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

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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) ha celebrato la sua quotazione presso la NYSE con una cerimonia per la campanella di chiusura. L’azienda ha completato la prima IPO di un’istituzione bancaria statunitense in oltre due anni, con le contrattazioni che sono iniziate il 4 ottobre 2024. L’azienda ha raccolto circa 36,5 milioni di dollari in proventi netti dalla sua offerta pubblica iniziale e dall’esercizio parziale dell’opzione di sovrallocazione degli underwriters.

Fondata nel 2007 dall’ex senatore statunitense Peter G. Fitzgerald, che continua a guidare sia la società che Chain Bridge Bank, N.A., la banca opera sotto una concessione nazionale con pieni poteri fiduciari. La società prevede di utilizzare i proventi per ripagare una linea di credito e sostenere la crescita organica dei depositi e potenziali opportunità di espansione strategica.

Chain Bridge Bancorp (NYSE: CBNA) conmemoró su cotización en la NYSE con una ceremonia de campana de cierre. La compañía completó la primera OPV de una institución bancaria de EE. UU. en más de dos años, con el comercio comenzando el 4 de octubre de 2024. La empresa recaudó aproximadamente 36.5 millones de dólares en ingresos netos de su oferta pública inicial y el ejercicio parcial de la opción de asignación adicional de los suscriptores.

Fundada en 2007 por el ex senador de EE. UU. Peter G. Fitzgerald, quien continúa liderando tanto la empresa como Chain Bridge Bank, N.A., el banco opera bajo una carta nacional con plenos poderes fiduciarios. La compañía planea utilizar los ingresos para pagar una línea de crédito y apoyar el crecimiento orgánico de depósitos y oportunidades de expansión estratégica potencial.

체인 브리지 뱅콥 (NYSE: CBNA)는 NYSE에 상장된 것을 기념하기 위해 종가 Ceremony를 진행했습니다. 이 회사는 2년 넘게 미국의 은행 기관에서 첫 번째 IPO를 완료했으며, 거래는 2024년 10월 4일에 시작되었습니다. 이 회사는 초기 공모에서 약 3650만 달러의 순 수익을 올리고 인수자의 초과 배정 옵션을 부분적으로 행사했습니다.

2007년 미국 상원의원인 피터 G. 피츠제럴드에 의해 설립된 이 은행은 국가 인가 아래에서 완전한 신탁 권한을 가지고 운영됩니다. 회사는 수익금으로 신용 한도를 상환하고 유기적 예금 성장 지원 및 잠재적인 전략적 확장 기회를 모색할 계획입니다.

Chain Bridge Bancorp (NYSE: CBNA) a commémoré son introduction en bourse sur la NYSE par une cérémonie de cloche de clôture. L’entreprise a achevé la première introduction en bourse d’une institution bancaire américaine en plus de deux ans, avec le début des échanges le 4 octobre 2024. L’entreprise a levé environ 36,5 millions de dollars de produit net lors de son offre publique initiale et de l’exercice partiel de l’option de surallocation des souscripteurs.

Fondée en 2007 par l’ancien sénateur américain Peter G. Fitzgerald, qui continue de diriger la société ainsi que la Chain Bridge Bank, N.A., la banque opère sous une charte nationale avec des pleins pouvoirs fiduciaires. La société prévoit d'utiliser les produits pour rembourser une ligne de crédit et soutenir la croissance organique des dépôts ainsi que les opportunités d'expansion stratégique potentielles.

Chain Bridge Bancorp (NYSE: CBNA) feierte seine Listung an der NYSE mit einer Zeremonie zur Schlussglocke. Das Unternehmen hat den ersten Börsengang einer US-Bank seit über zwei Jahren abgeschlossen, wobei der Handel am 4. Oktober 2024 begann. Das Unternehmen hat durch sein Initial Public Offering und die teilweise Ausübung der Überbezugsoption der Underwriter etwa 36,5 Millionen US-Dollar an Nettomitteln aufgebracht.

Gegründet 2007 vom ehemaligen US-Senator Peter G. Fitzgerald, der sowohl die Gesellschaft als auch die Chain Bridge Bank, N.A. leitet, operiert die Bank unter einer nationalen Genehmigung mit vollem Treuhandvermögen. Das Unternehmen plant, die Erlöse zur Tilgung einer Kreditlinie und zur Unterstützung des organischen Einlagenwachstums sowie möglicher strategischer Expansionsmöglichkeiten zu verwenden.

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

Insights

This IPO marks a significant milestone as the first banking institution to go public in over two years, raising $36.5 million in net proceeds. The listing provides Chain Bridge with fresh capital for growth initiatives and debt reduction. The bank's focus on liquidity and asset quality, combined with its founder-led structure under former Senator Fitzgerald, presents a conservative banking approach that may appeal to risk-averse investors. The timing is particularly notable given the recent regional banking crisis, suggesting investor confidence in CBNA's business model. The partial exercise of the overallotment option indicates decent market demand. The company's strategic use of proceeds, including debt repayment and funding organic growth, demonstrates prudent capital allocation planning.

The successful IPO execution during a period of banking sector uncertainty is noteworthy, especially with top-tier underwriters like Piper Sandler and Raymond James leading the offering. With a market cap of $177.1 million, CBNA enters the public market as a smaller regional player, but its deposit-oriented strategy and emphasis on financial strength could position it well in the current high-rate environment. The bank's national charter with full trust powers provides operational flexibility and diverse revenue opportunities. The focus on organic deposit growth suggests a conservative expansion strategy that may resonate with investors seeking exposure to the banking sector without the risks associated with aggressive lending practices.

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.

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Chain Bridge Bancorp, Inc.

NYSE:CBNA

CBNA Rankings

#4075 Ranked by Market Cap
N/A Ranked by Dividends

CBNA Latest News

Oct 29, 2024
Chain Bridge Bancorp, Inc. Reports Third Quarter 2024 and Year-to-Date Financial Results
Sep 30, 2024
Chain Bridge Bancorp, Inc. Announces Launch of Initial Public Offering

CBNA Stock Data

155.84M
1.97M
12.98%
26.34%
0.14%
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