10:44 AM EDT, 09/30/2024 (MT Newswires) -- Chain Bridge Bancorp (CBNA) said Monday it is starting its initial public offering of nearly 1.9 million class A common shares.

The offering price is set to be between $24 and $26 apiece. The underwriters will get a 30-day option to buy up to 277,500 additional shares, the company said.

The company added that net proceeds will be used for general corporate purposes and to pay off a $10 million balance on its unsecured line of credit.

The class A common stock has been approved for listing on the New York Stock Exchange under the "CBNA" ticker name, the company said.