Jeff Dick
President and CEO
MainStreet Bank
Since it’s football season, I planned to dedicate this newsletter to “staying in the game.” I was going to talk about how much I admire players who stick with the same team for their entire career rather than just following the dollars to the highest bidder. That’s the same type of relationship – the same trust, stability and long-term value – that MainStreet Bank seeks to build to encourage all our customers to “spend their career” with us.
Today, with Lehman Brothers bankrupt, Merrill Lynch sold, and AIG, Fannie Mae and Freddie Mac all shored up by the U.S. government, the words “trust and stability” have never been more important. In these wild times, I want you to know that MainStreet is solid and ready to help you with loans, business banking services, and safe, steady CDs that won’t plummet overnight like Wall Street stocks.
In fact, we’re even offering a great rate on 1-year CDs just for our eNewsletter readers (see below). So if you need excitement, turn on the ballgame. If you need peace of mind about your money, turn to MainStreet Bank. And as always, we want to know what’s on your mind. Give us a call or click here: Feedback@mstreetbank.com
Meet MainStreet
How long does it take to become a true member of the community? For MainStreet Bank, not long! In the less than two years since we opened our Fairfax branch, we’ve become a familiar presence in the city’s historic district – and a trusted advocate for both business and personal banking customers. Our Fairfax branch brings a wealth of experience in banking and a personal commitment to finding ways to exceed our customers’ expectations. They do it by really getting to know our customers. And now, we’d like you to get to know the people who make MainStreet Bank such a vibrant part of the local community.
Trinh Ton – Branch Manager: “This bank feels like family.” With 14 years of banking experience, Trinh has never seen a bank more dedicated to its customers than MainStreet. “We know our customers by name and go the extra mile not just to be friendly, but to make them happy,” she says. Going that extra mile also means taking the time and the interest to learn customers’ individual needs and then working with the MainStreet Bank team to meet those needs. “We really care. Our customers are like family. And so is our team. It is good to know you can count on each other.” One of Trinh’s personal passions is watching mystery movies – and she’d love your recommendations for good ones!
Frannie Assadi – CSR/Teller: “We work to exceed expectations.” Frannie has been in banking for about 10 years and is delighted to be the Customer Service Representative at the Fairfax branch. She values the satisfaction of working in a bank that empowers her “to do what is best for our customers.” At home, Frannie enjoys spending time with her family and daughter - and family barbecues are a special favorite.
Aye Krause – Head Teller: “Everyone demonstrates trust and respect.” A native of Thailand, Aye graduated from the University of Bangkok with a Bachelor’s of Science degree in Political Science and has been in banking for the past 13 years. Working in a community bank has been “especially satisfying because of MainStreet’s integrity.” Aye loves to cook – and everyone in the Fairfax branch gives her dishes rave reviews.
Creative Solutions - Solid investments for shaky times
Can having too MUCH money be a problem? It was for one of our Fairfax branch customers!
In a casual conversation, he told how complicated it was to protect his money with FDIC insurance. The Federal Deposit Insurance Corporation only covers a maximum of $100,000 for each account. His “problem” was that he had far more than that in his savings. So, he was trotting all over the city opening multiple CD accounts for the $100,000 limit covered by the FDIC. Unfortunately, he was also juggling all those different statements from all those different banks.
Hearing the customer’s frustration, Trinh suggested an alternative: MainStreet Bank’s CDARS program (Certificate of Deposit Account Registry Service) that can extend FDIC insurance to cover up to $50 million in assets.
With CDARS, MainStreet does the “legwork,” breaking the total assets into $100,000 accounts and placing them with several US banks. Each $100,000 account is fully insured by the FDIC and, through CDARS, an individual can have multiple $100,000 accounts - totaling up to $50 million - and have every penny covered by FDIC insurance. Best of all, each of those accounts is summarized on one MainStreet Bank statement.
Trinh helped the customer handle everything, so making the transfer to MainStreet was very easy. It has stayed easy, too. Now, all his assets are listed on a single bank statement – and all are fully insured by the FDIC. “My money is safe and secure,” the customer says, “and I no longer spend hours trying to sort out what’s what with each account. It’s all right there! MainStreet Bank took away the worries – and the headaches!”
StreetSmart - High CD rate just for our eNewsletter readers
Great Rate on 1-Year CDs for Newsletter Readers Only: Do sinking stocks and bankrupt brokers have you looking for a safe place to stash your money? Open a 1-year Certificate of Deposit with MainStreet Bank now and enjoy 4.15% APY*. This excellent rate is for our eNewsletter readers only, and it’s good only for accounts opened before Columbus Day. No need to come in! We can handle everything for you by phone. Call (703) 218-5160 or (703) 481-4567 and mention that you read about the special 4.15% APY rate in our eNewsletter.
*Annual Percentage Yield (APY) effective as of the date of this publication and subject to change without notice. $500.00 minimum balance required to open and obtain the APY. Interest penalties may apply for early withdrawals and will reduce earnings.
MainStreet Answers
Q. Where is the safest place for my money right now?
A. The safest place for your money is in the bank. It's earning interest, it's FDIC-insured and it's accessible.
Q. How will the recent failure of Lehman Bros. affect me?
A. Unless you invested money with Lehman, you will not be affected. Of course, there will be economic factors that will affect us all, but Lehman is an investment bank, not a commercial bank.
Q. What's the difference between an investment bank like Lehman and my bank?
A. Investment banks operate differently from commercial banks and thrift institutions. Their primary purpose is to facilitate the sale of stocks and bonds. These Wall Street firms operate as advisers and agents for companies that want to raise capital, often by issuing more stock or other securities.
Q. What do Fannie Mae and Freddie Mac do?
A. Fannie Mae and Freddie Mac buy mortgages from banks and other lenders to generate more cash for those lenders to make more home loans. Together they hold or guarantee $5.4 trillion of mortgages, about half of the nation's home loans outstanding.
A. To bring stability to the financial markets, including the mortgage market, and to protect the taxpayer to the maximum extent possible. This action should help stabilize the housing market, ultimately benefiting consumers, financial institutions and the U.S. economy.
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