Fairfax-based MainStreet Bank says it has raised $12.75 million in capital through the issue of common stock.
“We were pleased that the offering was significantly oversubscribed,” MainStreet Bank Chairman, CEO and President Jeff W. Dick said in a release. “Investors clearly understand that the Washington, D.C. metropolitan area is a great place to do business and that MainStreet Bank is well positioned in the marketplace.”
Dick said the fresh capital provides ” a great opportunity for growth” as it increases the overall lending capacity of the bank, which is focused on serving small and medium-sized businesses, professionals and consumers in Greater Washington.
MainStreet shareholders were notified in late November that Atlanta-based FIG Partners had been engaged to handle the stock sale. It’s unclear what target amount the bank had in mind for the capital raise. I reached out to Dick Monday morning.
MainStreet Bank stock (OTCQB: MNSB) closed Friday at $8.60 per share.
