Business
MainStreet Bank Recognized for Top 10% Performance Among Its Peer Group
CB Top Ten™ Scorecard Ranks MainStreet Bank 29thof 599 Banks with Assets of $1B to $5B FAIRFAX, Va., Aug. 31, 2022 /PRNewswire/ -- MainStreet Bank, the wholly
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"CB Top Ten™ Scorecard Ranks MainStreet Bank 29thof 599 Banks with Assets of $1B to $5B\nFAIRFAX, Va., Aug. 31, 2022 /PRNewswire/ -- 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.\n\n \n \n \n \n \n \n\n \nMainStreet 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.\nCB 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.\nThe 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.\n\"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.\"\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 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.\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 cus...