MainStreet Bank Reports 10th Consecutive Quarter of Profitability
HERNDON, Va., Nov. 24, 2010 /PRNewswire/ -- MainStreet Bank (OTC Bulletin Board: MNSB) reported net income of $346 thousand for the nine months ended September 30, 2010.
The bank's balance sheet continues on a positive growth track, with total assets at $237 million, which is an increase of 12% over the same period last year. Gross loans are now at $191 million and total deposits are at $200 million.
Chairman, President & CEO Jeff W. Dick said, "Our customer base is strong and we continue to grow our market share. We will continue to work with our customers through this period of economic uncertainty."
After six years of operations, asset quality remains strong with only one nonperforming loan, which represents the 100% SBA-guaranteed portion remaining on a commercial and industrial loan. This loan is currently in liquidation status with the SBA. The Bank also has one parcel of Other Real Estate Owned (OREO).
MainStreet operates branches in Herndon, Fairfax City, McLean and Clarendon. In addition, MainStreet continues to upgrade its technology for consumers and businesses. MainStreet now offers Mobile Banking, Bank-to-Bank transfers, a full integration with Quickbooks, online VISA® credit card access, and integration with Mint.com. And soon, MainStreet will offer existing and new customers the ability to open new accounts online.
With a robust and easy-to-use online banking technology, MainStreet has "put our bank" in well over 350 businesses in the Metropolitan area and across the United States. The bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office®.
MainStreet Bank was 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.
This release contains forward-looking statements, including our expectations with respect to future events, that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our quarterly and annual reports filed with the Board of Governors of the Federal Reserve System. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.
Contact: Jeff W. Dick
SOURCE MainStreet Bank
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