MainStreet Bank Appoints New Chief Operating Officer

Rhea-AI Summary

MainStreet Bancshares, Inc. (MNSB) announced the promotion of Lisa Kilgour to Executive Vice-President and Chief Operating Officer. With over 36 years in community banking, Kilgour joined MainStreet Bank in 2017. Previously, she held senior roles at Middleburg Bank and others, focusing on operational efficiency. The promotion aims to enhance financial technology and streamline operations. Jacob Hutchinson retains his role as Chief Operating Officer of the holding company while transitioning to Chief Risk Officer for the Bank. The leadership change is expected to strengthen MainStreet's operational capabilities.

Positive

• Lisa Kilgour brings 36 years of community banking experience, potentially enhancing operational efficiency.
• Promotion aims to strengthen innovation in financial technology and improve overall service delivery.

Negative

• Transition in leadership roles may raise concerns about continuity in the bank's strategic direction.

FAIRFAX, Va., Aug. 28, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc., (Nasdaq: MNSB), parent company of MainStreet Bank, announce the promotion of Lisa Kilgour to Executive Vice-President and Chief Operating Officer. 

Ms. Kilgour has an impressive 36-year career in community banking. She joined MainStreet Bank in 2017 and prior to that she served as Senior Vice-President of Operations for Middleburg Bank for 22 years, where she reduced costs, improved processes, and built a high-performing operations team. Lisa was also Chief Operating Officer at Middletown Valley Bank and Vice-President of Operations for Farmers & Merchants Bank.

Lisa is a proven leader and active participant in the community. Currently, she serves as the Chair of Virginia 1^st and the Jack Henry & Associates Silverlake National Board.

As a member of the Bank's leadership team, Lisa makes valuable contributions to the organization's growth by identifying business needs and presenting strategic solutions to streamline operations, launch products, deploy new technologies, and improve bottom-line performance. She has an in-depth knowledge of system capabilities and a clear understanding of the end-user experience.

Lisa attended Virginia Tech as a computer science major.  She is also a graduate of the VBA Executive Leadership Program, BAI Graduate School of Banking for Operations & Technology, and Leadership Loudoun.

"MainStreet Bank has always been a top performer in the community banking industry in implementing leading edge technology," said Lisa Kilgour, Chief Operating Officer of MainStreet Bank. "I am honored to help lead this innovation and deploy new technologies that improve our processes and enable us to deliver the best possible financial products and services to our clients."

Executive Vice President Jacob Hutchinson will continue his role as Chief Operating Officer for the holding company and has transitioned to the role of Chief Risk Officer for the Bank.

"This change allows us to centralize all areas of risk under one group," said Jacob Hutchinson, EVP and COO of MainStreet Bancshares, Inc. and CRO of MainStreet Bank.  "I look forward to further enhancing our dynamic approach to risk management."

"Lisa is well-positioned to keep MainStreet Bank on the leading edge of financial technology," said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank.  "With Lisa leading the Bank's operations and technology and Jacob focused on risk management, we have a very powerful team controlling the Bank's infrastructure."

About MainStreet Bank: MainStreet Bank operates seven branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg, Clarendon and Washington, D.C.  In addition, MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution.

The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office^®. With robust and easy-to-use online business banking technology, MainStreet has "put our bank" in over 1,000 businesses in the metropolitan area.

MainStreet Bank has a full complement of payment system services for third party payment providers with nationally known market leaders on-staff ready to help payment providers create a solution perfect for their needs.

MainStreet Bank has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction, and commercial real estate.  MainStreet also works with the SBA to offer 7A and 504 lending solutions.  From sophisticated cash management to enhanced mobile banking and instant-issue Debit Cards, MainStreet Bank is always looking for ways to improve its customer experience.    

MainStreet Bank was the first community bank in the Washington, DC metropolitan area to offer a full online business banking solution.  MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance.  Further information on the Bank can be obtained by visiting its website at 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.

Contact:  Brian Baker
(571) 375-1358

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SOURCE MainStreet Bancshares, Inc.

FAQ

Who is the new Chief Operating Officer of MainStreet Bancshares?

Lisa Kilgour has been promoted to Executive Vice-President and Chief Operating Officer of MainStreet Bancshares.

When was Lisa Kilgour appointed as COO of MainStreet Bank?

Lisa Kilgour was appointed as COO on August 28, 2020.

What are the expected impacts of Lisa Kilgour's promotion on MainStreet Bank?

Her promotion is expected to enhance operational efficiency and strengthen the bank's focus on financial technology.

Who remains in charge of risk management at MainStreet Bank after the leadership change?

Jacob Hutchinson will transition to the role of Chief Risk Officer while continuing as COO of the holding company.

What is the background of Lisa Kilgour in the banking industry?

Lisa Kilgour has an extensive 36-year career in community banking, previously serving in senior roles at several banks.