Press Release

MainStreet Bancshares, Inc. Announces Proposed Offering Of Series A Preferred Stock Depositary Shares

Company Release - 9/10/2020 8:11 AM ET

FAIRFAX, Va., Sept. 10, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB) (the "Company") announced today that it has commenced an underwritten public offering (the "Offering") of depositary shares, each of which represents a 1/40th interest in a share of its Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (equivalent to $25.00 per depositary share). The Company intends to grant the underwriters an option, exercisable in whole or in part for 30 days, to purchase additional depositary shares. The proposed Offering is subject to pricing, which has not occurred.

MainStreet Bancshares, Inc. Logo

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 of the 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.

The depositary shares will be issued pursuant to an effective shelf registration statement (File No. 333-241000) the Company filed with the Securities and Exchange Commission (the "SEC"), which became effective on August 24, 2020, and only by means of a prospectus supplement and accompanying prospectus.  Prospective investors should read the preliminary prospectus supplement, the final prospectus supplement (when available) and the accompanying prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the Offering.  Copies of these documents are available at no charge by visiting the SEC's website at www.sec.gov.  Copies of the preliminary prospectus supplement, the final prospectus supplement (when available) and the accompanying prospectus related to the Offering may be obtained by contacting B. Riley Securities, Inc., Attn: Prospectus Department, by emailing prospectuses@brileyfbr.com, or by calling (703) 312–9580, and Boenning & Scattergood, by emailing syndicate@boenninginc.com, or by calling (610) 832–5225.

No Offer or Solicitation

This press release does not constitute an offer to sell, a solicitation of an offer to sell or the solicitation of an offer to buy any securities. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirement of Section 10 of the Securities Act of 1933, as amended.

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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. The Company's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in the Company's Annual Report on Form 10-K, filed with the SEC on March 23, 2020 and its Quarterly Report on Form 10-Q, filed with the SEC on August 12, 2020. Forward-looking statements speak only as of the date made and the Company undertakes no duty to update the information.

Contact: Jeff W. Dick
(703) 481-4567

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SOURCE MainStreet Bancshares, Inc.

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