MainStreet Bank appoints Alex Vari as CFO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 07 2025
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Should l Buy MNSB?
Promotion Announcement: MainStreet Bancshares has promoted Alex Vari to Executive Vice President and Chief Financial Officer of MainStreet Bank.
Previous Role: Prior to this promotion, Alex Vari was responsible for developing and implementing the Company's Sarbanes-Oxley internal control framework.
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About MNSB
MainStreet Bancshares, Inc. is a financial holding company that owns 100% of MainStreet Bank (the Bank) and MainStreet Community Capital, LLC. The Bank is a community bank focused on serving the borrowing, cash management and depository needs of retail customers, small to medium-sized businesses, and professionals. Its products and services include business and consumer checking, premium interest-bearing checking, business account analysis, savings, certificates of deposit and other depository services, as well as a broad array of commercial, real estate and consumer loans. The Bank offers a range of deposit products that include demand, negotiable order of withdrawal (NOW), money market and savings accounts as well as certificates of deposit. It provides a full range of consumer and commercial deposit products, including online banking with bill pay, cash management, sweep accounts, wire transfer, check imaging, remote deposit capture and courier services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Community Engagement: Chairman Jeff W. Dick emphasized that Middleburg is not just a location but a legacy, and the bank aims to support local traditions and land conservation through quality financial services, thereby strengthening community ties.
- Team Expertise: The new branch features a seasoned team led by business banker Devon Porter and commercial lender Blair Horne, showcasing MainStreet Bank's dedication to personalized service and its intent to build strong relationships within the community.
- Technological Edge: MainStreet Bank was the first in the Washington, D.C. area to offer a comprehensive online business banking solution, boasting over 55,000 free ATMs, and is committed to enhancing customer experience through innovative technology, further solidifying its market position.
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MainStreet Bank Opens New Branch in Middleburg, Virginia
- Branch Opening: MainStreet Bank has opened a new branch at 10 North Pendleton Street in Middleburg, Virginia, marking its official entry into the historic Hunt Country and demonstrating its commitment to the local community.
- Community Engagement Commitment: Chairman Jeff W. Dick stated that opening this branch is not just about business expansion but also about integrating into a community that values tradition and land conservation, aiming to provide the financial support the town deserves.
- Local Team Advantage: The new branch is operated by a seasoned local team, including business banker Devon Porter and commercial lender Blair Horne, emphasizing the bank's strength in delivering personalized service.
- Technological Innovation and Service: MainStreet Bank offers over 55,000 free ATMs and a fully integrated online and mobile banking solution, committed to enhancing customer experience through advanced technology, thereby solidifying its market position.
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MainStreet (MNSB) Q1 2025 Earnings Call Transcript
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- Revenue Growth: The company achieved revenue of $73.57 million in Q4, showing year-over-year growth that underscores steady business expansion and a growing customer base, further solidifying its market position.
- Financial Health: Financial information from MainStreet Bancshares reveals a strong balance sheet that supports future growth strategies and offers stable return potential for shareholders.
- Investor Confidence: Following the earnings report, market confidence in MainStreet Bancshares is expected to rise, likely driving up its stock price and attracting more investor interest in the company's long-term growth potential.
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- Leadership Experience Transfer: Chmelik's extensive background in community banking, having served as CFO for multiple successful banks, positions Vari, who has gained investor interaction experience under Chmelik's mentorship, to maintain high standards of financial transparency.
- Banking Business Model: MainStreet Bank operates a branch-lite model with six full-service centers in the Washington, D.C. area, offering a diverse range of commercial lending products that enhance its competitiveness in the small business financing market.
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New CFO Appointment: MainStreet Bancshares, Inc. has appointed Alex Vari as the new chief financial officer, succeeding Thomas Chmelik, who will retire on December 31.
Continued Role for Chmelik: Despite his retirement, Chmelik will remain as Senior Executive Vice President and Secretary of the Bank and Company until December 31, 2027.
Current Position of Vari: Alex Vari is currently serving as the finance chief and Executive Vice President of MainStreet Bank.
Stock Performance: On the day prior to the announcement, MNSB shares closed at $19.43, reflecting a 3.35% increase on the Nasdaq.
