MainStreet Bank

Open Position – None Available at This Time

Jacob — Wed, 25 Apr 2012 13:12:33 +0000

At this time, MainStreet Bank has no open positions. For any questions, please contact our Human Resources Department at (703) 481-4567.

Introducing Personal Aircharity

Billy — Thu, 22 Dec 2011 16:13:58 +0000

Imagine going to a bank and opening an account which enables you to collect money online for nearly any purpose – from raising money for a friend in need or other social causes to collecting funds for a club or even a personal endeavor. You don’t have to imagine. At airbanking, we have it here for you, and we call the account aircharity.

small business finance 101 – choosing the right checking account for your business

Billy — Fri, 16 Dec 2011 18:59:39 +0000

Throughout my years helping small businesses open accounts at MainStreet Bank, I’ve often been asked “What is the best checking account for my business?” While there’s not one answer, I ask them several questions to help point them in the right direction. After all, if you’re just starting out you’ll want to have a checking account to set you up for success.

Will you have a large volume of cash deposits and transactions? If you’re likely to have multiple cash deposits each month and several transactions, it may be a good idea to look at a commercial analysis account. With this account you can earn a credit based on your daily balance. Whether starting out or growing your business, any additional funds can help. At the end of each month most banks offset the balance in the account against the costs incurred by the volume of transactions. Check with each bank to see what qualifies as a “large volume of cash deposits”— for some banks it may be hundreds, while others it’s more.

Will you maintain a minimum balance? Will your checking account always have a few thousand dollars in it? And will the minimum balance likely be met each month? If yes to both, look for a checking account that offers interest on your balance. Just be sure the account will always meet the required minimum balance. If it’s not likely you’ll meet the minimum balance, spare yourself the fees and stay with a more basic checking account. The minimum balance may differ at each bank, so be sure to check what the minimum balance is for earning interest.

Are unlimited withdrawals important? How often will you be withdrawing from the account? If it looks like it will be fairly often be sure to go with an account that offers unlimited withdrawals and transfers. If always having access to your checking account balance is important, then unlimited withdrawals is the way to go. Most accounts with unlimited withdrawals lack some perks of other accounts, such as receiving interest. However sometimes the basic account with no interest, is truly in your best interest.

Like to learn more about MainStreet Bank’s business checking solutions? Discover which business checking account fits your needs at www.MStreetBank.com/checking.

mainstreet bank breathes new life into consumer banking

Billy — Fri, 04 Nov 2011 19:01:50 +0000

Welcome to the MainStreet Bank blog! We look forward to providing you news, financial tips, and resources.

MainStreet Bank is bringing new life to consumer banking with airbankingTM. This exciting new part of MainStreet Bank provides the quality of our banking wherever you go. You can open your next deposit account completely online to execute and handle other banking needs directly from your desktop, laptop, or mobile device.

With this new breath of fresh air come a few other changes for MainStreet Bank:

1. Redesigning the MainStreet Bank Website

The newly redesigned MainStreet Bank website keeps you, our valued customer, in mind. The site layout aims to help you easily navigate to the info you need and to discover all of our services. As part of the redesign, we have also added the MainStreet Bank blog to provide up-to-date news, tips, and resources.

2. Adding Some Color to Our Logo

With the new redesign of the Website comes a new look. The new MainStreet Bank logo represents the quality service traditionally provided in our branches (the green) brought to you everywhere you go with improved online banking—airbankingTM (the blue). The green and the blue combined represent MainStreet Bank’s unique approach to banking. MainStreet Bank is excited to move forward with adding our airbankingTM service, redesigning our website, and giving new life to our logo. We want to hear from you, how do you like the changes so far?

Welcome to MainStreet Bank

Billy — Fri, 04 Nov 2011 19:01:36 +0000

Hi, I’m Jeff Dick and I would like welcome you to Mainstreet bank, your gateway to perfectly designed products with great rates and low fees. As a business owner, you’ll appreciate our online cash management system and as an individual, you’ll find that our online banking leads the industry. –We are MainStreet Bank.

MainStreet Bank Reports 223% Increase in Profitability

Matt — Fri, 21 Oct 2011 13:49:44 +0000

Herndon, VA — MainStreet Bank (OTC Bulletin Board: MNSB) reported year-to-date net income of $1.1 million for the nine months ended September 30, 2011, in comparison to $346 thousand through September 30, 2010. The book value is $9.80 per share as of September 30, 2011. The closing price on that same date is $5.25, which approximates 54% of book value.

