MainStreet Bank named one of the Top 200 Community Banks in the United States by American Banker
Awards recognize excellence in three-year return on average equity
FAIRFAX, Va., June 14, 2022 /PRNewswire/ — MainStreet Bank, the wholly owned subsidiary of MainStreet Bancshares Inc., (NASDAQ: MNSB & MNSBP) has been honored as one of American banker‘s Top 200 Community Banks in the United States based on financial performance.
Recognition by a highly respected industry publication places MainStreet Bank on a prestigious list of community banks.
MainStreet Bank, which has assets of $1.8 billionmade the cut by outperforming publicly traded community banks with assets of $2 billion or less by a key profitability measure – return on average equity (ROAE) – over the three-year period that ended December 31, 2021.
Over the three years from 2019 to 2021, MainStreet Bank’s ROAE – net income as a percentage of average equity – totaled 11.23%, putting it at 121st on the list. In 2021 alone, ROAE soared to 12.38%. These results place MainStreet Bank’s performance significantly above the median ROAE of 10.64% among a peer group of 438 publicly traded U.S. community and savings banks, according to data from Capital Performance Group, which established the ranking for American banker.
“This recognition by a highly respected industry publication puts MainStreet Bank in good company on a prestigious list of community banks,” said Jeff W.DickChairman, President and Chief Executive Officer of MainStreet Bank and MainStreet Bancshares Inc. “Our ranking reflects the upward momentum in profitability, fueled by strong revenue growth, net interest margin improvements and an innovative strategy.”
MainStreet Bank’s strategic initiatives include the upcoming launch of its Banking as a Service platform, Avenu™, which is scheduled to go live in the fourth quarter of 2022. Avenu™ offers fintechs, including mobile applications, a simplified way to accept and facilitate payments while managing risk and meeting compliance obligations. MainStreet Bank expects to tap into low-cost deposits, fee income and new markets with the Avenu™ offering, Dick noted.
MainStreet Bank has been committed to innovation since its inception, when it established itself as a pioneer in online business banking. Since then, the bank has pursued an environmentally friendly “light branch” strategy that gives business customers the opportunity to Put our bank in your office® using robust and easy-to-use online banking technology.
ABOUT MAINSTREET BANK: MainStreet Bank will launch its proprietary Fintech Software as a Service (SaaS) and Banking as a Service (BaaS) solution called Avenu™ later this year to provide a comprehensive solution to the Fintech community. Go to Avenu.bank for more information and join the queue.
MainStreet operates six branches in Herndon, Fairfax, McLean, LeesburgClarendon and washington d.c. MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution. Its early investment in online banking means that the Bank is not limited by a conventional branch system.
MainStreet Bank offers a strong suite of business and professional lending products, including government contractual lines of credit, commercial lines and term loans, residential and commercial construction, and commercial real estate. MainStreet is also working with the SBA to provide 7A and 504 lending solutions. From sophisticated cash management to enhanced mobile banking and instant-issue debit cards, MainStreet Bank is always looking for ways to improve the experience of its customers.
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. Further information on the Bank can be obtained by visiting its website at MainStreet.bank.
This release may contain forward-looking statements, including our expectations regarding future events that are subject to various risks and uncertainties. Statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “could”, “should” , “expects”, “plan”, “project”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “pursue”, “target “, “continue” and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include: fluctuations in interest rates market and pricing of loans and deposits, adverse changes in the broader national economy as well as adverse economic conditions in our specific market sectors, future impacts of the outbreak of the new cor onavirus (COVID-19), the maintenance and development of well-established and valued customer relationships and referral sources, and the acquisition or loss of key production personnel. We caution readers that the above list of factors is not exclusive. Forward-looking statements are made as of the date of this release, and we may not take steps to update forward-looking statements to reflect the impact of any circumstances or events occurring after the date on which the forward-looking statements are made. In addition, our past operating results are not necessarily indicative of our future performance.
Contact: Debra Cope
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SOURCE MainStreet Bancshares, Inc.