HERNDON, Va., May 15 /PRNewswire-FirstCall/ -- MainStreet Bank (BULLETIN BOARD: MNSB) , a Virginia state-chartered bank located in historic downtown Herndon, Virginia, announced first quarter 2006 quarterly results. MainStreet Bank commenced operations on May 26, 2004. As of March 31, 2006, the Bank had total assets of $94.4 million, gross loans of $64.7 million, total deposits of $67.1 million and total stockholders' equity of $21.3 million.
For the three months ended March 31, 2006, the Bank had a net loss of $63 thousand, or $0.03 per common share (basic and diluted), compared to a net loss of $275 thousand, or $0.22 per common share (basic and diluted) for the three months ended March 31, 2005.
The Form 10-QSB for March 31, 2006 can be accessed on MainStreet Bank's website: http://www.mstreetbank.com/ under "Investor Relations" and "Documents/Fed Filings."
MainStreet Bank is located at 727 Elden Street in Herndon, Virginia.
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 quarterly and annual reports filed with the Board of Governors of the Federal Reserve System. 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
Thomas J. Chmelik
(703) 481-4567
