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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.
Chain Bridge Bancorp (NYSE: CBNA) reported strong Q3 2024 financial results, with net income of $7.5 million ($1.64 per share), up from $5.8 million in Q2 2024 and $2.8 million in Q3 2023. The company completed its IPO on October 7, 2024, raising net proceeds of $33.6 million. Key highlights include a Return on Average Equity of 29.90% and Return on Average Assets of 2.03%. Net interest income increased to $13.6 million, driven by higher interest-bearing deposits and securities income. Book value per share improved to $22.95, up from $20.57 in Q2 2024. Total assets reached $1.6 billion, with deposits at $1.4 billion, though political organization deposits are expected to decline post-election.
Chain Bridge Bancorp, the bank holding company for Chain Bridge Bank, announced the launch of its initial public offering (IPO) of 1,850,000 shares of Class A common stock, with an expected price range of $24.00 to $26.00 per share. The company has granted underwriters a 30-day option to purchase up to an additional 277,500 shares. The stock will be listed on the New York Stock Exchange under the ticker symbol CBNA, subject to official notice of issuance. Proceeds will be used for general corporate purposes, including supporting organic deposit growth, funding potential strategic expansion, and repaying a $10 million unsecured line of credit. Piper Sandler & Co., Raymond James & Associates, and Hovde Group are acting as book-running managers for the offering.
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