The Region’s First New Bank in a Decade to Open in Great Falls, Reston

Trustar Bank will open in Great falls on July 10, making it the first new bank to open in the Washington area in more than a decade.

The Washington Business Journal reports that it is the first bank to receive approval from the Federal Deposit Insurance Corporate and open its doors since FVCBank opened in November 2007.

Here’s more from the report:

Trustar most recently received approval from Virginia, which also made it the first bank since 2008 to get state consent. Meanwhile, other banks in organization are also working on their own approvals, including Tysons-based VisionBank, which hopes to open its doors in the coming months, D.C.-based Founders Bank started by Bank of Georgetown alums, and District-based Moxy Bank, which recently received its conditional approval from the District.

Trustar recently closed on more than $50 million in new funding, above the high end of the $35 million to $50 million it had originally intended.

The bank has also fleshed out its advisory board, recently adding Ryan Kerrigan, a star outside linebacker for Washington’s NFL team, and former Republican congresswoman Barbara Comstock, who lost a 2018 bid for reelection in Virginia’s 10th District.

The bank is rapidly expanding in the area. It has signed a letter of intent at The Spectrum at Reston Town Center (11846 Spectrum Center) and plans to open a lending office in McLean.

Logo via Trustar