(Reuters) -Chain Bridge Bancorp (NASDAQ:), a lender widespread amongst Republicans since its inception, priced its U.S. preliminary public providing at $22 per share on Thursday to boost $40.7 million.
The financial institution offered 1.85 million shares within the IPO, which valued it at about $141 million. It had initially aimed for a sale of 1.85 million shares priced between $24 and $26 every.
Chain Bridge has labored with the marketing campaign of each Republican Celebration presidential nominee since John McCain in 2008.
The financial institution, with only one department and 84 workers, has overwhelmed larger monetary rivals to develop into a must have companion for political work.
Its fortunes are carefully tied to the Republican Celebration. It warned in its paperwork that “any event that negatively impacts the Republican Party… could lead to significant deposit outflows.”
Nonetheless, the financial institution’s robust credit score high quality would possibly attraction to buyers. Whereas worries about unhealthy loans have battered many trade gamers, Chain Bridge has had no non-performing loans within the final 12 years.
