MNSB News & Events

MainStreet Bancshares, the Financial Holding Company for MainStreet Bank, announced that Thomas J. Chmelik will retire as the CFO of MainStreet Bancshares, on December 31. He will continue to serve as the Senior Executive Vice President and Secretary of the Bank and Company through December 31, 2027. Chmelik is a co-founder of MainStreet Bank, which opened in May 2004. Chmelik is a career banker having served as the CFO of four successful community banks in the Washington, DC market as well as working on a World Bank initiative to restructure the National Bank of Commerce - the largest commercial bank in Tanzania, Africa. "I feel very fortunate to have worked side-by-side with Tom to establish and build MainStreet Bank," said Jeff Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "Tom is an unconventional CFO - he's as comfortable behind the desk as he is out in the community sourcing new loan and deposit opportunities for the team. I'm especially proud of the job Tom did in preparing our Bank CFO Alex Vari to assume the role as Company CFO upon his planned retirement."

Reports Q2 net interest margin 3.75% vs. 3.20% last year. Tangible book value per common share was $24.17 from $23.72 last year. "Our commitment to work with our customers is yielding the results we expected," said Tom Floyd, Chief Lending Officer of MainStreet Bank. "The loan portfolio is in great shape, largely due to our unwavering credit discipline and knowledge of the key players in the community." "The loan to deposit ratio remained well utilized at 99%," said Alex Vari, CFO. "We are focused on strategically managing our deposits, keeping them in lockstep with our loan funding needs. This directly contributed to the growth of our net interest margin."

MainStreet Bancshares announced the promotion of Alex Vari to EVP and CFO of MainStreet Bank. Most recently, Alex led the process for developing and implementing the Company's Sarbanes-Oxley internal control framework.

Reports net interest margin of 3.30%, up 34 basis points from the previous quarter. Total deposits maintained their level at $1.9B, with total funding costs improving by 24 basis points from the previous quarter to 3.49%. "Our net interest margin expansion was fueled primarily by an opportunity to replace higher cost deposits," said Alex Vari, Chief Accountant for MainStreet Bank. "We worked diligently to optimize pricing on our deposit stack, while also structuring $211 million of our $578 million in noncore deposits to reprice quickly should rates adjust down." The loan-to-deposit ratio of 96% indicates efficient utilization of deposit funds for lending."