Profits Continue at MainStreet Bank
HERNDON, Va., Aug. 6 /PRNewswire-FirstCall/ -- MainStreet Bank (OTC Bulletin Board: MNSB) reported net income of $250 thousand for the six months ended June 30, 2010.
The bank's balance sheet continues on a positive growth track, with total assets at $242 million, which is an increase of 18% over the same period last year. Gross loans are now at $187 million, which represents an increase of approximately $29 million in new loans to borrowers in our community. Total deposits are at $206 million, an increase of 28% over the same time period.
Chairman, President & CEO Jeff W. Dick said, "We've seen a pronounced slow-down in loan demand this year. It's not that we've adjusted our credit approval standards, it's that customers simply aren't borrowing. We're hoping to see a pick-up in loan demand during the second half of 2010."
After six years of operations, asset quality remains strong with only four small nonperforming loans and 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