Chain Bridge Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Founded | 2007 |
| Founder | Peter Fitzgerald |
| Headquarters | McLean, Virginia , United States |
Area served | United States |
Key people | Peter G. Fitzgerald (Chairman), John J. Brough (CEO), David M. Evinger (President), Joanna Williamson (CFO) |
| Products | Financial services, mortgage lending, jumbo loans |
| Parent | Chain Bridge Bancorp, Inc. |
Chain Bridge Bank, National Association (N.A.) is a federally chartered bank based in McLean, Virginia. Established in 2007 by ex-Illinois Senator Peter Fitzgerald, it provides financial services to trade groups, think tanks, lobbying organizations, political committees, nonprofits, commercial enterprises, and individual clients across the United States.
History
Founded in 2007 by Peter Fitzgerald, two years following his Senate tenure, Chain Bridge Bank began with initial funding partly sourced from family assets. Fitzgerald’s father, Gerald F. Fitzgerald, was chairman of Chicago’s Suburban Bancorp, which was acquired by the Bank of Montreal in 1994 for $246 million. The Fitzgerald family’s banking involvement dates back to the 1940s, having managed or owned approximately 57 community banks.
Shortly after its inception, Chain Bridge decided against expanding through physical branches and instead embraced digital solutions such as remote deposit capture to serve clients nationwide. Presently, it operates a single branch located in McLean, Virginia, close to Washington, D.C.
Amid the 2008 financial crisis, the bank drew significant deposits owing to its absence of toxic assets and debt exposure. Peter Fitzgerald remarked in 2008 that liquidity increased substantially as customers transferred funds from other banks. To accommodate client demands—particularly from political campaigns requiring rapid fund access—the bank maintained elevated liquidity levels by placing deposits in the Federal Reserve and other highly liquid instruments.
In 2012, Chain Bridge introduced a mortgage division that specializes in tailored lending products with a focus on jumbo loans.
The institution functions as a subsidiary of Chain Bridge Bancorp, Inc., a holding company incorporated in Delaware. On October 7, 2024, it completed its initial public offering (IPO), selling 1.85 million shares at $22 apiece and raising around $40.7 million. The stock is listed on the New York Stock Exchange under the symbol “CBNA.”
Political connections
Chain Bridge Bank’s political prominence increased when Presidential candidate John McCain, a former Senate colleague of Peter Fitzgerald, transferred campaign funds to the bank in 2008. By 2011, it had become recognized as a preferred banking partner within Republican circles. In 2015, Bloomberg Businessweek described Chain Bridge Bank as "The Most Important Bank in America," noting its strong presence in Republican presidential campaigns and affiliated committees.
Utilizing Fitzgerald’s political background, the bank customizes its offerings to meet campaign requirements, such as extending wire service hours beyond standard retail bank schedules and ensuring adherence to Federal Election Committee regulations. In 2012, it provided loans to the Mitt Romney 2012 presidential campaign secured against donations that were restricted until Romney secured the Republican nomination. Likewise, in 2020, it extended credit to the National Republican Senatorial Committee backed by deposits and contributions. This specialization results in Chain Bridge being heavily dependent on political clientele; deposits increase significantly during election cycles and decline sharply afterward, according to Bloomberg.
Leadership
- Peter G. Fitzgerald serves as chairman of both Chain Bridge Bank, N.A. and Chain Bridge Bancorp, Inc.
- John J. Brough holds the positions of chief executive officer and director at Chain Bridge Bank, N.A. and Chain Bridge Bancorp, Inc.
- David M. Evinger is president responsible for risk management and also a director at Chain Bridge Bank, N.A. and Chain Bridge Bancorp, Inc.
- Joanna Williamson acts as chief financial officer of Chain Bridge Bank, N.A. and treasurer for Chain Bridge Bancorp, Inc.
Board
The board of Chain Bridge Bank features Michelle Korsmo, who is president and CEO of the National Restaurant Association; Michael J. Conover, the founder of the financial risk management division at KPMG; Yonesy F. Núñez, Managing Director and Chief Information Security Officer at The Depository Trust & Clearing Corporation; Leigh-Alexandra Basha, a partner at McDermott Will & Emery; and Mark Martinelli, former EVP and Chief Audit Executive at Synchrony Financial. Additionally, Thomas Fitzgerald and Andrew Fitzgerald, relatives of Peter Fitzgerald, are members of the board.
Clients
Chain Bridge Bank caters to a wide range of Republican political campaigns including those of John McCain, Mitt Romney, Jeb Bush, Rand Paul, Rick Perry, and Donald Trump. Numerous super-PACs associated with figures such as Ben Carson, Carly Fiorina, Scott Walker, Bobby Jindal, Lindsey Graham, John Boehner, Sarah Palin, and the Republican National Committee have maintained accounts with the bank.
Other Republican-aligned clients encompass lobbying organizations, the Susan B. Anthony List, the American Conservative Union (which organizes CPAC), and American Crossroads.
Investigations
In February 2021, the Hawaii GOP revealed to the FEC an unreported bank account connected to the Trump Victory Committee held at Chain Bridge Bank. They did not provide details regarding the account’s function or activities.
By April 2021, the Trump Victory Committee—one of Chain Bridge’s clients—was under scrutiny for irregularities in campaign finance disclosures. The committee transferred funds to state GOP committees that subsequently forwarded identical sums to the RNC, which may have been an attempt to bypass contribution limits imposed on the RNC.