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Former CEO of WashingtonFirst Bank to establish Trustar Bank

The founder and former CEO of WashingtonFirst Bank, Shaza Andersen, is building a new bank named Trustar Bank, the Washington Business Journal reported.

According to the news report, the bank is expected to open in the second quarter in Virginia, and still requires regulatory approval from the Federal Deposit Insurance Corp.

The bank's board members include Michael Rebibo, Matthew Johnson and Madhu Mohan, the news outlet reported.

Rebibo was president of WashingtonFirst Mortgage Corp. Johnson was executive vice president and CFO of WashingtonFirst Bank, and Mohan was a director at WashingtonFirst.

According to the news outlet, Trustar is making efforts to raise $35 million to $50 million to capitalize the bank by March 15.