FAIRFAX, VA - MainStreet Bancshares, Inc. (NASDAQ:MNSB), the parent company of MainStreet Bank, has declared a quarterly cash dividend on its preferred stock and announced the departure of a long-serving board member, according to a recent 8-K filing with the Securities and Exchange Commission.
The company's board of directors declared a quarterly cash dividend of approximately $0.47 per depositary share, or $18.75 per share of its 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, on Thursday. The dividend is payable on September 30, 2024, to shareholders of record as of September 16, 2024. MainStreet Bancshares issued 1,150,000 depositary shares, each representing a 1/40th interest in a share of the Series A Preferred Stock, in September 2020. The depositary shares trade on the Nasdaq Capital Market under the ticker "MNSBP."
In addition to the dividend announcement, the company disclosed that Elizabeth S. Bennett, a long-time director, retired and resigned from the Board of Directors of both MainStreet Bancshares and MainStreet Bank during a regularly scheduled meeting on Wednesday.
Ms. Bennett's decision to step down was not due to any disagreements with the company's operations, policies, or practices but was prompted by her move out of the bank's market area and the wrapping up of her business interests.
The company, headquartered at 10089 Fairfax Boulevard in Fairfax, VA, operates as a state commercial bank and is incorporated in Virginia.
In other recent news, MainStreet Bancshares, Inc. has declared a cash dividend of $0.10 per share for common shareholders. The dividend's approval was made by the company's Board of Directors, who will continue to evaluate the possibility of future dividends based on the company's financial performance and other relevant factors.
In a separate development, MainStreet Bancshares, Inc. has announced that it will host a virtual webcast and quarterly earnings conference call to discuss its financial results for the second quarter. The webcast is part of the company's ongoing communication with shareholders and the broader investment community, aimed at maintaining transparency and providing updates on the bank's progress and strategic initiatives.
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