The bank’s balance sheet continues on a positive growth track, with total assets at $265 million. Gross loans are now at $199 million and total deposits are at $232 million.

Chairman, President & CEO Jeff W. Dick said, “We are very pleased with our year-to-date financial performance. We are actively pursuing new loan opportunities; which has proven to be a formidable task in this economy. And, while the bank is doing well in these challenging economic times, we remain cautious about the economy as a whole.”

“As a community bank, we only thrive when our customers and communities do the same, so taking care of our customers and looking out for the best interest of our community is ingrained in the way we conduct our business each and every day. And when our customers call us, they’ll be reassured to know that they won’t be talking to someone halfway across the globe. Instead, they will be talking with their community banker who lives and works in the same community they do.”

MainStreet operates branches in Herndon, Fairfax City, McLean and Clarendon. In addition, MainStreet has an online banking solution called airbanking.com.

With a robust and easy-to-use online business banking technology, MainStreet has “put our bank” in well over 400 businesses in the Metropolitan area and across the United States. The bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office ® .

MainStreet Bank was the first community bank in the Washington, DC Metropolitan area to offer a full online business banking solution. MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides FDIC insurance on deposits up to $50 million. Further information on the Bank can be obtained by visiting its website at mstreetbank.com.

This release contains forward-looking statements, including our expectations with respect to future events, that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our quarterly and annual reports filed with the Board of Governors of the Federal Reserve System. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

Press

Matt — Mon, 01 Aug 2011 13:29:29 +0000

TECH-SAVVY BANKS PLAN OUT THEIR STRATEGIC IT OBJECTIVES IN ADVANCE

Matt — Fri, 17 Jun 2011 23:19:51 +0000

Every month Jeff Dick carves time out of his busy schedule to sit down to talk technology with his community bank’s chief financial officer, head of operations and two IT gurus. This informal “technology committee” is a critical part of the overall technology plan for MainStreet Bank in Herndon, Va., and they discuss everything from phone systems to computer purchases to tech spending. They prioritize their resources along the way to come up with an overall vision that gels with the $254 million-asset institution’s overall strategic plan. Read the full story in ICBA’s Independent Banker.

