Jeff Dick
President and CEO
MainStreet Bank

Ben Bernanke is from Main Street America!  I don’t know about you, but I was impressed with our Federal Reserve Chairman’s interview last weekend on 60 Minutes.   

And, I was more than a little excited to hear a hint of optimism in his message. 

As a banker, I look for signs in the community to support the types of conclusions offered by our Chief Central Banker.  I am hearing more local people tell me that some of the residential properties on the market are receiving multiple bids.  Just last week, one of our customers put a renovated residence on the market and it sold within a week. 

Retail sales figures are adjusting slightly upward.  I've even heard that Citi, with all that TARP money, might be profitable through February. 

Reality check: Unemployment figures are mounting and many commercial businesses are struggling.  The world according to Ben tells us that we must look for signs of economic improvement, and that it is very likely that we will see them by year’s end. 

Ben says that banks need to lend, and I’m here to tell you – we are lending!  So are most of my community bank brethren.  You chose wisely when you chose MainStreet Bank. 

Cautious optimism is the new buzzword.  And by the way, thank you for your trust.  We’ll keep earning it every day.

As always, we want to know what's on your mind. Give us a call or click here: Feedback@mstreetbank.com

 

Meet MainStreet: Donna Miller, Director & Financial Expert

Donna Miller has been on the Board of Directors of MainStreet Bank since the very beginning.  Donna is also the Board's financial expert - a designation well deserved.

Donna, along with MainStreet Bank, has been hosting a series of “Town Hall” style meetings in our community over the last several months.  Topics include the economy, taxes, banking and financial services. 

We've enjoyed and learned a lot from Donna's tax and accounting expertise.  Donna is a CPA, CFP, and Partner with MillerMusmar.  Along with Donna and Jeff Dick, the group is rounded out by Neal Mufti, CFP, Managing Partner with Financial Strategies Group. 

The next Town Hall meeting is scheduled for March 25th at 6:30 pm at the bank in Herndon  - 727 Elden Street, Herndon, VA  20170. 

Please join us for a casual and educational evening.  Give us a call at (703) 481-4567  or email dmaher@mstreetbank.com to reserve your seat today. .

 

Creative Solutions

A lot of banks offer a "Switch Kit" to help you change banks.  Generally the kit contains everything you will need to switch your accounts to their bank.  The kits are full of paperwork, and more often than not, they don't live up to their claim of "simplifying the switching process".

At MainStreet, our "Switch Kit" involves one of our extremely talented staff coming to see you and walking you through the process - helping wherever they can..  It just doesn't get any easier or more convenient than that.  When's the last time your bank really helped you to do anything?

If you haven't already switched to MainStreet, give us a call at (703) 218-5160 or (703) 481-4567.  We'll take great care of and you'll never look back.

StreetSmart

Great Rate on CDs for Newsletter Readers Only:  Do sinking stocks and bankrupt brokers have you looking for a safe place to stash your money?  Call before the end of March and tell them you are an eNewsletter reader.  We'll add an extra 1/4% to the posted rate on any CD you choose.  

Call (703) 218-5160 or (703) 481-4567 and mention that you read about the special 1/4% add-on in our eNewsletter. No need to come in!  We can handle everything for you by phone.

MainStreet Answers

Q. Why didn't MainStreet Bank take the TARP money?
A. We applied for the TARP Capital Purchase Program under the assumption that Treasury was really trying to assist well run institutions with additional capital.  We intended to use the capital wisely - lending prudently into our business and consumer community.  But, the rules changed.  Treasury only approved well managed community banks to participate, but started to impose rules as if we were not well managed. 

We'll continue to thrive without the additional capital, and we have money to lend.  We decided that we'd leave the TARP capital for the large troubled banks.