Strategic move allows the bank to "focus on core services"
Trustar Bank has finalized the sale of its home lending subsidiary, Trustar Mortgage, to Archer Mortgage Holding Company. Financial terms of the deal were not disclosed.
As a result of the acquisition, Trustar will operate under the Archer Mortgage brand, with CEO Adam Newman at the helm.
Trustar offers adjustable-rate mortgages (ARMs), consumer construction loans, and home equity lines of credit. The Virginia-headquartered community bank is licensed in four states and has three branches.
In a news release, Trustar Bank CEO Shaza Andersen said the “strategic move allows Trustar Bank to focus on our core services while still providing portfolio mortgages to our valued customers. We are confident that Archer Mortgage, under the leadership of CEO Adam Newman, will bring new opportunities and take the mortgage company to new heights.”
“The acquisition of Trustar Bank’s mortgage subsidiary is a significant milestone for Archer Mortgage,” Newman said in response. “With my years of experience in the mortgage business, I am committed to driving growth and success for our company. We look forward to partnering with Trustar Bank and leveraging their expertise to deliver exceptional service and value to our clients.”
Earlier this year, Trustar brought on mortgage industry veteran Chip Beveridge as executive vice president of mortgage production.
“We are pleased to have Chip leading the Trustar Mortgage team and are excited to continue meeting the needs of the community,” Andersen said in a statement released May.
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