Trustar, Virginia’s newest bank, opens a branch by the White House

Great Falls, Virginia-based Trustar Bank, the first newly-chartered bank in Virginia in more than a decade, has opened its first bank in D.C., a block from the White House, after raising capital for expansion this summer.

Trustar was founded in 2019 by Shaza Andersen. Anderson is the former CEO of Reston-based WashingtonFirst Bank, which was acquired by Olney, Maryland-based Sandy Spring Bancorp in 2018.

Trustar’s D.C. branch is at 1701 Pennsylvania Avenue, NW and is open Mondays, Wednesdays and Fridays by appointment.

“Our D.C. location will allow us to serve new and current clients who work or reside in D.C.,” Andersen said. “We are excited to offer an in-person banking experience for our D.C.-based customers and look forward to continuing our growth and expansion throughout the Greater Washington market.”

In July, Trustar raised $18 million from investors for expansion in less than one month, surpassing its initial goal of $15 million. It was the second oversubscribed offering for the bank following its initial capital raise in 2019.

In addition to its branch in Great Falls and the new one in D.C., Trustar has branches in Reston, Tysons and Potomac. Andersen said the bank has plans to continue a high rate of growth in the years to come.

Trustar serves small and medium-sized businesses, and consumers.

Trustar ranks as the 41st largest bank by deposits in the Washington area, according to Washington Business Journal data, with $338 million in deposits in 2021 and $416 million in total assets.

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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