(Reuters) – Series Bridge Bancorp Bank of America (NASDAQ:), a bank popular among Republicans since its inception, priced its U.S. initial public offering at $22 a share on Thursday to raise $40.7 million.
The bank sold 1.85 million shares in the IPO, with an estimated value of about $141 million. It initially aimed to sell 1.85 million shares at a price of between $24 and $26 per share.
Chain Bridge has worked with the campaign of every GOP presidential candidate since John McCain in 2008.
The bank, which has only one branch and 84 employees, has overcome larger financial competitors to become an indispensable partner in political action.
Its fortunes are closely tied to the Republican Party. It warned in its papers that “any event that negatively impacts the Republican Party… could lead to significant outflows of deposits.”
However, the bank’s strong credit quality may attract investors. While concerns about bad loans have hurt many players in the industry, Chain Bridge has had no bad loans in the past 12 years.