Jeff Dick
President and CEO
MainStreet Bank

June is a favorite month for weddings. We’re proud of the role MainStreet Bank plays behind the scenes, helping parents and couples cover wedding expenses – and plan ahead for milestones like buying a home and starting a family.

In fact, we take the “from this day forward …” commitment very much to heart in how we run MainStreet. Some banks judge performance by transactions. They even set quotas on how many loans, accounts, and deposits are “sold” to customers each month. We, however, judge our performance more by relationships: We’ve found that if we look out for our customers’ best interests, our own business soars.

For us, it really is about blending “something old” – an enduring relationship with our customers and community – with “something new” – online services and creative new solutions. That’s why whether we partner with you on getting the right loan or the best rate on a CD, you can count on us. And as you’ll see from our story about Chris Lipscomb, you can even count on us long after the bank has closed for the day!

Enjoy this issue of our newsletter. And please do let us hear from you! Feedback@mstreetbank.com

Meet MainStreet

What do you do when you meet a 9-year-old who wants to buy a 1979 Corvette?  If you’re MainStreet’s Chris Lipscomb, you don’t bat an eye!  You simply explain compound interest and do the math. 

Chris and fellow MainStreeters Sharon Jackson and Sharon Ricciardi are just back from presenting the bank’s popular “Teach a Child How to Save” program to Michelle Small’s fourth-graders at Eagle View Elementary School. Chris notes that they used to offer the program only during Community Banking Month in May.  “But kids are coming in contact with money at younger and younger ages,” Chris says, “and we felt the program could fill an important need in the community.” 

Teacher Michelle Small couldn’t agree more! In her own “real-world” classroom, students receive pretend checkbooks and paychecks and learn to budget, pay bills and balance their checkbooks. “What we added,” says Chris, “was more information about the role a bank can play not just in managing money, but in reaching goals.” 

Given the practical focus in Small’s classroom, the MainStreet team wasn’t surprised that these fourth graders’ saving priorities included computers and college.  But the 1979 Corvette came as a surprise.  So did the 10-year-old who wanted to know how long – at her current allowance and with some extra savings – it would take her to buy a small house.  Chris did the math: 40 years.  “That’s okay,” the future homeowner said, “I’m young. I can wait.” 

“But what kids can’t wait for,” Chris adds, “is this kind of education about using financial tools.  At 9 and 10, these kids know all about debit and credit cards and they hear about high interest rates.  But they don’t know how to make interest rates work for them.” 

Chris loves working through a calculation that shows what happens if you save $20 a month for 10 years. One Eagle View Elementary student raised her hand at this point: “Wait a sec,” she said. “Let me get this right. I just put my money in and the bank gives it back to me, plus an extra $750 … FREE?”  Who knew?  Chris says there are some things even the teachers didn’t know -- like the fact that Woodrow Wilson’s face once graced the $100,000 bill. 

“I love doing this program,” says Chris.  “It’s a chance to teach young people that if you make a savings plan and follow through, absolutely any dream is achievable,  ...even a 1979 Corvette."

Got a goal you’d like to achieve?  Give Chris a call at MainStreet’s Fairfax office.  His direct number is (703) 218-5174.

Creative Solutions - Fast service saves money as interest rates rise

After talking with two banks, James Parrish worried that taking a two-week family vacation would delay getting a commitment letter on a commercial real estate loan. 

With rates on those loans rising, a two-week delay would prove costly to Parrish’s law firm.  But then, he called Chris Lipscomb at MainStreet Bank. “James was already out of town when he called,” Chris remembers.  Getting the commitment letter for that commercial property required a signature and the other banks had policies they had to follow.  “They basically told him they couldn’t lock in a rate without his signature, so everything would have to wait until he got back.

Two weeks could have meant a significant increase in the loan rate.  So by the time James called me, he was thinking about leaving his family to come back to do the deal. I was absolutely sure there was another way to do this.” There was another way, and Chris found it. 

Not only did he get the commitment letter in place and lock in the rate immediately, Chris put the entire loan document together, handled wire transfers and moved money from different accounts. Chris laughs, “With us working for him on the back end, we enabled James to do this whole deal from his Blackberry!” 

