Forbright Announces Investment by Affiliate of Galvanize Climate Solutions
CHEVY CHASE, Md.–(BUSINESS WIRE)–An investment vehicle managed by Galvanize Climate Solutions has made an equity investment in Forbright, Inc., the holding company for Forbright Bank, recently rebranded from Congressional Bank. As part of the investment, Galvanize and Forbright have announced their intention to align on efforts to advance decarbonization. This is the third time Forbright founder John Delaney and Galvanize co-founder Tom Steyer have collaborated on a business together.
“Tom and Katie Hall, along with an exceptional team, are building a very important investment platform entirely committed to helping decarbonize the world by 2050. Forbright has committed that at least half of its assets will finance decarbonization and sustainability and we are very excited to work with Galvanize and benefit from their unique insights into the technologies and innovations that will help achieve a net zero economy,” said John Delaney.
“Our mission at Galvanize is to help accelerate and scale the change needed to transition to a decarbonized society and banks surely need to be partners in this effort. Forbright’s commitment to decarbonization, including being only the 7th bank in the United States to become a signatory to the U.N. Principles of Responsible Banking, is an important signal to the banking industry and John and Forbright Director Jason Fish are individuals Katie and I have known and worked with for a long time,” added Tom Steyer.
Forbright Inc., rebranded from Congressional Bancshares, Inc. is the bank holding company for Forbright Bank. Forbright Bank (www.forbrightbank.com), rebranded from Congressional Bank, Member FDIC, is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With approximately $6 billion of owned and managed assets, the Bank provides lending, banking and asset management services to clients across the United States. Its business banking group provides nationwide lending products, including real estate loans, working capital, warehouse lines of credit, term loans and forward loan purchase agreements to entrepreneurs, growing middle market companies, and sophisticated investors and operators in clean tech, healthcare, financial services, technology, real estate, renewable energy and other industries where a trusted and highly responsive lender is needed. The Bank provides sophisticated and competitive deposit products, which will soon include deposits linked to decarbonization- and sustainability-oriented loans, to businesses and individuals.
Member FDIC as Congressional Bank. Congressional Bank is an equal housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.