Holland & Knight Represents Forbright in Issuance of $125 Million Inaugural Green Bond
WASHINGTON (December 28, 2021) – Holland & Knight advised bank holding company Forbright Inc. (recently rebranded from Congressional Bancshares, Inc.) in connection with Forbright's private placement of its inaugural Green Bond, comprised of $125 million in fixed-to-floating rate subordinated notes due Jan. 1, 2031.
Forbright is the first U.S. bank holding company with under $150 billion in consolidated total assets, and only the eighth financial institution overall, to issue a Green Bond. This is a significant step toward achieving Forbright's commitment to be the first full-service U.S. bank mission-aligned around sustainability and decarbonization.
Forbright will use the net proceeds from the offering to finance or refinance projects aimed at driving decarbonization and accelerating the shift to a more sustainable economy. Forbright's Green Financing Framework will guide the selection and management of projects funded by net proceeds from the Green Bond offering. In September, Forbright became just the seventh U.S. bank to sign onto the UN Principles for Responsible Banking, the preeminent global framework for a sustainable banking industry.
Forbright is the bank holding company for Forbright Bank (recently rebranded from Congressional Bank), a full-service bank, commercial lender and asset manager headquartered in Chevy Chase, Md.
Holland & Knight Partners Kevin Houlihan and Shawn Turner led the firm's representation of Forbright. They were assisted by Associates Amelia Occhino and Mary Ellen Stanley.