MainStreet Bancshares Names Two Senior Technology Executives

Rhea-AI Summary

MainStreet Bancshares, Inc. (NASDAQ: MNSB, MNSBP) has announced two strategic appointments within its technology team to enhance its focus on digital transformation. Andrew Stoutenburgh has been appointed Senior Vice President and Chief Technology Officer, while Matt McCrory is promoted to Senior Vice President and Chief Information Security Officer. These moves reflect the bank's commitment to innovation and risk management amidst evolving market dynamics. MainStreet Bank has a history of technology leadership, previously pioneering remote banking services since its inception in 2004. The bank operates six branches in Virginia and Washington D.C., with assets totaling $1.9 billion.

Positive

• Appointment of Andrew Stoutenburgh as CTO brings over 25 years of banking experience.
• Matt McCrory, promoted to CISO, has 15 years of experience and a strong cybersecurity track record.
• Focus on technology leadership aligns with the bank's growth strategy.

Negative

• None.

Appointments Reflect Bank's Pacesetting Tradition in Tech Leadership

FAIRFAX, Va., Feb. 15, 2023 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, announced two key appointments to its technology team.

Andrew Stoutenburgh has joined the $1.9 billion-asset community bank as Senior Vice President and Chief Technology Officer, and Matt McCrory has been promoted to Senior Vice President and Chief Information Security Officer.

The two appointments underscore MainStreet Bank's continuing efforts to seize opportunities while managing risk as it pursues its growth strategy, said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares and MainStreet Bank. He noted that the Bank has a strong tradition of technology leadership, having pioneered remote banking services for local businesses when it opened its doors in 2004, and it continues to innovate with its Avenu™ embedded banking solution.

"Banks of our size don't usually elevate technology roles to the C-Level, but MainStreet Bank has always been highly focused on creating the capabilities we need as early as possible to lay a path for superior future performance," Dick said. "With Andy and Matt in these key positions, we are upping our game even further as the digital transformation in banking accelerates."

As CTO, Stoutenburgh drives MainStreet Bank's technology vision and implementation, including technology investment, architecture, and engineering. His strong understanding of the technological forces that are transforming financial services has been shaped by more than 25 years of progressive experience in the banking industry. Most recently, he was Vice President and Technical Services Manager for a regional financial services company with operations in seven states and the District of Columbia. Earlier in his career, Stoutenburgh worked in bank branch and credit operations in various Northern Virginia community banks before shifting his focus to information systems.

As CISO, McCrory leads efforts to maintain a strong data privacy and security culture and ensure the Bank's resilience against ever-increasing cyber, data and information security risks. A 15-year veteran of MainStreet Bank, he was previously Senior Vice President and Information Security Officer. McCrory's strengths include IT governance and risk management. He has designed, implemented, and managed a best-in-class cybersecurity program, and works across all information security domains. He holds multiple professional certifications, including CRISC and CISSP.

ABOUT MAINSTREET BANK: MainStreet Bank operates six branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington DC. MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution. Unrestricted by a conventional branching system, the Bank offers robust and easy-to-use online business banking technology and the ability to Put Our Bank in Your Office®, which thousands of businesses in the metropolitan area have done. MainStreet Bank has a robust line of business and professional lending products. 

MainStreet Bank also offers Avenu™, the only purpose-built embedded banking solution that connects our partners and their applications directly and seamlessly to our banking core. We are not a sponsor bank without our own technology, and we are not a middleware software company without our own bank.  Avenu™ is a leading-edge financial technology solution backed by MainStreet Bank, an established community business bank in the heart of Washington, DC. 

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, future impacts of the novel coronavirus (COVID-19) outbreak, 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.

Contact:  Debra Cope
Director of Corporate Communications
(703) 481-4599
(202) 468-3814

 

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SOURCE MainStreet Bancshares, Inc.

FAQ

What are the new appointments made by MainStreet Bancshares?

MainStreet Bancshares appointed Andrew Stoutenburgh as Senior Vice President and Chief Technology Officer, and Matt McCrory as Senior Vice President and Chief Information Security Officer.

What is the significance of the technology appointments at MainStreet Bank?

The appointments highlight MainStreet Bank's commitment to enhancing its digital transformation and risk management strategy regarding technology.

When were the new technology executives appointed at MainStreet Bancshares?

The appointments were announced on February 15, 2023.

What is the current asset size of MainStreet Bank?

MainStreet Bank currently has assets totaling $1.9 billion.

What is MainStreet Bank known for in terms of technology?

MainStreet Bank is recognized for its pioneering efforts in remote banking services and its innovative banking solutions like Avenu™.