MainStreet Bancshares Inc. Increases Dividend to 10 Cents a Common Share

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Nov 01, 2022, 08:13 ET

To be paid November 10, 2022, to shareholders of Record November 4, 2022

FAIRFAX, Va., Nov. 1, 2022 /PRNewswire/ -- The board of directors of MainStreet Bancshares Inc., (NASDAQ: MNSB) the parent company of MainStreet Bank, declared a cash dividend of $0.10 per common share for the third quarter, to be paid on November 10, 2022, to shareholders of record as of November 4, 2022. This is an increase from a cash dividend of $0.05 per common share in the second quarter. The board disclosed the dividend in a regulatory filing submitted to the U.S. Securities and Exchange Commission that was declared and filed on October 24, 2022.

"The Company experienced record earnings through September 30, 2022, and we expect to finish strong for the year." said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "Given that strong financial performance alongside good capital metrics, dividends become an important element of our commitment to pursue steady and favorable results for our shareholders."

MainStreet Bank had total assets of $1.9 billion and total deposits of $1.6 billion as of September 30, 2022.

MainStreet operates six branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington DC. MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution. Unrestricted by a conventional branching system, the Bank offers robust and easy-to-use online business banking technology and the ability to Put Our Bank in Your Office^®, which thousands of businesses in the metropolitan area have done. MainStreet Bank has a robust line of business and professional lending products.

MainStreet Bank also offers Avenu^™, the only purpose-built embedded banking solution that connects our partners and their applications directly and seamlessly to our banking core. We are not a sponsor bank without our own technology, and we are not a middleware software company without our own bank. Avenu^™ is a leading-edge financial technology solution backed by MainStreet Bank, an established community business bank in the heart of Washington, DC.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. The 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," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "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 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, future impacts of the novel coronavirus (COVID-19) outbreak, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel.

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.