Jeff Dick
Chairman, CEO & President
MainStreet Bank

Early Signs of Economic Recovery 

I attended a presentation by an economist from the Richmond Federal Reserve and left with the sense that we really are starting to see economic signs of recovery, or "green shoots" as he called them. 

The graphic below is one of many he showed us, but by far the most interesting from my perspective.  This graphic shows actual "Real GDP growth" from 1999 through early 2009, and then forecasted "Real GDP growth" through 2010.  Of interest are the two shaded areas.  The first represents the recessionary period surrounding 2001, and the second the current recession. 

   

The forecast is for positive economic growth in the second half of 2009, reaching 2003/2004 levels by the end of 2010.

At this point, I will join the ranks of the "cautiously optimistic".   I know that there are many other economists who hold differing opinions, but I also appreciate that any recovery takes a positive attitude.

As always, we're interested in your thoughts. Give us a call or click here: feedback@mstreetbank.com

Meet MainStreet: Nancy Hong

We are pleased to announce the recent addition of Nancy Hong.  Nancy joined us as a Vice President and Relationship Manager serving the Arlington area.  Nancy brings over 20 years of banking experience to MainStreet and is very dedicated to her customers.  Nancy has been active in the Arlington Chamber of Commerce, the Arlington Alliance Club and is a member of Business Networking International.   

“I know my customers will enjoy MainStreet Bank.  At MainStreet, I have the ability to design a banking relationship to fit each of my customer's needs, and I will stay involved in helping them to achieve their goals.  I look forward to introducing my customers to MainStreet’s innovative products and services.”   

To meet Nancy, stop by her temporary office in Fairfax, email her at nhong@mstreetbank.com or give her a call at (703) 218-5178.

Creative Solutions: Graduation Season - New Generations in the Workforce

StreetSmart

Teach your child to save
MainStreet Bank accepted the American Banker's Association (ABA) Million Child Challenge and recently taught over 400 students on the importance of saving.

Each year, the ABA has helped coordinate an outreach program aimed to educate America's youth.  This year, MainStreet employees David Murrell, Jon Wilkins, Sharon Ricciardi, Sharon Jackson and Tom Lackey volunteered to participate.

With the kindergarten class, the team explained the value of coins.  With the 4th graders, the team presented an activity to understand the process of calculating interest.  The children always are enthusiastic and eager to ask questions and it is great to know that our youth are learning much earlier these days about their finances.  This is an event our staff looks forward to each year.

MainStreet Answers

Q.  I heard recently that the Government is changing some of the restrictions on Money Market accounts.  What are the changes? 

A.  A money market account combines the liquidity of ready cash with a favorable savings rate.  Effective July 2, 2009, the Government is modifying the rules that govern Money Market accounts.  The new rule increases the number of transfers or withdrawals by check, debit card, or similar order payable to third parties from three to six per statement cycle.  

Your MainStreet Bank Money Market account will automatically change to allow these additional withdrawals – you don’t need to do anything to make this happen.  If you don’t yet have a MainStreet Bank Money Market account, give us a call at (703) 481-4567 and let us explain how it works.