MainStreet Bank (OTCQB:MNSB) announces a successful $12.75 million capital raise through the issuance of common stock.
"We were pleased that the offering was significantly oversubscribed. Investors clearly understand that the Washington, DC metropolitan area is a great place to do business and that MainStreet Bank is well positioned in the marketplace. We believe that we have a great opportunity for growth ahead of us," said MainStreet Bank Chairman, CEO and President Jeff W. Dick.
The additional capital substantially increases the overall lending capacity of the Bank as it serves small and medium-sized businesses, professionals, and consumers in the Washington, DC metropolitan area.
FIG Partners LLC, an employee-owned broker/dealer based in Atlanta Georgia, assisted in raising the new capital from existing shareholders, as well as local and institutional investors. Greg Gersack, Managing Principal, and Matthew Veneri, Managing Principal, who both Co-Head the Investment Banking group at FIG, managed the transaction for FIG Partners.
MainStreet operates five branches in Herndon, Fairfax, Fairfax City, McLean and Clarendon. In addition, MainStreet has 55,000 free ATMs and an online banking solution called "airbanking?". 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 750 businesses in the Metropolitan area and across the United States.
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 $55 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 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.
Contact: Jeff W. Dick(703) 481-4567
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SOURCE MainStreet Bank