MainStreet Bancshares, Inc. (NASDAQ: MNSB) announced that long‑time Chief Financial Officer Thomas J. Chmelik will retire from the CFO position on December 31 2025, after more than two decades of service. Chmelik will remain with the company as Senior Executive Vice President and Secretary through December 31 2027 and will continue to serve on both the Company and Bank Boards in a reduced capacity.
Alex Vari, CPA, a current Executive Vice President of MainStreet Bank, has been named the new CFO. Vari will assume the Company CFO responsibilities on the same date Chmelik retires. In a statement, Chmelik said, “Co‑founding and building MainStreet Bank has been the highlight of my banking career. I look forward to remaining on the Boards and supporting the leadership team in a reduced capacity.” Vari added, “I am honored to step into the CFO role and will focus on sustaining the bank’s strong cost discipline while driving capital efficiency.”
The transition does not signal a complete abandonment of the company’s Avenu Banking‑as‑a‑Service platform. MainStreet continues to develop and deploy Avenu to partner fintechs, using it as a source of low‑cost deposits and fee income. The announcement instead underscores a renewed emphasis on core community‑banking operations and disciplined cost control, aligning the CFO role with the bank’s strategic priorities.
In its most recent quarterly results, MainStreet reported earnings per share of $0.52, beating the consensus estimate of $0.51 by $0.01 (a 2% beat). Revenue of $17.10 million fell short of the $17.94 million estimate by $0.84 million, a 4.7% miss. The earnings beat was driven by tighter operating expenses and a modest expansion of the net interest margin, while the revenue miss reflected slower fee income growth and a modest decline in deposit growth. For the full year 2024, the company posted a net loss of $9.98 million, a result of intangible software impairment and the resolution of non‑performing assets.
Management highlighted that the company’s cost‑control initiatives and disciplined capital allocation have positioned it to weather current headwinds. The CFO transition is intended to preserve continuity in financial stewardship while reinforcing the bank’s focus on profitability and capital efficiency. Investors will view the appointment as a signal that MainStreet remains committed to its community‑banking model while leveraging its fintech platform to support growth.
The company’s dividend yield is reported at 7.65% per its latest filings, although other market data sources list a lower yield of around 2.1%. The discrepancy reflects differences in the calculation basis and the timing of dividend disclosures.
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