(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 lift $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 Get together presidential nominee since John McCain in 2008.
The financial institution, with only one department and 84 staff, has crushed larger monetary rivals to grow to be essential accomplice for political work.
Its fortunes are intently tied to the Republican Get together. 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 sturdy credit score high quality may 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.