By employing creative solutions on the back end, Chris enabled Parrish to spend time with his family.  Plus, when Parrish returned from vacation, all that was needed was his signature.  “It meant a lot that he didn’t get back to the office and have to spend his time getting this document together.  He could just move faster this way.” Moving fast is important at MainStreet Bank.  Says Chris, “we truly feel like we work for our customers.  That’s why my office number is my cell phone number, so people can get to me fast, 24 hours a day.”  In fact, he adds, “I have customers who call at 7 o’clock at night because they realize they need a wire transfer the next day and are worried that they’ve waited too late.  I tell them I’ll come by their office and handle it for them.”  And with interest rates and business opportunities changing so fast, moving fast makes all the difference.

StreetSmart - Online Bill Pay Caution … A Better Checking Account … Get Lean, Green and Safe with E-Statements

Paying bills online? Watch out for this! Paying bills online is such a smart idea! Most banks offer this service, but be careful of the “small print.” For example, some banks take funds out of your account when you initiate the payment. Frankly, that’s not very good for you – especially if you pay bills once a month and use future send dates.

At MainStreet, we do things differently: we don’t take funds out of your account until the check is actually presented for payment. You get better control of your cash flow – and you maximize any interest you may be earning on your checking account (which, with a Premium Checking account can be substantial – see article below).

We’d be happy to walk you through a demonstration of how our Online Bill Payment service works. Just speak with any of our Customer Service Representatives or you can even give Chris Lipscomb a call at his direct number, (703) 218-5174.

Can a checking account help you save? Yes -- if it’s MainStreet Bank’s own Premium Checking account. It pays the very same rates as our money market account. But, unlike the money market account that limits the number of transactions per month, you can make an unlimited number of deposits and write an unlimited number of checks. Plus, you can use our Online Bill Payment service, attach overdraft protection, and transfer money between accounts with ease.

Whether wedding bells have you looking to open a new account, or you just want better interest on your existing checking account, take a moment to find out more about the advantages of Premium Checking. Click here

E-Statements: Leaner, Greener and Safer. If your bank statement still arrives by mail, you’re vulnerable to identity theft. The risk is that someone can simply lift it right out of your mailbox and have a whole “dossier” on you, your spending and your account information.

Not only do you have to worry about storing – or shredding – printed statements, you run the risk that they can be seen by anyone who works in or visits your home. Once account information is stolen, it can take so much time and money and get back in control of your finances and your good name.

That’s why MainStreet is urging our customers to sign up to receive e-Statements. And don’t worry – we don’t send the actual statement to your e-mailbox. Instead, we send you a notice that your newest statement is available, along with secure Web link. Just click the link, sign in and you can view your statement at your leisure. View it online, or print it as a PDF. No piles of statements build up … it’s more earth-friendly … and it’s just so much safer! Please don’t wait: click here to sign up for e-Statements.

MainStreet Answers

Q. I own a small business, and I’ve been leasing my current location for three years. I have an opportunity to buy from the landlord. How can I come up with the downpayment?

A. Try this “10% solution.” Our bank can work with the Small Business Administration, which has a great program to assist business owners in purchasing their commercial real estate. For as little as 10% down, you can own your place of business, and the SBA will allow you to wrap in any equipment you need into the purchase price. In addition, we can review your financial information to recommend other assets you might own that can be used as additional collateral.

Q. I’m worried about protecting my good credit score. What can I do?

A. Avoid identity theft – and here’s how. Though identity theft is soaring, there are things you can do to minimize your risk. First, rethink the strategy of making financial transactions in person. No kidding! Now, as long as you are dealing with a reputable business, you are probably more secure transacting business over the Web.

Fact is, more identities are stolen directly from credit and debit cards than from the Web. For even more security, you can register for LifeLock™ service. Click here for more information.

MainStreet Outlook

Our current economic conditions remind me of my daughter's first trip on the merry-go-round. "Make it stop, Daddy" she begged, "I want off".

The piling on continues. Commodity prices are out of control and unemployment is up to 5.5%. The fixes just aren't taking hold and something else needs to be done.

This is, after all, 2008. NASA sent its Phoenix Lander on a 296-day journey to Mars and just recently landed it on-target, a feat NASA's Ed Weiler compared to landing a hole-in-one with a golf ball from 10,000 miles. (my hole-in-one was a meager 145 yards).

It would be good if the policymakers could deploy corrective measures with NASA's precision. But then again, NASA isn't concerned about campaigns and elections...