COMMUNITY BANKS WILLING TO SPEND ON TECHNOLOGY

Matt — Fri, 17 Jun 2011 23:18:00 +0000

What recession? While the banking industry as a whole is pulling back on technology spending, community banks are increasing their budgets, especially for payments systems. In part, this is because they can’t afford not to, community bankers say, and in part because they feel they must if they want to compete against larger rivals. And in part, they are hoping that offering new capabilities will help them win customers who are unhappy with the banking giants. A survey published last week by the Independent Community Bankers of America said 52% of community banks increased their budgets for payments projects from 2007 to 2009, while only 11% cut spending. Robert A. Steen, the chairman and chief executive of Bridge Community Bank in Mount Vernon, Iowa, said the economics of payments upgrades such as image exchange are too compelling to ignore. “The payback is just easy math, compared to the paper world,” Steen said, claiming that eliminating maintenance on the bank’s check-sorting equipment alone more than paid for the purchase of its imaging gear. “I replaced this massive proof machine, with its thousands of moving parts, with two check scanners. They cost $4,000 in 2002, and they’re still online.” Cary Whaley, the associate director of payments policy at the ICBA, said his members are buying a wide range of payments products, from remote capture of check images to online payments. “Despite the economic downturn, community banks are continuing to invest in payments,” Whaley said. “It’s not only an operational necessity, it’s a way of reaching the customer, of acquiring and retaining the customer.” The ICBA mailed the survey in June and got responses from 909 community banks, with assets ranging from less than $100 million to more than $500 million. Payments spending appears to be stronger than on other technology projects; in a similar survey in June 2008, before the economic crisis reached its crescendo in September of last year, the ICBA found that 48% of respondents had increased their tech budgets from the previous year, while 9% were cutting that budget. But many banks have cut their overall tech budgets since then. A study released last week by Aite Group LLC said that 73% of banks and credit unions are keeping this year’s technology budgets at or below 2008 levels and 72% of banks’ budgets in 2010 are expected to be below 2009 levels. Some community bankers say that investing in payments is necessary to remain competitive. “If we’re going to compete in a metropolitan market, we have to have everything as good or better than the competition does,” said Jeffrey W. Dick, the president and chief executive of MainStreet Bank in Herndon, Va. Check imaging and remote capture have been central to the $206 million-asset bank’s growth strategy, he said. MainStreet Bank has 254 check scanners in customers’ hands, enabling the five-year-old bank in the Washington suburbs to attract customers who would otherwise be beyond the reach of its two offices. MainStreet Bank keeps up to a dozen salespeople on the road selling its remote deposit service, which now handles about 60% to 70% of its deposits. In addition, rather than the one-mile radius that a typical branch serves, remote deposit capabilities give MainStreet Bank’s branches an effective reach of 10 to 15 miles. Once customers “get comfortable with it they never come into the branch anyway,” Dick said. John H. Buhrmaster, the president of First National Bank of Scotia, said that community bankers are “not trying to be early adopters” of payment technologies. “They’re trying to provide the services their customers want. … Consumers want the convenience. It’s up to us to provide what consumers want.” First National Bank of Scotia is the sole operating unit of $302 million-asset Glenville Bank Holding Co. Inc. in Scotia, N.Y. Greg Ohlendorf, the president and chief executive of First Community Bancorp Inc. in Beecher, Ill., said that some capabilities, such as mobile banking services, have become must-haves. He said his $156 million-asset banking company in the Chicago suburbs has offered mobile banking for a couple of years. “All of my competitors advertise in the major Chicago newspapers and the major Chicago television stations,” he said. “I have to have this, if I’m going to offer my customers a higher level of service.” The ICBA study found that banks focusing on business customers offer, on average, 12.1 business payments products, in contrast to the 9.2 payments products for consumer-focused banks, and that business banks also offer more consumer payments products — an average of 7 compared to 6.4 for consumer-focused banks. Merchant remote deposit capture is expected to increase to 78% by 2011, the study said, and 97% of banks with more than $500 million of assets offer the service, compared to 32% of banks smaller than $100 million. Eighty-two percent of community banks now get their cash letters electronically through image exchange, and 9% more plan to next year, but the survey also found a group of image-resisters — 8% that have no plan to send image cash letters and 9% that have no plan to adopt image receipt by 2011. The survey also found that online bill payment has become practically ubiquitous, with 99% of banks over $250 million of assets offering the service; even smaller community banks are closing the gap; 74% offer the service. Six percent of community banks offer mobile banking services today, and 27% plan to increase their spending on it by 2011. Bridge Community’s Steen said that technology investments are not an optional expense for community banks. “We cannot not be involved in the payments business in the most efficient way we can get there,” he said. “With such demands from our customers for a high level of service and efficient forms of payment, we cannot lose that.” Story courtesy of Steve Bills, American Banker.

MAINSTREET BANK ANNOUNCES PROFITABLE 2008

Matt — Fri, 17 Jun 2011 23:16:54 +0000

February 27, 2010 Herndon, VA – MainStreet Bank (OTC Bulletin Board: MNSB) reported a $100 thousand net income for the year-ended December 31, 2008. Chairman, President & CEO Jeff W. Dick said, “We are extremely pleased with our operating results – especially given our tumultuous economy. The corporate growth strategy that we implemented during 2007 allowed us to build a strong balance sheet and a solid foundation. We are particularly proud of the fact that we are a community bank, that we take a conservative approach to managing the risks within our business, and that we did not participate in any of the subprime lending debacle.” The bank’s balance sheet continues on a good growth track, with total assets at $186.3 million, which is an increase of 28% over the same period last year. Gross loans are now at $143.3 million, which represents an increase of more than $30 million in new loans to borrowers in our community. Total deposits are at $142.5 million, an increase of 23% for the year. After over four years of operations, asset quality remains strong. Total non-performing loans as of December 31, 2008 were $403,712 or 0.28% of gross loans, and consists of a two loans – one of which represents the 75% guarantee portion of a Small Business Administration loan which is in the process of collection. Loans past due between 30 – 89 days were $800,881 or 0.56% of gross loans. There are no performing loans past due over 90 days.