Chain Bridge Bancorp, Inc. Commemorates Initial Public Offering with NYSE Bell Ringing

Rhea-AI Summary

Chain Bridge Bancorp (NYSE: CBNA) commemorated its listing on the NYSE with a closing bell ceremony. The company completed the first U.S. banking institution IPO in over two years, with trading beginning on October 4, 2024. The company raised approximately $36.5 million in net proceeds from its initial public offering and partial exercise of the underwriters' overallotment option.

Founded in 2007 by former U.S. Senator Peter G. Fitzgerald, who continues to lead both the Company and Chain Bridge Bank, N.A., the bank operates under a national charter with full trust powers. The company plans to use the proceeds to repay a line of credit and support organic deposit growth and potential strategic expansion opportunities.

Positive

• First U.S. banking institution IPO in over two years
• Successfully raised $36.5 million in net proceeds from IPO
• Maintains founder leadership continuity since establishment

Negative

• Portion of IPO proceeds allocated to debt repayment rather than growth initiatives

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.

FAQ

When did Chain Bridge Bancorp (CBNA) start trading on NYSE?

Chain Bridge Bancorp (CBNA) began trading on the New York Stock Exchange on October 4, 2024.

How much did Chain Bridge Bancorp (CBNA) raise in its IPO?

Chain Bridge Bancorp raised approximately $36.5 million in net proceeds from its IPO and partial exercise of the underwriters' overallotment option.

What will Chain Bridge Bancorp (CBNA) use its IPO proceeds for?

The company will use the proceeds to repay a line of credit and support organic deposit growth and potential strategic expansion opportunities.