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MainStreet Bancshares Prices Preferred

As predicted by some yesterday small Virginia community bank MainStreet Bancshares (MNSB) has priced their new preferred offering at 7.50%.

They are selling 1 million shares with an over allotment available of 150,000 shares.

The issue is non-cumulative and is not rated.

Make sure to understand the risk/reward with this issue–presently 22.5% of their loan portfolio is in ‘deferral’–so you can be fairly certain they will be taking large write downs in the near future.

The pricing term sheet can be read here.

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