| Formerly | Congressional Bank (2003–2021) |
|---|---|
| Company type | Private |
| Industry | Financial services |
| Founded | 2003 |
| Headquarters | Chevy Chase, Maryland |
Key people |
|
| Services | Personal banking, business banking, lending |
Number of employees | 500+ |
| Website | www |
Forbright Bank (formerly Congressional Bank) is an FDIC-insured American bank headquartered in Chevy Chase, Maryland.[1][2] The bank holds over $7 billion in assets.[3] 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
[edit]Forbright began operations in 2003 as Congressional Bank, a Maryland-chartered trust company.[2] 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.[3]
In 2021, Congressional Bank acquired The Energy Loan Network, LLC, a residential solar and energy efficiency financing company.[9]
In 2022 the bank announced sustainability-linked financing, including the issuance of a Green bond.[10]
Rebrand
[edit]The bank rebranded from Congressional Bank to Forbright Bank in 2022.[11][12] As part of that rebranding, the bank partnered with the National Park Foundation to support environmental conservation. That same year, 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.[13]
Starting in 2023, the bank expanded its consumer digital products to include online savings and certificate of deposit, especially environmentally oriented deposit products.[7][14] In 2025, Forbright acquired the assets of now-bankrupt residential solar provider, Mosaic Inc.[15]
Reception
[edit]In 2024, Forbright drew scrutiny from regulators over aspects of its funding model.[16] Law360 reported that the FDIC downgraded Forbright's Community Reinvestment Act (CRA) score examination and compliance.[17] American Banker reported on an FDIC consent order that criticized the bank’s reliance on non-core funding sources, notably brokered deposits.[18][19] Sources later reported that the bank resolved the supervisory order and that regulators lifted the consent order in 2025.[20][21][10][22]
References
[edit]- ^ "Chevy Chase's Forbright Bank eyes IPO after FDIC lifts growth restrictions". The Business Journals. Retrieved 23 December 2025.
- ^ a b "Description of Institution – Forbright Bank" (PDF). Federal Deposit Insurance Corporation. Retrieved 15 November 2025.
- ^ a b "Funding Circle Partners with Community Banks on Small Business Loans". American Banker. Retrieved 15 November 2025.
- ^ "6 Sustainable Banking Options". US News & World Report. Retrieved 23 December 2025.
- ^ "7 Environmentally Friendly Banks". The Motley Fool. Retrieved 4 December 2025.
- ^ "Forbright Launches to Accelerate Financing of the Clean Energy Transition". IT Business Net. Retrieved 15 November 2025.
- ^ a b "Forbright Bank pushes sustainability angle with new digital products". Axios. 2 March 2023. Retrieved 15 November 2025.
- ^ "Congressional Bancshares to merge with American Bank Holdings". The Business Journals. Retrieved 15 November 2025.
- ^ "Annual Report of Holding Companies-FR Y-6" (PDF). Board of Governors of the Federal Reserve System. Retrieved 4 December 2025.
- ^ a b Rendon, Gabriela (7 December 2022). "The former presidential candidate running a green bank". Politico. Retrieved 15 November 2025.
- ^ "Congressional Bank rebrands as Forbright Bank". Washington Business Journal. 19 January 2022. Retrieved 15 November 2025.
- ^ "Forbright Bank, Inflation Reduction Act and future finance discussion". Washington Business Journal. 19 October 2022. Retrieved 15 November 2025.
- ^ "U.S. News & World Report Announces 2025 Money Awards". US News & World Report. Retrieved 4 December 2025.
- ^ "Bloomberg Línea: SVB fallout & climate tech". Bloomberg Línea (in Spanish). 14 March 2023. Retrieved 15 November 2025.
- ^ "Bankrupt Residential Solar Provider Mosaic Is Acquired". PV Magazine. 25 September 2025. Retrieved 15 November 2025.
- ^ "FDIC downgrades Forbright Bank's CRA score". Banking Dive. Retrieved 23 December 2025.
- ^ Smith, Jordan (2024). "FDIC Downgrades Green-Focused Bank On CRA Exam". Law360. Retrieved 15 November 2025.
- ^ "Forbright Bank: FDIC consent order coverage". Washington Business Journal. 3 July 2024. Retrieved 15 November 2025.
- ^ Roth, Emma (2 July 2024). "Climate-friendly bank gets dinged by FDIC over its funding model". American Banker. Retrieved 15 November 2025.
- ^ Roth, Emma (2 June 2025). "Fast-growing bank resolves order over reliability of funding". American Banker. Retrieved 15 November 2025.
- ^ "Forbright adds three executives to oversee finance and communications". ABFJournal. 2024. Retrieved 15 November 2025.
- ^ "Politicization is 'deconstructing' ESG—and the 'E' is winning, argues former presidential candidate". Fortune. Retrieved 23 December 2025.