Chain Bridge Bancorp, Inc. Launches Initial Public Offering
Chain Bridge Bancorp, Inc. Launches Initial Public Offering
Chain Bridge Bancorp, Inc. (NASDAQ: CBNA), the bank holding company for Chain Bridge Bank, National Association, has officially announced the launch of its initial public offering (IPO) of shares. This IPO will consist of 1,850,000 shares of its Class A common stock, with a potential 30-day option for underwriters to purchase an additional 277,500 shares. The anticipated pricing for the shares is estimated to fall between $24.00 and $26.00 each, which demonstrates the company's commitment to growth and expansion.
Use of Proceeds from the Offering
The funds raised through this IPO will be strategically utilized by Chain Bridge Bancorp to support a variety of corporate initiatives. These include bolstering organic deposit growth as well as exploring strategic expansions that could enhance its market presence. Furthermore, a portion of the proceeds will be allocated towards settling an outstanding balance of $10 million under the company's unsecured line of credit.
Underwriters Involved
In this offering, notable financial institutions are acting as book-running managers, including Piper Sandler & Co., Raymond James & Associates, Inc., and Hovde Group, LLC. They are critical in facilitating a successful IPO process while ensuring that investors are well-informed through comprehensive documentation.
Insights into Chain Bridge Bancorp, Inc.
Chain Bridge Bancorp is structured as a Delaware corporation and operates as the regulated bank holding company for Chain Bridge Bank, National Association. This institution is closely supervised by the Federal Reserve under the Bank Holding Company Act. Steeped in a long tradition of banking, Chain Bridge Bank provides a range of services that include banking, trust, and wealth management. Furthermore, it is a member of the Federal Deposit Insurance Corporation (FDIC), ensuring that customer assets are protected.
Contact Information
For investors and interested parties, Rachel G. Miller, the Senior Vice President and Corporate Secretary of Chain Bridge Bancorp, serves as the main point of contact. She is readily available to provide further insights and answer inquiries regarding the IPO. Interested individuals can reach her at her direct phone line.
Frequently Asked Questions
What is the purpose of the IPO by Chain Bridge Bancorp, Inc.?
The IPO aims to raise funds to support the company’s growth initiatives, including organic deposit growth and strategic expansion efforts.
How many shares are being offered in the IPO?
Chain Bridge Bancorp, Inc. is offering an initial 1,850,000 shares of its Class A common stock, with an option to purchase additional shares.
What is the expected price range for the shares?
The initial public offering price is expected to be between $24.00 and $26.00 per share.
Who are the underwriters for the offering?
Piper Sandler & Co., Raymond James & Associates, Inc., and Hovde Group, LLC are acting as book-running managers for the offering.
Where can investors find more information about the IPO?
Investors can refer to the preliminary prospectus once it is available and will also find information about the IPO on the SEC’s website.
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