HERNDON, Va., March 5 /PRNewswire-FirstCall/ -- MainStreet Bank (OTC Bulletin Board: MNSB) announced today that it will not participate in the U.S. Treasury Department's Troubled Asset Relief Program Capital Purchase Program. MainStreet Bank received preliminary approval for up to $4.5 million in capital from the U.S. Treasury. Chairman, CEO & President Jeff W. Dick said, "After careful consideration, MainStreet Bank's Board of Directors elected not to participate in the program."
Mr. Dick further commented, "We greatly appreciate the Federal Government's recognition of our financial strength in approving our participation in the Capital Purchase Program. However, as a strong and well-capitalized community bank, we determined that we have the means to continue our growth strategy and successful lending programs without Treasury Department assistance."
MainStreet Bank serves the consumer, professional and business communities within the Washington, DC Metropolitan area. With our robust and easy-to-use online banking technology, we have literally put our bank in well over 250 businesses in the Metropolitan area and across the United States. Using MainStreet Bank's secure website, business customers can do everything they can do in a branch, including: managing accounts, paying bills, transferring funds, initiating ACH and wire transfers, sweeping funds, making loan payments, advancing from lines of credit, and depositing checks and cash. The technology interfaces with Intuit(R) and Microsoft(R) accounting software for greater efficiency in accounting and finance operations. For accounts payable, customers can also build in reminders, customize loan payments, and set up regular funds transfers.
The Bank has offices located at 727 Elden Street in Herndon, Virginia and 4029 Chain Bridge Road in Fairfax, Virginia. MainStreet Bank is the first community bank in the Washington, DC Metropolitan area to offer a full online business banking solution. MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS -- a solution that provides FDIC insurance on deposits up to $50 million. Further information on the Bank can be obtained by visiting its website at www.mstreetbank.com.
Contact: Jeff W. Dick
SOURCE MainStreet Bank