Jeff Dick
President and CEO
MainStreet Bank

President Obama hasn’t had much time to rest since assuming office this past Tuesday. His administration is working on big ideas to resolve the problems confronting our economy. 

We all know that when faced with problems of such magnitude, we can respond in one of two basic ways: we can bury our head in the sand, hoard cash and hope for better days; or we can face the problems head-on, educate ourselves, take some thoughtful and calculated risks and keep moving forward.

Doing nothing might feel just fine in the short-run, but eventually everything comes to a grinding halt. 

Of course, doing something is not without risk. But, as long as we take a thoughtful approach and identify and control the risks we take, we can and will make it through this problem and hopefully be better for it. 

These same concepts apply to our business and personal lives. As we look at the current economy, we need to try and determine the best way to react to it. To assist you with your decisions, MainStreet Bank is hosting a series of “Town Hall” style meetings to discuss the economy, taxes, banking and financial services. 

MainStreet will be joined by Donna Miller, CPA, CFP, Partner with MillerMusmar and Neal Mufti, CFP, Managing Partner with Financial Strategies Group for a panel discussion on Wednesday, January 28, 2009 at 6:30 pm at the bank in Herndon  - 727 Elden Street, Herndon, VA  20170. 

We’ve already held two of these meetings, and I’ve learned something at each one. If you aren't able to attend the meeting on the 28th, we are also planning meetings for February 25th and March 25th.

Seating is limited for this discussion. Please give us a call at (703) 481-4567  or email dmaher@mstreetbank.com to reserve your seat today. And as always, we want to know what's on your mind. Give us a call or click here: Feedback@mstreetbank.com

Meet MainStreet - David Murrell

We are excited to announce that David Murrell recently joined with MainStreet Bank. David was a senior financial specialist at Wachovia in the McLean area. David’s approach to customer service is very consistent with ours - creatively and proactively determining each customer's needs and providing a solution that meets those needs and is simple to use.

“A former colleague of mine spoke very highly of MainStreet Bank and the team here, so I decided to join with them,“ says David, an Assistant Vice-President/Relationship Manager at our Fairfax Office. “It’s all about cultivating relationships and catering to individuals and businesses based on their needs. We don't focus on fitting the client to the solution like the large banks must do, we build a solution that is custom fit for each client.”

In his role at MainStreet, David is focused on serving existing and new clients – armed with a suite of sophisticated deposit products and complimented by an emphasis on service and quality.

David also works closely with our experienced lending team in order to assist his customers with all of their loan needs. "Our 'team' approach makes us very attractive, especially as some individuals and businesses may shy away from the big banks that have suffered during the economic downturn."

"Despite the economic struggles these days, our clients are still doing business; the needs are the same. If anything, clients need more help with banking needs. We’re here to help.”

To contact David, call him directly at (703) 218-5173 or e-mail him at dmurrell@mstreetbank.com

Creative Solutions - Online Banking

Technology is great, so long as you know how to use it. Our online banking solution is the best-in-class - - and it is simple to use. But, we take it one step further. We don't expect you to have to read manuals or watch videos to learn our system. We set everything up for you and we show you how to use it. And after that, we're only a phone call away. We know that banking isn't your "day job", but once we put our bank in your office, you'll never turn back.

StreetSmart - IRA Distribution Update

On December 23, 2008, former President Bush signed into law the Worker, Retiree and Employer Recovery Act of 2008. In addition to significant pension legislation, this law waives the 2009 requirement that IRA owners age 70½ or older during 2009 take minimum distributions. Also, beneficiaries of traditional and Roth IRAs are not required to take minimum distributions from IRAs for 2009. Similar waiver rules may apply to employer plan participants and their beneficiaries.

This may be a boon for some seniors who have seen a significant decline in the value of their retirement funds due to stock market volatility in the last year or so, as it will allow your savings to grow faster.

These rules may seem confusing. We advise that you contact your tax professional to see how they apply to your particular tax situation.

MainStreet Answers

Q.  I keep hearing reports that the level of consumer debt is climbing.  I know that there are problems with residential mortgages, but what other trends do you see? 

A.  According to industry research, the average household credit card debt of low and middle-income households in the United States is more than $8,000 and continues to increase.

Q.  What are some tips for “smart” credit card usage? 

A.  Shop around before accepting a credit card offer. Examine the terms and conditions, including the amount of interest assessed on outstanding credit card balances. 

• Read the fine print, as many credit cards have late fees, cash advance fees and balance transfer fees. 
• Pay off balances in full every month or pay as much as possible, making the largest payment on credit cards with the highest interest rates. 
• Look for credit cards with no annual fee and that offer additional benefits, such as cash back programs or credit toward airline miles.