MainStreet Bank, the wholly owned subsidiary of MainStreet Bancshares, Inc. (NASDAQ: MNSB) (NASDAQ: MNSBP), announced it has earned a second quarter 2022 top ranking from Irvine, California-based CB Resource Risk Management and Planning.
MainStreet Bank ranked No. 29 out of 599 peer group institutions nationally for the period ended June 30, 2022, data from CB Resource showed. These institutions are C corporations with assets between $1 billion and $5 billion. The ranking places MainStreet Bank in the top 10% nationally among this peer group.
CB Resource creates its CB Top Ten™ rankings based on eight key performance indicators: Asset growth, return on average assets, return on average equity, net interest margin, efficiency ratio, nonperforming assets, non-interest-bearing deposits, and non-interest income. CB Resource has published CB Top Ten™ rankings since 2010.
The data, presented as a scorecard, show that MainStreet Bank stood out from its peers in the second quarter by having a brisk annual growth rate of 17.88%, a net interest margin of 4.08, and nonperforming assets totaling zero.
“We are pleased to find ourselves in great company based on a consolidated view of eight metrics that drive shareholder value,” said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. “Our strong revenue growth, net interest margin improvements, and innovative strategy reflect our unyielding focus on profitability through excellence.”
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 transactions and deposits 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. Visit 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.
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