FAIRFAX, Va., Nov. 19, 2018 /PRNewswire/ -- MainStreet Bancshares, Inc. (OTCQX: MNSB) (the "Company") announced the addition of Russell Echlov to its holding company and bank board.
Mr. Echlov is a Portfolio Manager at Mendon Capital Advisors Corp, with more than 20 years of industry experience. Mendon Capital Advisors Corp has a primary investment focus centered on the U.S. financial services sector.
Mr. Echlov fills a spot recently vacated by Dr. William E. Cox, EdD, a founding shareholder and director of the Bank since 2009. Dr. Cox retired in April 2018, and the Bank had been searching for a qualified replacement.
"I've known Russell for several years, and he brings a high level of financial acuity as well as a strong investor perspective to MainStreet," said Jeff W. Dick, Chairman & CEO. "We recently announced a commitment to use our best efforts to register our common stock with the SEC under the Securities Exchange Act of 1934, and Russell will play an integral part as an independent director with financial expertise."
"MainStreet has demonstrated solid growth metrics within a very vibrant market," stated Russell Echlov. "I am pleased to be joining the board and look forward to assisting where I can to build franchise value."
ABOUT MAINSTREET BANK: MainStreet Bank recently announced exceeding $1 billion in total assets. MainStreet operates six branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg and Clarendon. The Bank is not restricted by a conventional branching system, as it offers business customers the ability to Put Our Bank in Your Office®. In addition, MainStreet has 55,000 free ATM's and a fully integrated online and mobile banking solution. With robust and easy-to-use online business banking technology, MainStreet has "put our bank" in well over 1,000 businesses in the Metropolitan area.
MainStreet has a full complement of payment system services for third party payment providers. MainStreet has a nationally known market leader and a highly experienced team ready to help payment providers create a solution perfect for their needs.
MainStreet has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction and commercial real estate. MainStreet also works with the SBA to offer 7A and 504 lending solutions. From mobile banking and Apple Pay to instant-issue Debit Cards, MainStreet Bank is always looking for ways to improve its customer experience.
MainStreet Bank was the first community bank in the Washington, DC Metropolitan area to offer a full online business banking solution. MainStreet Bank was the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance. 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.
Contact: Jeff W. Dick
(703) 481-4567
SOURCE MainStreet Bancshares, Inc.
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