Forbright Bank

Forbright Bank
FormerlyCongressional Bank (2003–2021)
TypePrivate
IndustryFinancial services
Founded2003
HeadquartersChevy Chase, Maryland
Key people
  • John Delaney (Chairman)
  • Don Cole (CEO)
  • Chris Lynch (CFO)
ServicesPersonal banking, business banking, lending
AUM$7 billion[1]
Number of employees
500+
Websitewww.forbrightbank.com

Forbright Bank (formerly Congressional Bank) is an FDIC-insured American bank headquartered in Chevy Chase, Maryland.[2][3] The bank holds over $7 billion in assets.[1] The bank’s offers environmentally conscious[4] online banking and direct lending products.[5][6] As of 2021, John Delaney leads the company as Executive Chairman.[7]

History

Forbright began operations in 2003 as Congressional Bank, a Maryland-chartered trust company.[3] As Congressional Bank, Forbright acquired American Bank Holdings in 2016.[8] In 2018, Congressional Bank acquired the operating business and a substantial portion of the assets of Alliance Partners LLC, now a wholly owned subsidiary of Forbright Bank that serves as the asset manager for BancAlliance.[1]

In 2021, Congressional Bank acquired The Energy Loan Network, LLC, a residential solar and energy efficiency financing company.[9]

The bank rebranded from Congressional Bank to Forbright Bank in 2022.[10][11] As part of that rebranding, the bank partnered with the National Park Foundation to support environmental conservation. That same year, the bank announced sustainability-linked financing, including the issuance of a Green bond.[12]

Starting in 2023, the bank expanded its consumer digital products to include online savings and certificate of deposit, especially environmentally oriented deposit products.[7][13]

In 2025, Forbright acquired the assets of now-bankrupt residential solar provider, Mosaic Inc.[14]

In June 2026, Forbright announced that it was seeking to raise $158 million in an initial public offering. According to its filing with the United States Securities and Exchange Commission, the company plans to market 7.9 million shares for $18 to $20 each, giving Forbright a market value of around $994 million.[15]

Reception

In 2022, U.S. News & World Report named the bank’s Growth Savings account as the 2025 Money Awards Editor’s Choice: Saving Money While Doing Good.[16]

In 2023, the bank was awarded the "Sustainable Bank Badge" by BestCashCow.com.[17]

In 2024, Forbright drew scrutiny from regulators over aspects of its funding model.[18] Law360 reported that the FDIC downgraded Forbright's Community Reinvestment Act (CRA) score examination and compliance.[19] American Banker reported on an FDIC consent order that criticized the bank’s reliance on non-core funding sources, notably brokered deposits.[20][21] Sources later reported that the bank resolved the supervisory order and that regulators lifted the consent order in 2025.[22][23][12][24]

References

  1. ^ a b c "Funding Circle Partners with Community Banks on Small Business Loans". American Banker. Retrieved 15 November 2025.
  2. ^ "Chevy Chase's Forbright Bank eyes IPO after FDIC lifts growth restrictions". The Business Journals. Retrieved 23 December 2025.
  3. ^ a b "Description of Institution – Forbright Bank" (PDF). Federal Deposit Insurance Corporation. Retrieved 15 November 2025.
  4. ^ "6 Sustainable Banking Options". US News & World Report. Retrieved 23 December 2025.
  5. ^ "7 Environmentally Friendly Banks". The Motley Fool. Retrieved 4 December 2025.
  6. ^ "Forbright Launches to Accelerate Financing of the Clean Energy Transition". IT Business Net. Retrieved 15 November 2025.
  7. ^ a b "Forbright Bank pushes sustainability angle with new digital products". Axios. 2 March 2023. Retrieved 15 November 2025.
  8. ^ "Congressional Bancshares to merge with American Bank Holdings". The Business Journals. Retrieved 15 November 2025.
  9. ^ "Annual Report of Holding Companies-FR Y-6" (PDF). Board of Governors of the Federal Reserve System. Retrieved 4 December 2025.
  10. ^ "Congressional Bank rebrands as Forbright Bank". Washington Business Journal. 19 January 2022. Retrieved 15 November 2025.
  11. ^ "Forbright Bank, Inflation Reduction Act and future finance discussion". Washington Business Journal. 19 October 2022. Retrieved 15 November 2025.
  12. ^ a b Rendon, Gabriela (7 December 2022). "The former presidential candidate running a green bank". Politico. Retrieved 15 November 2025.
  13. ^ "Bloomberg Línea: SVB fallout & climate tech". Bloomberg Línea (in Spanish). 14 March 2023. Retrieved 15 November 2025.
  14. ^ "Bankrupt Residential Solar Provider Mosaic Is Acquired". PV Magazine. 25 September 2025. Retrieved 15 November 2025.
  15. ^ McKay, Georgie (2 June 2026). "Digital Bank Forbright Seeking to Raise $158 Million in US IPO". Bloomberg.
  16. ^ "U.S. News & World Report Announces 2025 Money Awards". US News & World Report. Retrieved 4 December 2025.
  17. ^ "Forbright Bank 2023 Year in Review". ESG Today. February 7, 2024. Retrieved January 21, 2026.
  18. ^ "FDIC downgrades Forbright Bank's CRA score". Banking Dive. Retrieved 23 December 2025.
  19. ^ Smith, Jordan (2024). "FDIC Downgrades Green-Focused Bank On CRA Exam". Law360. Retrieved 15 November 2025.
  20. ^ "Forbright Bank: FDIC consent order coverage". Washington Business Journal. 3 July 2024. Retrieved 15 November 2025.
  21. ^ Roth, Emma (2 July 2024). "Climate-friendly bank gets dinged by FDIC over its funding model". American Banker. Retrieved 15 November 2025.
  22. ^ Roth, Emma (2 June 2025). "Fast-growing bank resolves order over reliability of funding". American Banker. Retrieved 15 November 2025.
  23. ^ "Forbright adds three executives to oversee finance and communications". ABFJournal. 2024. Retrieved 15 November 2025.
  24. ^ "Politicization is 'deconstructing' ESG—and the 'E' is winning, argues former presidential candidate". Fortune. Retrieved 23 December 2025.

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