Jeff Dick
Chairman, CEO & President
MainStreet Bank

Jeff Dick
Chairman, CEO & President

MainStreet is Expanding!

This is an exciting time for us.  We have been approved to open two more branches.  We plan on opening our McLean branch in the fourth quarter of 2009 and our Arlington branch in the first quarter of 2010.

Those of you who know me know that I've generally not been that interested in opening branches.  Our focus has been to Put Our Bank in Your Office® rather than to make you come to our office.  But, I've learned that people like choices and they like seeing that their bank is in their market.  While you will never see MainStreet on every corner taking up prime retail space, you will see us strategically located throughout the markets we serve.   

We have two dynamite people ready to hit the ground running in McLean.  In fact they are already very busy developing business and bringing new relationships to MainStreet.  Those of you who know David Murrell and Jon Wilkins already know how well they treat their customers.  If you haven't met David or Jon yet, you can call them at 703.218.5160.

As always, I love hearing from our customers.  Please click here if you'd care to let me know your thoughts.

Meet MainStreet: Elizabeth Kenney

The success of any bank is generally measured by its growth and profitability.  Those are the external metrics.  Internally, the success is measured by the people who make the bank work every day and who help to create the culture that makes the bank a success. 

Elizabeth "Betty" Kenney has been a standout in our organization.  Betty is responsible for ensuring that the bank complies with the vast array of compliance laws and regulations.  Perhaps more important - Betty has helped MainStreet to create a culture that is strong on compliance, ensuring that all of our customers are treated fairly and appropriately.  

Betty is retiring at the end of October.  We are excited for her as she finishes her extraordinary career in banking and starts her new full time career as a retiree.  If you care to send an email to Betty, click here.

Creative Solutions

MainStreet Bank is an approved SBA lender.  During this period when big banks have pulled back on lending to business, MainStreet is looking for ways to meet our customer's needs.  The SBA recently increased the amount of their guarantee from 75% to 90%.  This is an incredible feature for banks.  And, the SBA has announced that it will be waiving fees for the borrower, which is an incredible feature for you.

Unlike what you may have heard, the application process is not painful.  We work closely with you to complete the process.  Call us today to learn more about SBA loans.  703.481.4567

StreetSmart

Speaking of the SBA, they have a special program for businesses that have shown some profitability over the past two years, but are currently struggling.

Through he SBA American Recovery Capital (ARC) program, we can quickly provides you with a 100% guaranteed loan of up to $35,000.  The loan does not require any payments for the first year and does not accrue interest for the first year.  We've already used this program for our customers, and in our current economy, it can make the difference for a struggling small business owner.

MainStreet Answers

Q. What is the difference between a Credit Union and a Bank?

A. The differences are becoming less and less obvious.  Credit Unions were originally formed to serve specific markets.  You can still see that in many of their names - like "Fairfax County Credit Union".   If you worked for Fairfax County, you could be a member of the credit union, and they would help employees with auto loans, debt consolidation loans and the like. Businesses could not be members of credit unions.

Nowadays, if you "live, work, worship or travel through Fairfax County, you can be a member of that credit union. And, they can make business loans.  But even though their mission has changed, credit unions still choose to not pay taxes.  Sort of like that friend who is always ready to go out for a meal, but never seems to have enough money to pay their share when the bill arrives.