MainStreet Bancshares, Inc. (Nasdaq: MNSB) announced today that it has commenced an underwritten public offering of depositary shares, each of which represents a 1/40th interest in a share of its Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (equivalent to $25.00 per depositary share). The Company intends to grant the underwriters an option, exercisable in whole or in part for 30 days, to purchase additional depositary shares. The proposed Offering is subject to pricing, which has not occurred.
B. Riley FBR, Boenning & Scattergood, D.A. Davidson & Co. and Janney Montgomery Scott are serving as joint book-running managers for the Offering.
The Company intends to use the net proceeds of the Offering for general corporate purposes, which may include repurchases of outstanding common stock, working capital and the funding of organic growth of MainStreet Bank, or potential acquisitions.
No Offer or Solicitation
This press release does not constitute an offer to sell, a solicitation of an offer to sell or the solicitation of an offer to buy any securities. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirement of Section 10 of the Securities Act of 1933, as amended.
About MainStreet Bancshares, Inc.
MainStreet Bancshares, Inc. (Nasdaq: MNSB) is a commercial bank holding company headquartered in Fairfax, Virginia. Our bank subsidiary, MainStreet Bank, is a community bank focused on serving the borrowing, cash management, payment services and depository needs of small to medium-sized businesses and professional practices and retail customers. Our 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. We service Northern Virginia as well as the greater Washington, D.C. metropolitan area with seven Bank branches, located in Herndon, Fairfax, Fairfax City, McLean, Clarendon, and Leesburg, Virginia, and one in Washington, D.C.
