The still-in-organization Trustar Bank spearheaded by former WashingtonFirst Bank CEO Shaza Andersen is several steps closer to opening its doors after closing a big round of funding and choosing a headquarters site.
Andersen told me in an interview the bank raised more than $50 million in funding, above the high end of the $35 million to $50 million it had set out to raise more than five weeks ago. “The relatively quick turnaround spoke to the investors’ strong interest in the bank”, Andersen said.
“We had such an enthusiasm in the marketplace,” she said. “A lot of it is because we have been there and done that. People trust us and they know we have done it before and hopefully we will do it again.”
The Fresh funding was not the only sign of progress for Trustar, which has signed a letter of intent to open its first location at 774A Walker Road in Great Falls, which Andersen anticipates opening by the end of June. Trustar will make a decision soon on a second location in Reston, which Andersen hopes to open sometime in the third quarter.
The Great Falls location will not look like a traditional branch but more of an office, which will house administrative staff and can be used to meet with clients and take deposits, she said. Its Reston location will be more of a traditional branch.
Andresen said Trustar has submitted its application to the Federal Deposit Insurance Corp., which needs to provide approval for the bank before it can begin operating. Meanwhile, Andersen is moving ahead with plans to hire additional staff next month.
The moves come as several groups across the region lay their own foundations for new banks. Tysons-based VisionBank hopes to open its doors in the coming months and has fleshed out its board recently. Meanwhile, District-based Moxy Bank recently received its conditional approval from the District. It has already received its FDIC approval.