Trustar Bank has been granted a Virginia banking charter by the Virginia State Corporation Commission, the Great Falls-based bank said.
That means the last hurdle before the bank can officially open its doors is receiving Federal Deposit Insurance Corp. approval for deposit insurance, according to the bank, which is headed by former WashingtonFirst Bank CEO and founder Shaza Andersen.
“We are looking forward to opening our doors in late June or early July, and we are eager to serve this incredible community. The response from the market has been extraordinary, from surpassing our initial capital target to expressions of interest from potential customers eager to do business,” Andersen said in the press release.
The Virginia approval makes Trustar the first bank since 2008 to get approval from the state and comes as other potential banks across the region work to open. They include Tysons-based VisionBank, which hope to open its doors in the coming months, and District-based Moxy Bank, which recently received its conditional approval from the District.
Trustar recently closed on more than $50 million in new funding, above the high end of the $35 million to $50 million it had originally intended. The bank also picked its headquarters and first branch location – 774A Walker Road in Great Falls – and signed a letter of intent for a second branch at The Spectrum At Reston Town Center at 11846 Spectrum Center.
The bank has also fleshed out its advisory board, recently adding Ryan Kerrigan, a star outside linebacker for Washington’s NFL team, and former Republican Congresswoman Barbara Comstock, who lost a 2018 bid for re-election in Virginia’s 10th District.