MainStreet Bank Reports a Profitable First Quarter
FAIRFAX, Va., May 1, 2013 /PRNewswire/ -- MainStreet Bank (OTC Bulletin Board: MNSB) reported a profitable first quarter with net income of $134,000. The Bank's book value per share was $9.67 as of March 31, 2013. The closing share price as of March 31, 2013 was $8.25, which was up 55% from the December 31, 2012 closing share price.
"We are excited that the Bank's overall performance is positively impacting our share price," stated Chairman, CEO & President Jeff W. Dick. "With good loan quality and continued improvement to our operating efficiency, we anticipate achieving a higher level of earnings this year."
The Bank reports total assets of $269.5 million, gross loans of $215.9 million and total deposits of $239.3 million. The Bank remains well capitalized.
MainStreet Bank now offers an expanded merchant services solution with very competitive pricing. Additionally, the Bank officially launched its aircharity® solution in late 2012. Aircharity® is a proprietary solution that allows a customer to open an account and take debit card, credit card and electronic check donations via the customer's website or through any other form of social media. The Bank has opened relationships for the American Red Cross, The Leukemia and Lymphoma Society, Active Minds, Boys and Girls Club of Greater Washington, and many others. Please visit www.airbanking.com/aircharity to learn more or to donate to one of the many charities using aircharity®.
MainStreet operates branches in Herndon, Fairfax, Fairfax City, McLean and Clarendon. In addition, MainStreet has 55,000 free ATMs and an 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 500 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.
Contact: Jeff W. Dick
SOURCE MainStreet Bank