Great Falls, Va.-based Trustar Bank is acquiring branches of Forbright Bank, Chevy Chase, Md. .The acquisition is expected to close during the fourth quarter of this year. The deal includes $750 million in local deposits and covers Forbright’s branches in Potomac and North Bethesda, Md., and customer service hub in McLean, Va. As of last month, Trustar Bank had $1.1 billion in assets, $970 million in deposits and $939 million in net loans and leases. Forbright Bank had $8.4 billion in assets, $7.3 billion in deposits and $5.5 billion in net loans and leases. “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,” said Trustar Bank CEO Shaza Anderson. “This transaction will efficiently add scale to our franchise and create long-term value for our shareholders.”Troutman Pepper Locke LLP, Atlanta, is legal advisor to Trustar Bank. McLean-based RP Financial LC is Trustar’s financial advisor.
