Forbright in Chevy Chase, Md., is planning its initial public offering.
The holding company of the $7.7 billion-asset Forbright Bank, founded by former Rep. John Delaney, said in a press release that it submitted a confidential draft registration statement, setting the stage for the IPO.
The number of shares to be sold and the price range have not yet been determined. The registration statement should become effective after the completion of the Securities and Exchange Commission’s review process.