Former Senator Peter Fitzgerald’s Chain Bridge Bancorp, which has been popular with Republicans since its founding, filed for an initial public offering (IPO) in the United States on Friday.
The share sale, which is relatively unusual in the banking sector, comes at a time when the race for the White House is gaining momentum: less than two months before the election in which Democratic Vice President Kamala Harris will face Republican candidate Donald Trump.
The bank, which has only one branch and employs only 84 people, has prevailed against larger financial competitors and has become an indispensable partner for political work.
She has worked with the campaign of every Republican Party presidential candidate since John McCain in 2008, including Trump, Reuters (link) reported in July.
The McLean, Virginia-based lender has not reported any nonperforming loans in the past 12 years.
Political organizations accounted for a large portion of its deposits in the first half of 2024, when it posted a profit of $9.7 million, a more than threefold jump from the previous year.
“Historically, in the quarters preceding federal elections, particularly presidential elections, our deposits, net interest income and noninterest income generally increase,” the bank said.
Chain Bridge was founded in 2006 by Fitzgerald, a former U.S. Senator from Illinois. He retired in 2005 and was succeeded by Barack Obama.
The lender began operations in 2007 and quietly built its position by servicing political organizations. Fitzgerald is the bank’s chief executive.
Chain Bridge will be listed on the New York Stock Exchange under the symbol “CBNA”
Piper Sandler, Raymond James and the Hovde Group are the underwriters for the IPO.
