Republican Party's top bank Chain Bridge up after Trump wins White House

Chain Bridge Bancorp

06/11/2024 15:10

** Republican Party's preferred bank Chain Bridge  CBNA.N 
rises 3.8% to $23.66, in an upbeat market with broad gains
across banking sector
    ** Republican Donald Trump was elected president on
Wednesday, capping a remarkable comeback four years after he was
voted out of the White House and ushering in a new American
leadership 
    ** CBNA went public in early October, through an initial
public offering that raised $41 mln 
    ** Analysts at the time had lauded the timing of the IPO
that came just ahead of the presidential election 
    ** McLean, Virginia-based bank was founded by Peter
Fitzgerald, a former Republican U.S. Senator from Illinois 
    ** CBNA's fortunes are closely tied to the Republican Party,
with the bank warning in its IPO paperwork that any negative
event impacting the party could lead to significant deposit
outflows 
    ** With just one branch and 84 employees, it has beaten
bigger financial rivals to become a must-have partner for
political work 
    ** CBNA has worked with the campaign of every Republican
Party presidential nominee since John McCain in 2008 
    ** As of last close, stock has risen ~3.6% from the IPO
price of $22 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))