Trustar Bank said on Thursday it will acquire select branches from Forbright Bank for approximately $19 million in cash, expanding its footprint in Maryland and Virginia.
The transaction includes Forbright’s branches in Potomac and North Bethesda, Maryland, along with a customer service hub in McLean, Virginia. Upon completion, these locations will operate as Trustar Bank branches. Trustar, a Virginia-chartered bank founded in 2019, will also convert Forbright’s existing deposit base of roughly $750 million, which the bank expects to be accretive to 2027 earnings.
Trustar Bank, a subsidiary of Trustar Bankshares Inc. (OTCQX: TRSB), currently operates full-service branches in Great Falls, Tysons Corner, Reston, and Bethesda, with appointment-only offices in Arlington, Virginia, and Washington, D.C. The acquisition follows Forbright’s strategic review of its branch network.
The deal is subject to regulatory approval and other customary closing conditions, with Trustar targeting a fourth-quarter 2026 completion. Trustar Bank CEO Shaza Andersen called the agreement a strategically aligned opportunity to strengthen the bank’s presence in its core markets and add valuable customer relationships.
Troutman Pepper Locke LLP serves as legal advisor to Trustar Bank, while RP Financial LC acts as financial advisor.
