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]
In 2023, the bank was awarded the "Sustainable Bank Badge" by BestCashCow.com.[11]
The bank rebranded from Congressional Bank to Forbright Bank in 2022.[12][13] 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.[14]
Starting in 2023, the bank expanded its consumer digital products to include online savings and certificate of deposit, especially environmentally oriented deposit products.[7][15] In 2025, Forbright acquired the assets of now-bankrupt residential solar provider, Mosaic Inc.[16]
In 2024, Forbright drew scrutiny from regulators over aspects of its funding model.[17] Law360 reported that the FDIC downgraded Forbright's Community Reinvestment Act (CRA) score examination and compliance.[18] American Banker reported on an FDIC consent order that criticized the bank’s reliance on non-core funding sources, notably brokered deposits.[19][20] Sources later reported that the bank resolved the supervisory order and that regulators lifted the consent order in 2025.[21][22][10][23]
