MCLEAN, Va. - Chain Bridge Bancorp (NASDAQ:BDGE_old), Inc., the parent company of Chain Bridge Bank, National Association, has set terms for its initial public offering (IPO) today. The company plans to offer 1,850,000 shares of its Class A common stock, with an additional option for underwriters to purchase up to 277,500 more shares. The anticipated price range for the IPO is between $24.00 and $26.00 per share.
The shares are expected to be listed on the New York Stock Exchange under the ticker symbol "CBNA," contingent on the completion of necessary procedures. The bank holding company stated that the net proceeds from the IPO are intended for general corporate purposes, which may include supporting organic deposit growth and funding potential strategic expansion. Additionally, proceeds are expected to be used to repay a $10 million outstanding balance on an unsecured line of credit.
Piper Sandler & Co., Raymond James & Associates, Inc., and Hovde Group, LLC have been named as the book-running managers for the offering. The company has filed a registration statement with the Securities and Exchange Commission (SEC), which is currently pending approval. The sale of securities will comply with the registration requirements of the Securities Act of 1933, as amended.
Chain Bridge Bancorp, Inc. is a Delaware corporation and is regulated by the Federal Reserve. Its subsidiary, Chain Bridge Bank, National Association, is a national banking association and member of the Federal Deposit Insurance Corporation (FDIC), providing banking, trust, and wealth management services.
The announcement includes forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ from the anticipated outcomes. Chain Bridge Bancorp advises potential investors to read the preliminary prospectus and other relevant documents filed with the SEC before making any investment decisions.
This news article is based on a press release statement from Chain Bridge Bancorp, Inc.
In other recent news, Chain Bridge Bancorp has officially filed for its initial public offering (IPO), marking a significant development in its expansion efforts within the financial sector. The company, which operates primarily through its wholly-owned subsidiary, Chain Bridge Bank, began its operations in 2007 and has since been offering a range of banking services. The IPO process will be managed by a team of underwriters, including Piper Sandler, Raymond James, and Hovde Group. These institutions will oversee the issuance and distribution of the company's shares to the public. The announcement has brought Chain Bridge Bancorp into the spotlight, potentially attracting investors interested in the banking sector. However, the date of the IPO and the price range for the shares have not been disclosed yet. These are the latest developments in the company's trajectory.
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