See More
MainStreet Bank Opens New Branch in Middleburg
- Branch Opening: MainStreet Bank has opened a new branch at 10 North Pendleton Street in Middleburg, marking its official entry into Virginia's Hunt Country, which demonstrates the bank's commitment to the local community and its values.
- Community Engagement: Chairman Jeff W. Dick emphasized that Middleburg is not just a location but a legacy, and the bank aims to support local traditions and land conservation through quality financial services, thereby strengthening community ties.
- Team Expertise: The new branch features a seasoned team led by business banker Devon Porter and commercial lender Blair Horne, showcasing MainStreet Bank's dedication to personalized service and its intent to build strong relationships within the community.
- Technological Edge: MainStreet Bank was the first in the Washington, D.C. area to offer a comprehensive online business banking solution, boasting over 55,000 free ATMs, and is committed to enhancing customer experience through innovative technology, further solidifying its market position.
See More
MainStreet Bank Opens New Branch in Middleburg, Virginia
- Branch Opening: MainStreet Bank has opened a new branch at 10 North Pendleton Street in Middleburg, Virginia, marking its official entry into the historic Hunt Country and demonstrating its commitment to the local community.
- Community Engagement Commitment: Chairman Jeff W. Dick stated that opening this branch is not just about business expansion but also about integrating into a community that values tradition and land conservation, aiming to provide the financial support the town deserves.
- Local Team Advantage: The new branch is operated by a seasoned local team, including business banker Devon Porter and commercial lender Blair Horne, emphasizing the bank's strength in delivering personalized service.
- Technological Innovation and Service: MainStreet Bank offers over 55,000 free ATMs and a fully integrated online and mobile banking solution, committed to enhancing customer experience through advanced technology, thereby solidifying its market position.
See More
MainStreet (MNSB) Q1 2025 Earnings Call Transcript
See More
MainStreet Bancshares Reports Strong Q4 Earnings
- Earnings Performance: MainStreet Bancshares reported a GAAP EPS of $1.76 for Q4, indicating a significant improvement in profitability and reflecting enhanced competitiveness in the market.
- Revenue Growth: The company achieved revenue of $73.57 million in Q4, showing year-over-year growth that underscores steady business expansion and a growing customer base, further solidifying its market position.
- Financial Health: Financial information from MainStreet Bancshares reveals a strong balance sheet that supports future growth strategies and offers stable return potential for shareholders.
- Investor Confidence: Following the earnings report, market confidence in MainStreet Bancshares is expected to rise, likely driving up its stock price and attracting more investor interest in the company's long-term growth potential.
See More
MainStreet Bancshares Appoints Alex Vari as New Company CFO Following Chmelik's Retirement
- Executive Transition: MainStreet Bancshares announced that CFO Thomas J. Chmelik will retire on December 31, 2025, with Alex Vari set to assume the role, ensuring continuity and stability in the company's financial management.
- Leadership Experience Transfer: Chmelik's extensive background in community banking, having served as CFO for multiple successful banks, positions Vari, who has gained investor interaction experience under Chmelik's mentorship, to maintain high standards of financial transparency.
- Banking Business Model: MainStreet Bank operates a branch-lite model with six full-service centers in the Washington, D.C. area, offering a diverse range of commercial lending products that enhance its competitiveness in the small business financing market.
- Market Positioning: As a Nasdaq-listed company trading on the Russell 2000 index, MainStreet Bancshares holds an
See More
MainStreet Bancshares Appoints Alex Vari as CFO Following Thomas Chmelik's Retirement
New CFO Appointment: MainStreet Bancshares, Inc. has appointed Alex Vari as the new chief financial officer, succeeding Thomas Chmelik, who will retire on December 31.
Continued Role for Chmelik: Despite his retirement, Chmelik will remain as Senior Executive Vice President and Secretary of the Bank and Company until December 31, 2027.
Current Position of Vari: Alex Vari is currently serving as the finance chief and Executive Vice President of MainStreet Bank.
Stock Performance: On the day prior to the announcement, MNSB shares closed at $19.43, reflecting a 3.35% increase on the Nasdaq.
See More
