(Reuters) – Chain of former senator Peter Fitzgerald Bridge Bancorp (NASDAQ:), 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 unusual in the banking sector, comes as the race for the White House heats up, with less than two months to go before the election that will pit Democrat Vice President Kamala Harris against Republican candidate Donald Trump .
The bank, which has one branch and just 84 employees, has defeated larger financial rivals to become an indispensable partner for political work.
It has worked with the campaign of every Republican Party presidential candidate since John McCain in 2008, including Trump, Reuters reported in July.
The McLean, Virginia-based lender has not reported any bad loans in the past 12 years.
Political organizations accounted for the majority of deposits in the first half of 2024, when they raked in profits of $9.7 million, a more than threefold increase 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 began operations in 2007 and quietly built its position by targeting political organizations. Fitzgerald is chairman of the bank’s board.
Chain Bridge will be listed on the New York Stock Exchange under the symbol “CBNA.”
Piper Sandler, Raymond James and Hovde Group are the underwriters for the IPO.
