Former MD congressman's Forbright valued at $870M after shares fall in debut

Forbright, the Maryland-based bank founded by former U.S. Rep. John Delaney, debuted on Nasdaq with shares down 2.8% and an implied valuation near $870 million. The stock opened at $17.50, below the $18 offer price, as the company sold 7.9 million shares to raise $142 million at the low end of the $18–$20 range. The IPO came as June heats up for markets bracing SpaceX's imminent listing. Forbright traces its lineage to Congressional Bank (2003) and now offers middle-market lending, digital consumer banking, strategic advisory and asset management. Delaney, the CEO, served Maryland in the U.S. House and returned after a 2021 $369 million equity infusion from Centerbridge Partners, Gallatin Point Capital and Bayview Asset Management.