MainStreet Bank

Overview / Commentary

www.mstreetbank.com

703-481-4550

10089 Fairfax Blvd
Fairfax, VA 22030

MainStreet Bank is headquartered in FAIRFAX and is the 15^th largest bank in the state of Virginia. It is also the 561^st largest bank in the nation. It was established in 2004 and as of June of 2024, it had grown to 195 employees at 6 locations. MainStreet Bank's money market rates are 10X the national average, and it has a B+ health rating.

Mainstreet Bank No Longer Taking Out Of Branch Applications - 12/4/2023

Talked with phone rep. this AM and MS Bank is no longer taking phone applications. There is no online application so you'd need to visit West Virginia to open an account. A current financial health rating = C- due to fair asset quality and weak liquidity.

View all posts from:

2023
2022
2019
Earlier

12/4 - Mainstreet Bank No Longer Taking Out Of Branch Applications
8/4 - MainStreet Bank Brings Back Rate-Leading 15-Month No Penalty CD
3/16 - MainStreet Bank Adds Rate-Leading 15-Month No Penalty CD

2/18 - MainStreet Bank Hikes Nationally Available CD and No Penalty CD Rates

6/21 - 15-Month CD Special, 2.75% APY

12/20/18 - MainStreet Bank Boosts 3-Year CD To 3.25% APY
6/27/18 - MainStreet Bank Adds Nationally Available 15-Month CD - Expired
6/26/18 - 2.80% For 15 Months At Main Street Bank
4/23/18 - MainStreet Bank Has Nationally Available 3-Year CD
4/21/18 - Competitive Online CD Rates
1/7/16 - MainStreet Bank (VA) Has Nationally Available Kasasa Cash
4/16/10 - Long-Term CD Deal at MainStreet Bank in Virginia - Local Only

Reviews (1)

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Profoundly Frustrating

Posted by: GlassSteagall | Apr 11, 2023

1) required to have a video chat session to verify identity - was told this is done on all out of state applications.
2) assistant/branch managers handle new online applications. Managers I encountered either could not problem solve basic problems (Anita) or did not return phone calls (Mirabos x 3).
3) terms and conditions, truth in savings documents are not visible on bank website. Was told customers can not download them until after applying for an account.

Comment

Health

B+

Data as of Q2 2024

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	57742
Year Established	2004
Employees	195
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	0.68%
Return on Equity - YTD	4.87%
Annual Interest Income	$65.9MM

Assets and Liabilities
Assets	Q2 2024vs Q2 2023	$2.09B$1.95B
Loans	Q2 2024vs Q2 2023	$1.78B$1.64B
Deposits	Q2 2024vs Q2 2023	$1.76B$1.6B
Equity Capital	Q2 2024vs Q2 2023	$290MM$276.2MM
Loan Loss Allowance	Q2 2024vs Q2 2023	$17.1MM$16MM
Unbacked Noncurrent Loans	Q2 2024vs Q2 2023	$20.3MM$0
Real Estate Owned	Q2 2024vs Q2 2023	$0$0

Rates

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Savings
Money Market
Checking
CD

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Always verify rates and promotions with the bank or credit union. We are not MainStreet Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

MainStreet Bank Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME
4.00%^*	$0	$1k	Junior Savings
OTHER TIERS: 0.25% → $1k+
0.50%	$0	-	AirSavings
0.25%	$0	-	Business Savings

MainStreet Bank Money Market Rates

APY	MIN	MAX	ACCOUNT NAME
5.00%^*	$100k^*	-	Business Treasury Market
OTHER TIERS: 4.50% → $50k - $100k
4.25%^*	$100k^*	-	Personal Super Saving Money Market
OTHER TIERS: 1.10% → $0 - $5k \| 1.20% → $5k - $10k \| 1.30% → $10k - $25k \| 1.90% → $25k - $50k \| 3.00% → $50k - $100k
2.00%^*	$50k^*	-	Business Super Saving Money Market
OTHER TIERS: 1.10% → $0 - $5k \| 1.20% → $5k - $10k \| 1.30% → $10k - $25k \| 1.90% → $25k - $50k
0.10%	$0	-	Business Insured Cash Sweep (ICS) Money Market
0.10%	$0	-	Insured Cash Sweep (ICS)

MainStreet Bank Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
4.25%^*	$100k^*	-	Premium Checking
OTHER TIERS: 1.10% → $0 - $5k \| 1.20% → $5k - $10k \| 1.30% → $10k - $25k \| 1.90% → $25k - $50k \| 3.00% → $50k - $100k
2.57%	$0	-	IOLTA Checking
0.10%^*	$50k^*	-	Business Premium Checking
OTHER TIERS: 0.05% → $10k - $50k
0.05%	$0	-	Business Insured Cash Sweep (ICS) Checking
0.05%	$0	-	Insured Cash Sweep (ICS) Checking

MainStreet Bank CD Rates

APY	MIN	MAX	ACCOUNT NAME
5.00%	$500	$100k	Business 1 Year CD
5.00%	$500	-	1 Year CD
4.75%	$500	$100k	Business 1 Year CD No Penalty
4.75%	$500	-	1 Year No Penalty CD
4.50%	$500	$100k	Business 2 Year CD
4.50%	$500	-	2 Year CD
3.50%	$500	$100k	Business 3 Year CD
3.50%	$500	$100k	Business 4 Year CD
3.50%	$500	$100k	Business 5 Year CD
3.50%	$500	-	3 Year CD
3.50%	$500	-	4 Year CD
3.50%	$500	-	5 Year CD
3.25%	$500	-	Business 18 Month CD
3.25%	$500	-	18 Month CD
3.00%	$500	$100k	Business 6 Month CD
3.00%	$500	$100k	6 Month CD
1.00%	$10k	$100k	Business 4 Week CD
1.00%	$10k	$100k	Business 13 Week CD
1.00%	$10k	$100k	4 Week CD
1.00%	$10k	$100k	13 Week CD

Locations

MainStreet Bank Locations
Arlington Branch	1000 N. Highland Street	Arlington, VA 22201
Fairfax Boulevard Headquarters Branch	727 Elden Street	Herndon, VA 20170
Mclean Branch	1354 Old Chain Bridge Rd	Mclean, VA 22101
Mainstreet Bank	10089 Fairfax Blvd	Fairfax, VA 22030
Leesburg Branch	307 E Market St	Leesburg, VA 20176

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