Former US Senator Peter Fitzgerald's Chain Bridge Bancorp files for US IPO
Adds context on Chain Bridge in paragraphs 3 and 4, financial and other details in paragraphs 5-10
Sept 13 (Reuters) -Former Senator Peter Fitzgerald's Chain Bridge Bancorp, which has been popular among Republicans since its inception, filed for an initial public offering (IPO) in the United States on Friday.
The share sale, relatively uncommon in the banking sector, comes as the race for the White House picks up steam, with less than two months to go for the election that will see Democrat Vice President Kamala Harris clash with Republican nominee Donald Trump.
The bank, which has a single branch and only 84 employees, has beaten bigger financial rivals to become a must-have partner for political work.
It has worked with the campaign of every Republican Party presidential nominee since John McCain in 2008, including Trump, Reuters reported in July.
The McLean, Virginia-based lender has reported no non-performing loans in the last 12 years.
Political organizations accounted for a majority of its deposits in the first half of 2024, when it fetched a profit of $9.7 million, an over three-fold jump from a year earlier.
"Historically, in the quarters leading up to federal elections, especially presidential elections, our deposits, net interest income, and non-interest income generally increase," the bank said.
Chain Bridge was founded in 2006 by Fitzgerald, the former U.S. Senator from Illinois. He retired in 2005 and was succeeded by Barack Obama.
The lender commenced operations in 2007 and quietly built its position by catering to political organizations. Fitzgerald is the chair of the bank's board.
Chain Bridge will list on the New York Stock Exchange under the symbol "CBNA."
Piper Sandler, Raymond James and Hovde Group are the underwriters for the IPO.
Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli
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