MainStreet Bancshares Announces Board and Officer Changes
Ticker: MNSBP · Form: 8-K · Filed: Aug 22, 2024 · CIK: 1693577
Sentiment: neutral
Topics: corporate-governance, officer-appointment, director-election
Related Tickers: MSNB
TL;DR
MSB just swapped out some board members and officers, effective Aug 21.
AI Summary
MainStreet Bancshares, Inc. announced on August 21, 2024, changes in its board and officer appointments. Specifically, the company elected new directors and appointed new officers, alongside updates to certain officers' compensatory arrangements. These changes are effective as of August 21, 2024.
Why It Matters
Changes in board composition and officer appointments can signal shifts in company strategy, leadership, and future direction.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and does not indicate any significant financial distress or operational disruption.
Key Players & Entities
- MainStreet Bancshares, Inc. (company) — Registrant
- August 21, 2024 (date) — Effective date of changes
FAQ
Who are the newly elected directors of MainStreet Bancshares, Inc.?
The filing states that new directors were elected, but does not name them in the provided text.
What specific officer positions were appointed or changed?
The filing indicates the appointment of certain officers but does not specify the exact positions in the provided text.
Are there any details on the compensatory arrangements for the officers mentioned?
The filing notes updates to compensatory arrangements for certain officers, but the specific details are not included in the provided text.
What is the effective date of these board and officer changes?
The changes are effective as of August 21, 2024.
What is the principal executive office address for MainStreet Bancshares, Inc.?
The principal executive offices are located at 10089 Fairfax Boulevard, Fairfax, VA 22030.
Filing Stats: 822 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-08-22 10:15:36
Key Financial Figures
- $1.00 — ve Perpetual Preferred Stock, par value $1.00 per share (the "Series A Preferred Stoc
- $1,000 — Stock, with a liquidation preference of $1,000 per share of Series A Preferred Stock (
- $25 — Series A Preferred Stock (equivalent to $25 per Depositary Share), which represents
- $28,750,000 — per Depositary Share), which represents $28,750,000 in aggregate liquidation preference. T
- $0.47 — cash dividend equated to approximately $0.47 per Depositary Share, or $18.75 per sha
- $18.75 — ximately $0.47 per Depositary Share, or $18.75 per share of Series A Preferred Stock o
Filing Documents
- main20240821_8k.htm (8-K) — 30KB
- logo01.jpg (GRAPHIC) — 6KB
- 0001437749-24-027578.txt ( ) — 195KB
- mnsb-20240821.xsd (EX-101.SCH) — 4KB
- mnsb-20240821_def.xml (EX-101.DEF) — 13KB
- mnsb-20240821_lab.xml (EX-101.LAB) — 18KB
- mnsb-20240821_pre.xml (EX-101.PRE) — 13KB
- main20240821_8k_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On August 22, 2024, the Board of Directors of MainStreet Bancshares, Inc. announced the declaration of a quarterly cash dividend on the outstanding shares of the Company's 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (the "Series A Preferred Stock"). On September 15 and 25, 2020, the Company issued an aggregate of 1,150,000 depositary shares (the "Depositary Shares"), each representing a 1/40th ownership interest in a share of the Series A Preferred Stock, with a liquidation preference of $1,000 per share of Series A Preferred Stock (equivalent to $25 per Depositary Share), which represents $28,750,000 in aggregate liquidation preference. The declared cash dividend equated to approximately $0.47 per Depositary Share, or $18.75 per share of Series A Preferred Stock outstanding. The cash dividend is payable on September 30, 2024, to shareholders of record as of the close of business on September 16, 2024. When, as, and if declared by the Board of Directors, future dividend payment dates on the Series A Preferred Stock and associated Depositary Shares will be payable quarterly, in arrears, on March 30, June 30, September 30 and December 30 of each year. The Company's Depositary Shares trade on the Nasdaq Capital Market under the symbol "MNSBP." The information furnished under Items 5.02 and 8.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed " filed " for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the " Exchange Act " ), or otherwise subject to the liabilities of that Section, and it shall not be deemed incorporated by reference in any filing under the Exchange Act, or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing to this Form 8-K.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MAINSTREET BANCSHARES, INC Date: August 22, 2024 By: /s/ Thomas J. Chmelik Name: Thomas J. Chmelik Title: Chief Financial Officer