals and charities involved in fighting breast cancer, and in its fifteenth year in 2019 raised more than $424,000, totalling $4.3 million over the life of the program. In 2008 and 2009, the bank sponsored the Military Bowl, originally named the EagleBank Bowl, a college football bowl game first held in December 2008. The Bank purchased the naming rights to the EagleBank Arena, formerly known as the Patriot Center, in May 2015 following a partnership deal with George Mason University. In 2016, EagleBank launched a Commercial Banking Development Program to open a career path for future commercial bankers. The program exposes recent graduates to multiple departments and aspects of finance to help them determine what areas interest them. EagleBank and D.C. United entered into a five-year partnership in 2018 that made EagleBank the official bank of D.C. United and created the EagleBank Club at Audi Field. In 2020, the bank gave $5 million to the Washington Housing Initiative Impact Pool, a program launched by the Federal City Council to promote the creation of affordable workforce housing. During the COVID-19 crisis, the EagleBank Foundation distributed $100,000 to 10 D.C.-area organizations, including hospitals ($60K), food banks ($30K), and first responder aid organizations ($10K). Funds were used to provide PPE, in-room technology for hospital staff, and meals for families in the Washington Metropolitan area. EagleBank itself provided $50,000 in aid to displaced George Mason University students. Controversies In 2011, the company was reported to be the source of legislation introduced by Council of the District of Columbia member Jack Evans that would require the city's funds to be held at local banks. On July 18, 2019, the company's stock price fell as much as 25% after it disclosed that it had spent $2.7 million on legal fees related to the relationship between a former director and Council