Trustar Bank announces first acquisition
Great Falls bank acquires Fairfax-based mortgage firm
Great Falls-based Trustar Bank announced its first-ever acquisition Wednesday, taking control of Fairfax-based Granite Mortgage LLC.
The acquisition will add Granite Mortgage’s full-service mortgage business line to Trustar’s (founded in 2019) banking services. Granite Mortgage will become a wholly owned subsidiary of Trustar, the first bank to be chartered and opened in Virginia in more than a decade. It has $238.2 million in assets, according to the Federal Deposit Insurance Corp.
Financial terms of the acquisition were not disclosed.
“Partnering with Trustar Bank is the next step in Granite’s growth process,” Granite Mortgage CEO Gary Freedman said in a statement. “As a wholly owned subsidiary of Trustar Bank, Granite will be able to offer our loan officers the ability to provide the bank’s unique portfolio loans and expand its lending to new states.”
Trustar is a full-service bank that offers products and services to small- and medium-sized businesses and customers.
“We are thrilled to offer competitive new residential mortgage programs to our customers. Granite is the right partner at the right time,” Trustar CEO Shaza Andersen said in a statement. “Gary Freedman has a proven reputation within the local mortgage market and is an effective leader focused on both growth and profitability.”
Trustar’s bank board director Michael Rebibo will serve as chairman of the Trustar Mortgage Board.
“The dynamic partnership of Trustar Bank and Granite Mortgage LLC will allow us to provide our customers with residential mortgage programs to meet their home buying and refinancing goals,” Rebibo said in a statement.