MainStreet Bancshares, Inc. (Nasdaq: MNSB) announced the pricing of its underwritten public offering of 1,000,000 depositary shares, each of which represents a 1/40th interest in a share of its 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share, for gross proceeds of $25.0 million. Net proceeds to the Company, after deducting the underwriting discount but before deducting estimated offering expenses and fees payable by the Company, are expected to be $24.2 million. The Company has granted the underwriters an option to purchase up to an additional 150,000 depositary shares at the public offering price, less the underwriting discounts and commissions.
The Company expects to close the Offering, subject to customary conditions, on or about September 15, 2020. We have filed an application to list the depositary shares on the Nasdaq Capital Market ("Nasdaq") under the symbol "MNSBP". If the application is approved, trading of the depositary shares on Nasdaq is expected to begin within 30 days after the closing date.
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 from this 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
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.
