Two shareholders of MainStreet Bank (MNSB), in Herndon, Va., have reportedly asked investors to push for a sale of the $271 million-asset company.
Frank Williams Jr. and Kevin Keyes say MainStreet has underperformed and that shareholders would get a better return if the company was sold, according to the Washington Business Journal. Efforts by American Banker to reach Jeff Dick, MainStreet Bank's chairman and chief executive, were unsuccessful.
Williams and Keyes, who missed a deadline to nominate candidates to MainStreet's board, said they have convinced some shareholders to withdraw their proxy votes as protest against management. Williams and Keyes say MainStreet's biggest shareholder, First Manhattan, supports their efforts. The company's annual meeting is May 15.
MainStreet earned $134,000 in the first quarter; its share price increased 55% last year.
The company appointed former Washington Redskins defensive back Darrell Green to its board earlier this year. Green was an early investor in MainStreet Bank, which was established in May 2004.