Great Falls’ Trustar Bank raises $18 million for expansion

Great Falls, Virginia-based Trustar Bank, founded by a local banking veteran in 2019, has raised $18 million from investors to fund its continued expansion.

Trustar said the capital commitment from investors was raised in less than one month, and exceeded its initial goal, the second oversubscribed stock offering for the bank.

Trustar, the first new bank to be chartered in Virginia in more than a decade, currently has branches in Great Falls, Tysons and Reston, as well as Potomac, Maryland.

Trustar focuses on both consumer and small- and medium-sized business lending and services.

“We are excited to have the continued investors support affording us the opportunity to build an outstanding financial institution serving the needs of our community,” said founder and CEO Shaza Andersen.

Andersen previously founded WashingtonFirst Bank, which she grew to 19 branches with $2 billion in assets before selling it to Sandy Spring Bancorp for $489 million. She also served on the Treasury Board of the Commonwealth of Virginia and as a member of the Federal Home Loan Bank of Atlanta.

American Banker named Andersen as one of the Top 25 Women to Watch, and has been named twice as a Top Banker by SmartCEO Magazine.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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