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MainStreet Bancshares issues sub debt

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MainStreet Bancshares issues sub debt

Fairfax, Va.-based MainStreet Bancshares, Inc. issued $14.3 million in subordinated debt, according to its fourth-quarter earnings release.

The company said $12.5 million of the proceeds went to unit MainStreet Bank. The capital will be used for general corporate purposes.

The company reported net income of $1.1 million, or 25 cents per share, for the quarter ended Dec. 31, 2016, compared to $946,000, or 22 cents per share, for the comparable period a year earlier.