Trustar Bankshares in McLean, Va., is raising $28.1 million through a private placement of common and preferred stock.
The company said in a press release that it will sell the shares to JCSD Mclean Investors and certain Trustar directors. The additional capital will support the Bank after it buys branches and assets from Forbright Bank; that deal is expected to close later this year.
Trustar expects to issue about 1.4 million shares of its common stock and 877,300 shares of convertible, non-cumulative perpetual preferred stock.
“This investment is an exciting milestone for Trustar and reflects the continued strength and momentum of our franchise,” Shaza Andersen, Trustar’s CEO, said in the release. “We are delighted by the confidence JCSD and our participating directors have shown in Trustar, our team, and our growth strategy.”