Trustar Bankshares (TRSB) signed an agreement for a $28.1 million private placement led by JCSD Mclean Investors and Trustar directors.
Trustar expects to issue 1,372,700 common shares and 877,300 shares of non-voting, convertible Series A preferred stock, each priced at $12.50. Preferred shares would be issued to the extent JCSD’s investment would exceed 9.9% voting ownership.
The financing is conditioned on Trustar Bank’s acquisition of certain Forbright Bank branches and related assets and is expected to close concurrently with it. The acquisition requires regulatory approvals and is expected to close as early as the fourth quarter of 2026. Trustar expects to use the proceeds for general corporate purposes, including supporting the bank’s capital after the acquisition.
Trustar Bank (OTCQX: TRSB) signed a purchase and assumption agreement to acquire Forbright Bank’s branches in Potomac and North Bethesda, Maryland, and its customer service hub in McLean, Virginia. The transaction covers approximately $750 million in local deposits for a deposit premium of about $19 million.
According to Trustar Bank, the transaction is expected to be accretive to 2027 earnings and will strengthen its presence in core markets by adding scale, deposits and customer relationships. The deal is subject to regulatory approval and other closing conditions and is expected to close in the fourth quarter of 2026, after which all locations will operate as Trustar Bank branches.
Trustar Bankshares (OTCQX:TRSB), the bank holding company for Trustar Bank, announced that its common stock has qualified to trade on the OTCQX Best Market. Trading begins under the symbol TRSB, a step the company describes as a key milestone in its long-term shareholder strategy.
The OTCQX platform is aimed at established, investor-focused companies and is designed to provide transparent trading and access to current company information. According to Trustar Bankshares, trading on OTCQX is expected to enhance visibility, broaden its investor base, and support an efficient trading experience. The company expects Raymond James and Associates and Brean Capital to act as market makers for its common stock.