Chain Bridge Bancorp, which provides online banking services primarily to political organizations, filed on Friday with the SEC to raise up to $46 million in an initial public offering.
The company offer a range of commercial and personal banking services, including deposits, treasury management, payments, loans, commercial lending, residential mortgage financing, consumer loans, trusts and estate administration, wealth management, and asset custody. Chain Bridge Bancorp serves businesses, non-profit organizations, political organizations, individuals, and families. However, it estimates that a majority of its deposit balances were sourced from political organizations, including campaign committees, party committees, PACs, fundraising committees, and other groups. As of June 30, 2024, it held total assets of $1.4 billion, including $488.0 million in cash and cash equivalents. Its portfolio included $604.0 million in securities, with $246.6 million or 40.6% of that in U.S. Treasury securities. The company maintains just one physical branch in McLean, VA, and provides most of its services through digital mediums.
The McLean, VA-based company was founded in 2006 and plans to list on the NYSE under the symbol CBNA. Piper Sandler, Raymond James, and Hovde Group are the joint bookrunners on the deal. No pricing terms were disclosed.
