(Reuters) -Chain Bridge Bancorp, a lender popular among Republicans since its inception, priced its U.S. initial public offering at $22 per share on Thursday to raise $40.7 million.
The bank sold 1.85 million shares in 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 each.
Chain Bridge has worked with the campaign of every Republican Party presidential nominee since John McCain in 2008.
The bank, with just one branch and 84 employees, has beaten bigger financial rivals to become a must-have partner for political work.
Its fortunes are closely tied to the Republican Party. It warned in its paperwork that “any event that negatively impacts the Republican Party… could lead to significant deposit outflows.”
Still, the bank’s strong credit quality might appeal to investors. While worries about bad loans have battered many industry players, Chain Bridge has had no non-performing loans in the last 12 years.
(Reporting by Gursimran Kaur and Niket Nishant in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)
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