MCLEAN, Va., March 11, 2020 (GLOBE NEWSWIRE) -- Chain Bridge Bank, N.A. (the “Bank” or “Chain Bridge”) announced today that the Office of the Comptroller of the Currency (OCC) has approved its application to conduct full fiduciary powers under national banking laws. This regulatory approval will enable the Bank to proceed with its plans for opening its Trust Department.
The Bank recently applied for full fiduciary powers from the OCC and plans on opening the Trust Department in the next several months. Full fiduciary powers will allow it to act as trustee, executor, or agent for trustee, and provide investment management and custodial services, among other duties.
Chain Bridge Bank Chairman Peter G. Fitzgerald said: “Chain Bridge Bank will use its national trust powers received from the OCC to offer trust and wealth management services to families and organizations across the country. I look forward to the Bank earning the same reputation for superior service in trusts and wealth management as it has for clients with complex deposit and loan needs.”
Gregory Smolen, Vice President and Trust Department Manager, said: “Chain Bridge will pair high quality advice and attentive personal service with a straightforward investment philosophy, aligning our clients’ investments with their financial and estate planning goals. Our state-or-the-art software platform and experienced professionals will help clients to simplify their financial lives, and ensure that their ultimate wishes are carried out.”
Prior to joining Chain Bridge, Mr. Smolen served as manager of the Northern Virginia office of TCV Trust & Wealth Management. An attorney by training, he has ten years of experience in the financial services and trust industries.
Chain Bridge Bank, N.A. is a national banking association organized under the laws of the United States and is the sole subsidiary of Chain Bridge Bancorp, Inc. (the “Company”), a bank holding company registered with the Federal Reserve. The Bank is a member of the FDIC and its deposits are insured up to the legal maximums. The Company’s shares are privately held.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of the Bank’s operations and policies and regarding general economic conditions. Because of the uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s and Bank’s past results are not necessarily indicative of future performance.
| CONTACT: | Rich Danker (703) 748-3423 rdanker@chainbridgebank.com |
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