Forbright, a digital-first bank that specializes in middle-market commercial lending, raised $142 million by offering 7.9 million shares at $18, the low end of the $18 to $20 range.
Forbright traces its history back to Congressional Bank, and states that it offers a modern financial services platform spanning nationwide middle-market lending, digital consumer banking, strategic advisory and asset management services.
The Chevy Chase, MD-based company will trade on the Nasdaq under the symbol FRBT. Goldman Sachs, J.P. Morgan, Barclays, Wells Fargo Securities, Piper Sandler, TD Securities, and Santander acted as joint bookrunners on the deal.
