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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
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"Honors Recognize Excellence in Three-Year Return on Average Equity\nFAIRFAX, 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.\n\n \n \n \n \n \n \n\n \nRecognition by a highly respected industry publication puts MainStreet Bank on a prestigious list of community banks.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.\nDuring 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.\n\"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.\"\nMainStreet 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.\nMainStreet 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 O...