Trustar Bank Announces $750 Million Branch Acquisition from Forbright Bank
Trustar Bank, the wholly-owned banking subsidiary of Trustar Bankshares, Inc. (the “Company”) (OTCQX: TRSB), today announced the signing of a purchase and assumption agreement (the “Agreement”), under which Trustar Bank will acquire Forbright Bank’s branches in Potomac and North Bethesda, Maryland, as well as Forbright Bank’s customer service hub in McLean, Virginia (the “Transaction”).
The Transaction includes approximately $750 million in local deposits for a deposit premium of approximately $19 million. The Company expects the Transaction to be accretive to 2027 earnings.
Shaza Andersen, Chief Executive Officer of Trustar Bank, stated, “We are very pleased to enter into this Agreement with Forbright Bank. I have tremendous respect for John Delaney, his team, and the organization they have built. This is a unique, strategically-aligned opportunity to strengthen Trustar Bank’s presence in our core markets, and add valuable deposits and relationships, positioning Trustar for growth. This transaction will efficiently add scale to our franchise and create long-term value for our shareholders.”
Ms. Andersen continued: “We look forward to welcoming Forbright customers and employees to the Trustar family and to providing our comprehensive range of banking products and services at these new locations. Our team places a high value on personal connections and trust, and we are focused on ensuring a seamless transition while building on the valued relationships Forbright Bank has established.”
