MainStreet Bank Named to American Banker's Top 200 Community Banks in the U.S.
Honors 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 U.S. based on financial performance.
MainStreet Bank, which has assets of $1.8 billion, made 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) – in the three-year period that ended December 31, 2021.
During the three years from 2019 to 2021, MainStreet Bank's ROAE – net income as a percentage of average equity – totaled 11.23 percent, placing it 121st on the list. In 2021 alone, ROAE climbed to 12.38 percent. These results place MainStreet Bank's performance solidly above the median ROAE of 10.64 percent among a peer group of 438 U.S. publicly traded community banks and thrifts, according to data from Capital Performance Group, which assembled 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. Dick, chairman, president and CEO of MainStreet Bank and MainStreet Bancshares Inc. "Our ranking reflects upward momentum in profitability, fueled by strong revenue growth, net interest margin improvements, and innovative strategy."
MainStreet Bank's strategic initiatives include the forthcoming launch of its Banking as a Service platform, Avenu™, which is scheduled to go live in the fourth quarter of 2022. Avenu™ provides a streamlined way for fintechs, including mobile apps, 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 from its earliest days, when it established itself as a pioneer of online business banking. Since then, the bank has pursued an environmentally friendly "branch-lite" strategy that gives business customers the ability to Put Our Bank in Your Office® using robust and easy-to-use online business 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 for the Fintech community. Go to Avenu.bank for more information and to join the queue.
MainStreet operates six branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, 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 the Bank is not restricted by a conventional branching system.
MainStreet Bank has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction, and commercial real estate. MainStreet also works with the SBA to offer 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 our customer's experience.
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 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.
Contact: Debra Cope
(202) 468-3814
SOURCE MainStreet Bancshares, Inc.
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