May 14, 2010
Herndon, VA – MainStreet Bank (OTC Bulletin Board: MNSB) reported net income of $114 thousand for the quarter-ended March 31, 2010.
Chairman, President & CEO Jeff W. Dick said “We completed our eighth quarter of sustained profitability in what will likely be defined as the worst economic period in recent American history. Not only is this a testament to our core banking principles, but also the strength of our exceptional customer base.”
The bank’s balance sheet continues on a good growth track, with total assets at $252 million, which is an increase of 26% over the first quarter last year. Gross loans are now at $191 million, which represents an increase of more than $44 million in new loans to borrowers in our community. Total deposits are at $212 million, an increase of 37% over the same time period.
After five years of operations, asset quality remains strong. There were no loans past due greater than 30 days. The bank had only three non-performing loans as of March 31, 2010.
MainStreet opened a branch located at 6832 Old Dominion Drive in McLean on December 14, 2009, and a branch located at 1000 North Highland St. in Arlington on April 6, 2010. The bank is headquartered at 727 Elden St. in Herndon and also has a branch at 4029 Chain Bridge Road in Fairfax.
With a robust and easy-to-use online banking technology, MainStreet has “put our bank” in well over 300 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®.
Using MainStreet Bank’s secure Web site, business customers can do everything they can do in a branch, including: managing accounts, paying bills, transferring funds, initiating ACH and wire transfers, sweeping funds, making loan payments, advancing from lines of credit, and depositing cash.
The technology interfaces with Intuit® and Microsoft® accounting software for greater efficiency in accounting and finance operations. For accounts payable, customers can also build in reminders, customize loan payments, and set up regular funds transfers.