Chain Bridge Bank, National Association is a nationally chartered bank organized under the laws of the United States. The Bank is headquartered in McLean, Virginia and serves trade associations, think tanks, government affairs firms, political committees, nonprofit organizations, businesses, and individuals across the country. Bloomberg Magazine once called it "The Most Important Bank in America." In 2015, Bloomberg Businessweek headlined a story "Where Candidates Stash Their Cash" describing its dominance in banking Republican presidential campaigns and allied committees. The bank maintains higher than average asset quality and liquidity.
History
Chain Bridge was founded, de novo, in 2007 by Peter Fitzgerald, who previously served in the United States Senate as an Illinois Republican. Fitzgerald is the son of Gerald F. Fitzgerald, who was chairman of Chicago's Suburban Bancorp which was sold to Bank of Montreal in 1994 for $246 million. Gerald Fitzgerald had a policy of lending out no more than half his banks' deposits. "My father couldn't sleep at night if he did not have 50% liquid assets at any one time," Peter Fitzgerald told Chicago Business after Gerald Fitzgerald's death in 2010. The extended Fitzgerald family has owned, co-owned, or managed around 57 commercial banks since the 1940s. Shortly after opening, Chain Bridge Bank cancelled a bricks and mortar branching strategy and instead concentrated on implementing emerging technologies, such as remote deposit capture, in order to bank clients all across the country. Chain Bridge Bank began attracting large-scale political, non-profit and commercial deposits during the 2008 financial crisis because it had no bad assets and did not rely on borrowing to fund its operations. "We're drowning in liquidity because people are pulling money out from other places and depositing it with us," Fitzgerald told the Washington Postin September 2008. The Bank invests most of its deposits in reserves at the Fed or other high quality, liquid assets. "Knowing that campaigns might need to take money out at any time, we more less have to keep the deposits in cash," according to Fitzgerald. The bank opened a mortgage division in 2012 that does customized lending and focuses on jumbo loans. Chain Bridge Bank specializes in treasury management, speedy deposit account opening, credit card issuance, and client support for trade associations, political campaigns and other large enterprises. It keeps its wire service open until 5 p.m., more than two hours later than most banks. All bankers are required to keep their cell phone numbers on their business cards. "We are 24/7," Fitzgerald told the Financial Times in 2012. "We're a very high-touch bank, as opposed to the mass retail banks, which I think the political people need and desire. They call weekends and nights – they need to wire things out. If someone calls us at 4:45, we can still do that wire. If you call a mass retail bank, they will probably tell you their wire room closed at 2:30." The bank is also credited by election lawyers with familiarity with Federal Election Committee regulation.
Leadership
Peter G. Fitzgerald, Chairman of Chain Bridge Bank, N.A. and Chain Bridge Bancorp, Inc. John J. Brough, Chief Executive Officer and Director of Chain Bridge Bank, N.A. and Chain Bridge Bancorp, Inc. David M. Evinger, President – Risk Management and Director of Chain Bridge Bank, N.A. and Chain Bridge Bancorp, Inc. Joanna Williamson, Chief Financial Officer, Chain Bridge Bank, N.A. and Treasurer, Chain Bridge Bancorp, Inc.
