Forbright, a U.S. bank established by former U.S. Representative John Delaney, is targeting a valuation of up to $993.8 million in its forthcoming initial public offering. This move signifies the ongoing strength in new listings by U.S. banks, extending the trend into 2026. The Chevy Chase, Maryland-based institution announced on Tuesday its intention to raise up to $158 million by offering 7.9 million shares, priced between $18 and $20 apiece.
Forbright operates a comprehensive financial platform, providing middle-market lending, digital consumer banking, strategic advisory, and asset management services. The company traces its origins to Congressional Bank, founded in 2003 as a community bank serving the Washington D.C. area. Several U.S. banks have accessed public markets over the past year, as stronger valuations now encourage boardrooms to proceed with listing plans, following a period where the 2023 regional banking crisis curtailed activity. Dealogic data shows five U.S. banks went public in 2025, a significant increase from the single listing between 2023 and 2024.
Forbright’s growth accelerated notably after Mr Delaney returned to the private sector in 2020. He spearheaded a substantial $369 million equity infusion in 2021 from an investor consortium, including Centerbridge Partners, Gallatin Point Capital, and Bayview Asset Management. This capital injection propelled the company’s assets from $1.9 billion in 2020 to a robust $8.2 billion as of March 31. Goldman Sachs, J.P. Morgan, and Barclays are among the underwriters, with Forbright slated to list on the Nasdaq under the symbol “FRBT.” Matt Kennedy, a senior strategist at Renaissance Capital, noted this reflects an “IPO pickup extend[ing] to the financials sector.”
