Fairfax, VA – MainStreet Bank (OTCQX: MNSB) MainStreet Bank today announced the acquisition of an $80 million portfolio of indirect consumer loans from EagleBank (NASDAQ: EGBN) effective July 24, 2015.
EagleBank acquired the indirect consumer loan portfolio in a merger with Virginia Heritage Bank during the fourth quarter of 2014. During the transition, the team that originated the indirect consumer loan portfolio at Virginia Heritage Bank joined with MainStreet Bank.
Total assets for MainStreet Bank inclusive of the new portfolio approximate $455 million as of July 24, 2015 and the bank remains well capitalized. Additional information about MainStreet Bank may be obtained in a quarterly earnings release dated July 21, 2015.
QUOTES: “This portfolio is a natural fit for MainStreet.” said Jeff W. Dick, Chairman, CEO and President of MainStreet Bank. “We have the team that created the portfolio and we have a very robust infrastructure to absorb, manage and grow the portfolio well into the future.”
ABOUT MAINSTREET BANK: MainStreet operates five branches in Herndon, Fairfax, Fairfax City, McLean and Clarendon. In addition, MainStreet has 55,000 free ATMs and robust online and mobile banking solutions. 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®. With robust and easy-to-use online business banking technology, MainStreet has literally “put our bank” in well over 600 businesses in the Metropolitan area.
MainStreet Bank is always looking for ways to improve its customer experience, and now has the ability to instantly issue new and replacement Debit Cards – which is especially important for customers if their Cards are compromised or lost.
MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance for its customers. Further information on the Bank can be obtained by visiting its website at mstreetbank.com.
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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 annual reports. 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.