Question 1

What is Trustar Bank?

Accepted Answer

Trustar Bank is a state-chartered community bank headquartered in Great Falls, Virginia, serving businesses and individuals throughout the greater Washington, D.C., metropolitan area. With approximately $1.06 billion in total assets and $887.7 million in deposits, the bank specializes in providing personalized banking services to small and medium-sized businesses, as well as individual customers.

As a commercial bank with state charter status, Trustar Bank operates as a Fed non-member institution supervised by the Federal Deposit Insurance Corporation (FDIC). The bank positions itself as a community-focused alternative to larger super-regional financial institutions that dominate the Washington, D.C. market.

Question 2

When was Trustar Bank founded?

Accepted Answer

Trustar Bank was founded in 2019, receiving approval from the Virginia State Corporation Commission (SCC) on February 19, 2019, and officially opening for business on July 8, 2019. The bank holds the distinction of being the first new state-chartered bank formed in Virginia in over a decade, since 2008.

The bank was organized by Shaza Andersen, who serves as CEO and previously founded and led WashingtonFirst Bank until its $447 million acquisition by Sandy Spring Bank in 2018. The bank's organizers include experienced bankers, bank investors, and business professionals with deep roots in the Washington, D.C. market area.

Trustar Bank became the 54th state-chartered bank regulated by the SCC's Bureau of Financial Institutions, representing a significant milestone for Virginia's banking sector. The formation of the bank was viewed as a testament to the strength of Virginia's banking sector and regulatory environment during a period of significant consolidation in the region's community banking landscape.

Question 3

Where is Trustar Bank headquartered?

Accepted Answer

Trustar Bank is headquartered in Great Falls, Virginia, with its operations office located at 774A Walker Road, Suite 220, Great Falls, VA 22066. The main branch is located at 748 Walker Road in Great Falls, positioned in Fairfax County within the Washington-Arlington-Alexandria metropolitan statistical area.

Question 4

Where does Trustar Bank operate?

Accepted Answer

Trustar Bank operates 7 full-service branch locations across the greater Washington, D.C., metropolitan area, spanning Virginia, Maryland, and the District of Columbia. The bank's footprint includes:

Virginia locations: Great Falls (main office and headquarters), Tysons Corner (McLean), Reston, and Arlington.

Maryland locations: Potomac (serving as the main office for Maryland) and Bethesda (opened in 2024 at 7901 Norfolk Avenue).

District of Columbia: A branch on Pennsylvania Avenue NW in downtown Washington, D.C.

The bank's strategic placement in these affluent communities and commercial centers positions it to serve both business and retail customers throughout the Washington-Arlington-Alexandria, DC-VA-MD-WV core-based statistical area. The Tysons location also houses commercial lending offices to support the bank's business banking focus.

Question 5

What services does Trustar Bank offer?

Accepted Answer

Trustar Bank provides comprehensive banking products and services tailored to small and medium-sized businesses as well as individual consumers. The bank offers customized business banking solutions designed to meet the specific financial needs of commercial clients in the Washington, D.C., region.

Core services include checking and savings accounts, commercial lending, deposit services, treasury management, and personal banking products. Branch locations feature full-service lobbies, drive-through facilities, smart ATMs, safe deposit boxes, and convenient Saturday hours at select locations.

Digital Banking: Trustar Bank offers a robust mobile banking application that serves as a personal financial advocate for customers. The mobile app enables users to aggregate financial accounts from multiple institutions into a single view, providing comprehensive financial management capabilities.

Key mobile banking features include: mobile check deposit, fund transfers, bill payment, account alerts, debit card management (including lost/stolen reporting and card controls), transaction organization with tags and notes, branch and ATM locators, and statement access. The app supports biometric authentication through fingerprint or facial recognition for enhanced security.

The bank also provides Budget Star, a personal financial management platform that allows customers to manage budgets, link accounts from multiple institutions, track spending and savings goals, and prepare for financial events. These digital capabilities complement the bank's community banking approach by offering modern, convenient banking tools alongside personalized service.

Question 6

What makes Trustar Bank unique?

Accepted Answer

Trustar Bank distinguishes itself as a locally-focused community bank alternative in a market dominated by large super-regional financial institutions. The bank was specifically conceived to fill the gap created by rapid consolidation in the Washington, D.C., banking market, offering personalized service and local decision-making that larger institutions often cannot provide.

The bank's leadership team brings significant experience and credibility to the institution. CEO Shaza Andersen successfully built and sold WashingtonFirst Bank, demonstrating a proven track record in community banking. The bank's advisers include prominent figures such as former U.S. Representative Barbara Comstock, former Secretary of the Navy John H. Dalton, and former Washington Redskins linebacker Ryan Kerrigan.

Trustar Bank demonstrates commitment to community impact through the Trustar Youth Foundation, which awards grants and scholarships to advocate organizations dedicated to improving children's lives, funds research for childhood illnesses, and provides tuition assistance to those in need. This philanthropic focus aligns with the bank's community banking philosophy.

The bank's financial performance reflects stability and growth, with a return on assets (ROA) of 0.45% and return on equity (ROE) of 4.73%. With approximately 60 employees serving over $1 billion in assets, Trustar Bank maintains an efficient operating model while delivering personalized attention to customers.

Question 7

What type of financial institution is Trustar Bank?

Accepted Answer

Trustar Bank is a State-Chartered Commercial Bank operating under Virginia banking law. As a state charter institution, the bank is regulated by the Virginia State Corporation Commission's Bureau of Financial Institutions and supervised by the Federal Deposit Insurance Corporation (FDIC) as a Fed non-member bank.

This dual regulatory structure combines state-level oversight with FDIC insurance protection, ensuring that deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category. The state charter designation reflects the bank's choice to organize under Virginia law rather than federal banking statutes, benefiting from state regulators' local knowledge and focus while maintaining FDIC membership for deposit insurance.

As a commercial bank, Trustar Bank is authorized to accept deposits and make loans to both businesses and consumers, distinguishing it from specialized institutions like savings banks or credit unions. The bank's classification as a community bank reflects its asset size, local market focus, and relationship-based approach to serving customers in defined geographic markets.

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About Trustar Bank in the United States