MainStreet Bank Reports 13th Consecutive Quarter of Profitability
HERNDON, Va., Aug. 12, 2011 /PRNewswire/ -- MainStreet Bank (OTC Bulletin Board: MNSB) reported net income of $496 thousand for the six months ended June 30, 2011. The book value is $9.54 per share as of June 30, 2011. The closing price on that same date is $5.70, which approximates 60% of book value.
The bank's balance sheet continues on a positive growth track, with total assets at $256 million. Gross loans are now at $209 million and total deposits are at $224 million.
Chairman, President & CEO Jeff W. Dick said, "The bank is doing well in these challenging economic times. We are lending, and we are seeing positive opportunities to make new loans every day. However, we remain cautious about the economy as a whole."
MainStreet operates branches in Herndon, Fairfax City, McLean and Clarendon. In addition, MainStreet recently introduced a consumer online banking solution called airbanking.com.
With a robust and easy-to-use online business banking technology, MainStreet has "put our bank" in well over 400 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 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.
Jeff W. Dick
SOURCE MainStreet Bank