Press Release

MainStreet Bank Payments Group Receives Accreditation

Robin Garrison, Payments Systems Compliance Officer Receives CAMS-Audit Designation

Company Release - 12/12/2019 8:47 AM ET

FAIRFAX, Va., Dec. 12, 2019 /PRNewswire/ -- MainStreet Bancshares, Inc., (Nasdaq: MNSB) parent company of MainStreet Bank announced that Robin Garrison received her Certified Anti-Money Laundering Specialist (CAMS) AUDIT designation.  Robin leads the compliance initiative for the Bank's Payment Service Solutions Group.

MainStreet Bank Headquarters 10089 Fairfax Blvd Fairfax, Virginia  22030 (PRNewsfoto/MainStreet Bancshares, Inc.)

The Certified Anti-Money Laundering Specialist (CAMS) credential is the gold standard in Anti-Money Laundering (AML) certifications and is recognized internationally by financial institutions, governments and regulators as a serious commitment to protecting the financial system against money laundering.  The CAMS program drives a culture of compliance from the top down by building highly skilled teams staffed with subject matter expertise. 

Ms. Garrison said, "The CAMS-AUDIT certification provides a strong foundation to build an effective and risk-based payments program.  As we continue to grow our payments franchise, I know that we will be well positioned to ensure a compliant and risk-appropriate program, which is critical to ensure long term sustainability and scalability."

The payments sector is extremely significant in the United States and payment-oriented businesses generally require a banking partnership for their solutions. Many of those businesses have had false starts working with financial institutions that were ill-prepared to process their business for the long-term. 

"MainStreet Bank has been working since 2017 to create a full-service infrastructure for payment solutions." said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank.  "The payments industry requires enhanced due diligence and risk management; and our commitment to continuing education is critical to our ongoing success."  

MainStreet Bank is a growing $1.2 billion community bank headquartered in Fairfax, VA.  The Bank offers Payment Service Solutions to third-party payment and money service businesses, including:

  • Check cashers and dealers in foreign exchange,
  • Third party payment processors and Independent Sales Organizations (ISO),
  • Agents or Authorized Delegates of a licensed third-party payment or money service business,
  • Money transmitters and stored value providers, and
  • Money transmitters who require a bank as a stand-in for money transmitter licenses.

To learn more about MainStreet Bank's Payment Service Solutions, please contact Jason Fitch at (703) 218-5185 or jfitch@mstreetbank.com.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties.  The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel.

We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made.  In addition, our past results of operations are not necessarily indicative of future performance.

For more information or to schedule an interview with a MainStreet Bank spokesperson, please contact Bruce Gemmill of MainStreet Bank at 571-375-1358 or bgemmill@mstreetbank.com

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SOURCE MainStreet Bancshares, Inc.

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