Republican Party’s top bank, Chain Bridge, seeks up to $48 million in US IPO

(Reuters) – Chain Bridge Bancorp (NASDAQ:), a lender popular among Republicans since its inception, is aiming to raise up to $48.1 million in its initial public offering in the United States.

The McLean, Virginia-based bank is aiming to sell 1.85 million shares priced between $24 and $26 each, it said on Monday.

The IPO, which is relatively uncommon in the banking sector, comes just about a month before the U.S. presidential election.