MainStreet Bank Reports First Quarter Results
FAIRFAX, Va., April 16, 2014 /PRNewswire/ -- MainStreet Bank (OTCQB: MNSB) ended the first quarter of 2014 with just over $304 million in total assets. "We're celebrating our first decade of community banking this year, and we're proud to have achieved this growth benchmark," said Chairman, CEO & President Jeff W. Dick.
"We've experienced a great first quarter of loan growth," Dick continued. "And we are optimistic with what 2014 has in-store for the Bank and for the local economy. Of course the one downside to loan growth is the offsetting need to fund the Allowance. Nevertheless, our loan portfolio is strong and we continue to move forward with an excellent team of commercial lenders. We are poised for growth and excited to pursue every good lending opportunity we can find within our market."
The Bank reports total assets of $304.4 million, gross loans of $241.3 million and total deposits of $278 million. Net income for the quarter was $68 thousand. The Bank remains very well capitalized.
MainStreet Bank offers mobile deposit for iPhone and Android smartphones. Additionally, MainStreet Bank released aircharity® in 2012. Aircharity® is a unique solution that empowers people and organizations to raise money via email, websites and social media. The product allows a customer to open an account and accept donations from debit card, credit card and electronic checks. The Bank has opened relationships for the Red Cross, the Leukemia and Lymphoma Society, Active Minds, St. Jude's, The Boys and Girls Club of Greater Washington, and many others. Visit aircharity.net to learn more.
MainStreet operates five branches in Herndon, Fairfax, Fairfax City, McLean and Clarendon. In addition, MainStreet has 55,000 free ATMs and an online banking solution called "airbanking®". 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®. With robust and easy-to-use online business banking technology, MainStreet has literally "put our bank" in well over 500 businesses in the Metropolitan area and across the United States.
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 annual reports. 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