Chain Bridge Bancorp, Inc. has announced the partial exercise of an overallotment option by the underwriters of its initial public offering (IPO). The underwriters have chosen to purchase an additional 142,897 shares of the company's Class A common stock at a price of $20.46 per share, resulting in net proceeds of approximately $2.9 million. This brings the total amount raised in the IPO to approximately $36.5 million after deducting expenses and underwriting discounts. The company has already used a portion of the proceeds to repay a $10 million debt and plans to utilize the remaining funds for general corporate purposes, including deposit growth and potential strategic expansion. The closing date for this transaction was set for November 1, 2024.
Names Mentioned: - Chain Bridge Bancorp, Inc. - John J. Brough (Chief Executive Officer and Director)