Trustar Bank Announces $750 Million Branch Acquisition from Forbright Bank

GREAT FALLS, Va.--(BUSINESS WIRE)--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.”

The Transaction, which is subject to regulatory approval and other closing conditions, is expected to close during the fourth quarter of 2026. Upon closing, the branches will be fully converted to operate as branches of Trustar Bank.

Troutman Pepper Locke LLP is serving as legal advisor to Trustar Bank in the Transaction and RP Financial LC is serving as Trustar’s financial advisor.

About Trustar Bankshares, Inc. and Trustar Bank

Trustar Bankshares, Inc. is the bank holding company for Trustar Bank, a Virginia chartered bank headquartered in Great Falls, Virginia. Founded in 2019, Trustar Bank is a full-service commercial bank with full-service branches in Great Falls, Tysons Corner, and Reston, Virginia, and Bethesda, Maryland, and by appointment only branches in Arlington, Virginia and Washington, D.C. Additional information is available on the Company’s website at www.trustarbank.com.