Chain Bridge Bancorp, which provides online banking services primarily to political organizations, announced terms for its IPO on Monday.
The McLean, VA-based company plans to raise $46 million by offering 1.85 million shares at a price range of $24 to $26. At the midpoint of the proposed range, Chain Bridge Bancorp would command a market value of $160 million.
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 estimates that a majority of its deposit balances were sourced from political organizations, including campaign committees, party committees, PACs, fundraising committees, and other groups; however, it serves a variety of customers, including businesses, non-profit organizations, individuals, and families. As of June 30, 2024, it held total assets of $1.4 billion.
Chain Bridge Bancorp was founded in 2006 and booked $41 million in revenue for the 12 months ended June 30, 2024. It plans to list on the NYSE under the symbol CBNA. Piper Sandler, Raymond James, and Hovde Group are the joint bookrunners on the deal. It is expected to price during the week of October 7, 2024.
