Founder-Led Bank Holding Company Completes
First Banking Institution IPO in Over Two Years
NEW
YORK, Dec. 6, 2024 /PRNewswire/ -- Chain Bridge
Bancorp, Inc. (NYSE: CBNA) (the "Company"), the registered bank
holding company for Chain Bridge Bank, N.A., will commemorate its
listing on the New York Stock Exchange by ringing The Closing
Bell® today. Under continuous founder leadership
since its establishment, Chain Bridge Bancorp, Inc. completed the
first initial public offering by a U.S. banking institution in over
two years. The Company's Class A common shares began trading under
the ticker "CBNA" on October 4,
2024.
The Company's wholly-owned subsidiary, Chain Bridge Bank, N.A.
("Chain Bridge" or the "Bank"), was established in 2007 by Chairman
Peter G. Fitzgerald, a former
Republican U.S. Senator, who continues to lead both the Company and
the Bank. The Bank operates under a national charter with full
trust powers and maintains a banking philosophy focused on
liquidity, asset quality and financial strength.
"Our public listing marks an important milestone and underscores
the success of our deposit-oriented banking strategy," said
Fitzgerald. "As a public company, we intend to continue to
emphasize liquidity, asset quality and financial
strength."
The Company received approximately $36.5
million in net proceeds from its initial public offering and
the partial exercise of the underwriters' overallotment option,
after deducting underwriting discounts and commissions, legal fees,
accounting fees, and other estimated offering expenses.
Piper Sandler & Co.,
Raymond James & Associates,
Inc., and Hovde Group, LLC acted as book-running managers for the
offering. The Company used a portion of the proceeds to repay a
line of credit and plans to utilize the remaining proceeds for
general corporate purposes, which may include supporting continued
organic deposit growth and funding potential strategic expansion
opportunities.
About Chain Bridge Bancorp, Inc.
Chain Bridge Bancorp, Inc., a Delaware corporation, is the registered bank
holding company for Chain Bridge Bank, National Association. Chain
Bridge Bancorp, Inc. is regulated and supervised by the Federal
Reserve under the Bank Holding Company Act of 1956, as amended.
Chain Bridge Bank, National Association is a national banking
association, chartered under the National Bank Act, and is subject
to primary regulation, supervision, and examination by the Office
of the Comptroller of the Currency. Chain Bridge Bank, National
Association is a member of the Federal Deposit Insurance
Corporation (FDIC) and provides banking, trust, and wealth
management services.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. federal securities laws. Forward-looking
statements involve risks and uncertainties. You should not place
undue reliance on forward-looking statements because they are
subject to numerous uncertainties and factors relating to our
operations and business, all of which are difficult to predict and
many of which are beyond our control. These forward-looking
statements are generally identified by the use of forward-looking
terminology, including the terms "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "should," "target," "will," "would" and, in
each case, their negative or other variations or comparable
terminology and expressions. Actual results, performance, or
achievements could differ materially from those contemplated,
expressed, or implied by the forward-looking statements. Any
forward-looking statements presented herein are made only as of the
date of this press release, and the Company does not undertake any
obligation to update or revise any forward-looking statements to
reflect changes in assumptions, new information, the occurrence of
unanticipated events, or otherwise, except as required by law.
Investor Contact:
Rachel G. Miller
Senior Vice President, Counsel and Corporate Secretary
Chain Bridge Bancorp, Inc.
IR@chainbridgebank.com
703-748-3427
Media Contact:
Richard G. Danker
Senior Vice President, Communications
Chain Bridge Bank, N.A.
rdanker@chainbridgebank.com
703-748-3423
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SOURCE Chain Bridge Bancorp, Inc.