Trustar Bank Acquires Granite Mortgage, LLC

GREAT FALLS, Va.--(BUSINESS WIRE)--Trustar Bank announced today that it has acquired Granite Mortgage, LLC (“Granite”). The acquisition provides Trustar with the platform to launch a full-service mortgage business line, broadening the Bank’s depth and breadth of service offerings.

The Fairfax, Virginia based Granite, led by President and Chief Executive Officer Gary Freedman, began serving the DC, Maryland, and Virginia markets in early 2020. “Partnering with Trustar Bank is the next step in Granite’s growth process. As a wholly owned subsidiary of Trustar Bank, Granite will be able to offer our Loan Officers the ability to provide the bank’s unique portfolio loans and expand its lending to new states. We are excited about the opportunity to offer additional loan options including Jumbo Loans, Construction to Perm financing and a true common-sense approach to Portfolio Lending. This new product line is in addition to our current offerings of conventional, FHA and VA loans,” commented Mr. Freedman.

“We are thrilled to offer competitive new residential mortgage programs to our customers. Granite is the right partner at the right time. Gary Freedman has a proven reputation within the local mortgage market and is an effective leader focused on both growth and profitability,” said Shaza Andersen, founder and Chief Executive Officer of Trustar Bank.

Granite Mortgage, LLC will be a wholly owned subsidiary of Trustar Bank. Seasoned mortgage entrepreneur and Trustar Bank Board of Director, Michael Rebibo, will lend his industry expertise as Chairman of the Trustar Mortgage Board. “Having successfully built 1^st Portfolio Lending, which sold to WashingtonFirst Bankshares, I understand the benefits of a bank owned mortgage company and the market power of this partnership,” commented Mr. Rebibo. “The dynamic partnership of Trustar Bank and Granite Mortgage, LLC will allow us to provide our customers with residential mortgage programs to meet their home buying and refinancing goals.”

Trustar Bank is a full-service bank offering comprehensive banking products and services to small- and medium-sized businesses and consumers. It is the first bank to be chartered and opened in Virginia in over a decade. For more information, please visit Trustar Bank online at www.trustarbank.com.