Chain Bridge Bancorp, which provides online banking services primarily to political organizations, raised $41 million by offering 1.85 million shares at $22, below the range of $24 to $26.
Controlled by the founding Fitzgerald family, the company offers a range of commercial and personal banking services. Chain Bridge Bancorp estimates that a majority of its deposit balances were sourced from political organizations, mainly affiliates of the Republican Party, 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 plans to list on the NYSE under the symbol CBNA. Piper Sandler, Raymond James, and Hovde Group acted as joint bookrunners on the deal.
