Trustar Bank Divests Mortgage Subsidiary To Archer Mortgage Holding Company

News Director

Nov 02, 2023

Adam Newman takes the reins of the rebranded Archer Mortgage, LLC, promising growth and strengthened partnerships.

Virginia-based Trustar Bank announced Thursday that it has finalized the sale of Trustar Mortgage, LLC, its wholly owned subsidiary, to Archer Mortgage Holding Company, LLC. Following the completion of the transaction, Trustar Mortgage, LLC will commence operations under the name Archer Mortgage, LLC.

Veteran mortgage industry expert Adam Newman, bringing over 20 years of professional experience, is set to lead the newly rebranded Archer Mortgage as its CEO.

"We are excited to announce the sale of our mortgage subsidiary to Archer Mortgage," said Shaza Andersen, CEO of Trustar Bank. "This 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."

Equally enthusiastic about the acquisition, Newman said, "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."

mergers & acquisitions

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Christine Stuart

News Director

Christine Stuart is the news director at NMP.

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Published

Nov 02, 2023

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