Jacques Rebibo Joins MainStreet Bank Board

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Oct 23, 2014, 04:10 ET

FAIRFAX, Va., Oct. 23, 2014 /PRNewswire/ -- MainStreet Bank (OTCQB: MNSB) announces the addition of Jacques Rebibo to the Board of Directors.

"This is a great opportunity for MainStreet," said Chairman, CEO & President Jeff W. Dick. "Jacques has over 30 years of experience in community banks and finance. His knowledge of the marketplace, community banking and corporate governance will be very well received."

Jacques Rebibo, Director of MainStreet Bank, Fairfax, VA

Mr. Rebibo is currently co-portfolio manager for Ategra Community Financial Institution Fund, LP, an event-oriented hedge fund focused on the financial sector. Mr. Rebibo served as Chairman of Access National Corporation for nine years (2000 – 2009) and was a founding shareholder and Director of Fairfax Bank and Trust for 9 years (1985 – 1994). Mr. Rebibo holds a B.S. in mathematics from Memphis State University and a Masters in mathematics from the University of Maryland. Mr. Rebibo is also a Certified Financial Planner.

"I am excited to join a well-established community bank committed to serving the consumer and business community," said Mr. Rebibo. "I see an opportunity to help grow a quality organization and create value for our shareholders."

The Bank ended the first nine months of 2014 with net income of $1.17 million, almost double the level reported for the first nine months of 2013. The Bank reports total assets of $322 million, gross loans of $256 million and total deposits of $288.4 million. The Bank remains very well capitalized. Loan quality remains very strong.

"The Bank's performance is definitely trending well," said Jon Holtaway, co-portfolio manager for Ategra. "I've had a good relationship with MainStreet's leadership team since the very beginning, and I can see that they are building a strong core for future growth."

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 600 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.