MainStreet Bank Brightens Holidays by Empowering Students to Succeed
Rhea-AI Summary
MainStreet Bancshares, Inc. (Nasdaq: MNSB) has demonstrated its community commitment through its Making Change employee-directed giving program, launched in March 2023. The program allows full-time employees to direct $1,000 to causes they choose, with 27% of donations supporting local schools and education programs. Notable achievements include $75,000 donated to educational initiatives, a $32,000 scholarship fund for Prince William County Public Schools, and a $7,500 donation supporting Fairfax High School DECA students.
The bank, with $2.2 billion in assets, recently launched its Avenu Banking-as-a-Service (BaaS) solution on October 1, 2024, expanding its digital banking capabilities. MainStreet Bank operates with six full-service centers and maintains an investment grade rating of 'A' from Egan-Jones Rating Company.
Positive
- Launch of Avenu BaaS solution on October 1, 2024, diversifying revenue streams
- Maintains 'A' investment grade rating from Egan-Jones Rating Company
- $2.2 billion in assets
Negative
- None.
News Market Reaction
On the day this news was published, MNSB gained 3.31%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Employee-directed Giving Program, Making Change, Lends a Helping Hand to Local Schools
More than one-quarter (
Launched in 2023, Making Change empowers every full-time employee to direct
"Making Change puts the power of philanthropy directly in our employees' hands," said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc., and MainStreet Bank. "These donations are just one example of MainStreet Bank's commitment to investing in the communities we serve. By empowering our employees to support local causes they care about, we can make a real difference in the lives of our neighbors and build a stronger future for everyone."
The program has already made a significant impact since its inception in March 2023:
- Making Change has donated over
$75,000
- MainStreet Bank employees honored the memory of a colleague's son with cumulative scholarship donations totaling
$32,000 Prince William County Public Schools Education Foundation — the largest gift made through the Making Change program. The scholarship, awarded annually to a graduating senior from Osbourn Park High School, was increased from$3,000 $5,000
- Inspired by a team of Fairfax High School students who created a financial literacy program for younger children, MainStreet Bank employees pooled their resources to donate
$7,500 Anaheim, California , and compete at DECA's international competition for emerging leaders and entrepreneurs.
- Recognizing the importance of adult education, employees also directed
$3,000 $1,000
"Education is critical, yet many schools struggle to fund those 'extras' that enrich the learning experience. That's why so many of our team members choose to support schools," says Trish Smith, Chief Human Resources Officer of the
In addition to those already mentioned, other local public and private schools and educational programs that have received Making Change donations include:
- Cora Kelly Elementary School
- Asian Educators Association
- Barber Family Foundation
- Centreville Elementary School
- C.G. Woodson High School
- Fairfax Villa Elementary School
- Hands Christian Daycare
- Lutie Lewis Coates Elementary School
- Robinson Secondary School
- St. Timothy Catholic School
- M.M. Pierce Elementary School
- C.W. Shipley Elementary School
- Cornerstone Christian Academy
- Countryside Elementary School
- Frances Hazel Reid Elementary School
- Goshen Post Elementary School
- Hearts for the Lord Academy
- Legacy Elementary School
- Mercer Middle School
- Hampton Middle School
BACKGROUND: MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), is a small-cap financial holding company trading in the Nasdaq Capital Market index. The financial holding company owns
In 2021, the Board and management decided to make an investment in technology that would best serve clients requiring Banking-as-a-Service (BaaS). The Avenu BaaS solution was officially released into service on October 1, 2024. The ability to digitally offer banking services in a safe and compliant manner allows the Company to reach new customer deposit segments, diversify revenue streams and generate additional income. The BaaS market is currently underserved, and the opportunities for a well-developed solution are robust. The Avenu business model is in line with the Company's physical branch-lite strategy.
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 Bank is an SBA Preferred Lender offering 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 the first community bank in the
MainStreet Bank provides a full-stack embedded banking solution that connects fintech partners and their apps directly and seamlessly to the purpose-built Avenu core. Avenu's clients are fintechs, social media solutions, application developers, money movers, and entrepreneurs. They all have one thing in common: They are in search of a reliable partner to help innovate how money moves - solving real-world issues and helping communities thrive. MainStreet Bank is that reliable partner dedicated to providing a best-in-class solution to sustain long-term business relationships.
MainStreet Bancshares, Inc. has an investment grade rating of "A" from Egan-Jones Rating Company.
This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions are intended to identify such forward-looking statements. 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, future impacts of pandemic outbreaks, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. 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: Debra Cope
Director of Corporate Communications
Desk (703) 481-4599
Mobile (202) 468-3814
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SOURCE MainStreet Bank
FAQ
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