Virginia-based community bank Trustar Bank sold its mortgage subsidiary to Archer Mortgage Holding Company, the companies announced on Thursday. The financials of the deal were not disclosed.
“This strategic move allows Trustar Bank to focus on our core services while still providing portfolio mortgages to our valued customers,” Shaza Andersen, CEO of Trustar Bank, said in a statement.
According to its website, Trustar Bank offers 7/1 and 10/1 adjustable rate mortgages (ARMs), consumer construction loans and home equity line of credits. It has 18 mortgage loan officers, per the National Multistate Licensing System (NMLS).
Meanwhile, tech platform Modex shows Trustar Mortgage originated $45 million in mortgage loans in the last 12 months, mainly conventional (63% of the total) and purchases (79% of the total). It has licenses in four states and three branches.
As a result of the transaction, Trustar Mortgage will operate as Archer Mortgage, under the leadership of CEO Adam Newman.
“The acquisition of Trustar Bank’s mortgage subsidiary is a significant milestone for Archer Mortgage,” Newman said in a statement.
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