Trustar Bank, the wholly-owned banking subsidiary of Trustar Bankshares, Inc. (the “Company”), has signed a purchase and assumption agreement (the “Agreement”) under which it will acquire Forbright Bank’s branches in Potomac and North Bethesda, Maryland, together with Forbright Bank’s customer service hub in McLean, Virginia (the “Transaction”).

All three locations sit in the Washington, D.C. metropolitan area: Potomac and North Bethesda are adjacent communities in Montgomery County, Maryland, while McLean lies across the Potomac River in Northern Virginia. Forbright Bank is headquartered in Bethesda, Maryland, just south of North Bethesda, so the Transaction is concentrated in the region the Company describes as its core markets.

The Transaction includes approximately $750 million in local deposits, for which Trustar Bank will pay a deposit premium of approximately $19 million — an implied premium of roughly 2.5% on the deposits being assumed. Purchase and assumption agreements of this kind allow a buyer to add deposits, branches, and customer relationships without acquiring the seller’s entire balance sheet, and deposits are a bank’s primary funding base for lending. The Company expects the Transaction to be accretive to 2027 earnings, which would be the first full calendar year after the anticipated closing.

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.”

John Delaney, referenced in Andersen’s remarks, is Forbright Bank’s chairman and a former U.S. Representative from Maryland.

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, leaving regulatory clearance and conversion planning as the principal steps between signing and close. 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.

Source: GlobalFinTechSeries