The transaction, set to close in the fourth quarter, adds three locations and $750 million in deposits to Trustar’s footprint. That frees Forbright to focus on national digital lending.

Trustar Bank will acquire Forbright Bank’s Washington, D.C., area branches, giving the Great Falls, Virginia-based lender an extra $750 million in local deposits, the banks said Friday.

The transaction, expected to close in the fourth quarter, frees up Forbright to drill down on its national digital banking platform, middle-market commercial lending strategy and fee-based advisory business, the Chevy Chase, Maryland-based bank said.

“Our national businesses have reached the scale and momentum that allow us to focus our capital, technology, and management attention where our competitive advantages are strongest,” John Delaney, the Democratic former congressman who founded Forbright, said in a statement Friday.

The $8.5 billion-asset Forbright will hold onto its Chevy Chase headquarters but shed branches in Potomac and North Bethesda, Maryland, along with a customer service hub in McLean, Virginia.

Trustar will add those locations to its six-branch footprint. The $1.14 billion-asset lender launched in 2019 as the capital region’s first de novo since 2008.

“This is a unique, strategically-aligned opportunity to strengthen Trustar Bank’s presence in our core markets, and add valuable deposits and relationships, positioning Trustar for growth,” the bank’s CEO, Shaza Andersen, said Friday. “This transaction will efficiently add scale to our franchise and create long-term value for our shareholders.”

The purchase price represents a $19 million deposit premium, Trustar noted, adding that it expects the tie-up to be accretive to 2027 earnings.

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