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Forbright began operations in 2003 as Congressional Bank, a Maryland-chartered trust company. As Congressional Bank, Forbright acquired American Bank Holdings in 2016. 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.
In 2021, Congressional Bank acquired The Energy Loan Network, LLC, a residential solar and energy efficiency financing company.
The bank rebranded from Congressional Bank to Forbright Bank in 2022. As part of that rebranding, the bank partnered with the National Park Foundation to support environmental conservation. That same year, the bank announced sustainability-linked financing, including the issuance of a Green bond.
Starting in 2023, the bank expanded its consumer digital products to include online savings and certificate of deposit, especially environmentally oriented deposit products.
In 2025, Forbright acquired the assets of now-bankrupt residential solar provider, Mosaic Inc.
In June 2026, Forbright announced that it was seeking to raise $158 million in an initial public offering. According to its filing with the United States Securities and Exchange Commission, the company plans to market 7.9 million shares for $18 to $20 each, giving Forbright a market value of around $994 million.