Trustar Bank has received the final key approval to establish a new bank in Greater Washington region.
The company received the green light from Federal Deposit Insurance (FDIC), the last regulatory hurdle before commencing business.
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The FDIC approval follows the charter approval from the Commonwealth of Virginia, secured in May this year.
Trustar Bank will be the first new lender to open its doors in Greater Washington in more than a decade.
The bank aims to open for business this month with offices in Tyson’s Corner and Great Falls in Virginia.
Recently, it completed its initial stock offering and will open for business with a paid-in capital of $55m.
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By GlobalDataTrustar CEO Shaza Andersen said: “We are looking forward to opening our doors in early July, and we are eager to serve the Northern Virginia community, as well as our friends throughout the Washington metropolitan area.
“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.”
The new bank will operate as a full-service bank catering to consumers and small and medium-sized businesses.
Andersen added: “We are grateful for the efforts the FDIC and the Virginia Corporation Commission have made to process our applications cooperatively and efficiently. We look forward to continuing our working relationships after commencing business.”
