HERNDON, Va., July 10 /PRNewswire-FirstCall/ -- MainStreet Bank (BULLETIN BOARD: MNSB) , a Virginia state-chartered bank located in historic downtown Herndon, Virginia, announced the appointment of Michele K. Parker, Senior Vice President, CCM, to launch Commercial & Treasury Services.
Ms. Parker has been in banking for over 14 years, the last 10 of which were directly involved in leading the cash management function for two other financial institutions in Northern Virginia. President & CEO Jeff W. Dick stated, "We are thrilled to have Michele on our team. She has the drive and background to take our business banking solution to the next level. Ms. Parker is a Certified Treasury Professional and Certified Cash Manager. MainStreet Bank already has the most convenient business banking solution available -- with the ability to deploy all of the features and functionality of a bank branch onto the business owner's desktop. With Michele's expertise, we will now add lockbox account services, repurchase agreement accounts, sweep accounts, and cash management services to our list. Although we are a small community bank, we have technology which equals or surpasses many of our larger bank brethren."
MainStreet Bank uses web-based technology to deploy full branch functionality directly into the business customer's office. (Although this does not handle cash, very few of the bank's customers have the need for a cash banking solution.) Using a secure internet SSL technology, customers are able to:
1. Scan and deposit business and personal checks into any number of
accounts held by the account holder;
2. Download scanned and captured information directly into business
accounting systems;
3. Set up and maintain individual or recurring Automated Clearing House
(ACH) debits/credits for customer payment convenience;
4. Take payments via the telephone;
5. Set up a web portal for their customers to write web checks for
payment; and
6. Initiate wire transfers, payment of bills, transfer of funds, cash
management, and automatic download to business accounting systems (e.g.
Quickbooks(R)).
MainStreet Bank delivers all of the above, plus online account access, bill payment and commercial cash management services through the Bank's internet website at: mstreetbank.com. "We view the internet as a significant product delivery channel that meets the time and convenience needs of many of our current and future clients," says Dick.
MainStreet Bank opened for business on May 26, 2004, and 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. Further information on the Bank can be obtained by visiting its website at http://www.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 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
(703) 481-4567
