MNSBPMEDIUM SIGNALREGULATORY10-K

MNSBP significantly enhanced its cybersecurity governance framework with new board-level oversight structures while removing all references to its Banking as a Service (BaaS) operations.

The addition of comprehensive cybersecurity governance language suggests MNSBP is responding to heightened regulatory expectations around cyber risk management, with clear delineation of responsibilities between the Technology Committee and Audit Risk Committee. However, the complete removal of language describing the Avenu BaaS division and its fintech partnerships raises questions about whether the bank is exiting this business line or facing regulatory pressure to scale back these operations.

Comparing 2026-03-13 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows modest improvement with gross profit growing nearly 12% to $73.6 million, indicating solid underlying performance. This represents healthy growth for a regional banking operation. The financial metrics suggest the core banking business remains stable despite the apparent operational changes in the BaaS segment.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
+11.8%
$65.8M→$73.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-03-13
PRIOR — 2025-03-14
ADDED
false --12-31 FY 2025 true The Company s Board of Directors has ultimate oversight of cybersecurity-related risks and it is assisted in this role by the Technology Committee and the Audit Risk Committee.
Processes for identifying, assessing, and managing cybersecurity-related risks are integrated into the Company s overall enterprise risk management process, which is overseen by the Audit Risk Committee.
The Audit Risk Committee is responsible for monitoring risks that are being taken by the Company, understanding the enterprise-wide effect of those risks and reporting such risks to the Board.
In fulfilling this role, the Technology Committee has primary oversight responsibility over management s efforts to manage and mitigate cybersecurity-related risk and reviews and approves the Company s cybersecurity strategy for protecting the Company s information assets and technology platforms.
The Audit Risk Committee oversees the Company s outsourced Internal Audit Department, which conducts reviews and assessments related to information security.
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REMOVED
There were 7,603,765, shares of common stock outstanding and 28,750 shares of 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock outstanding at December 31, 2024.
We currently operate six Bank branches; located in Herndon, Fairfax, McLean, Clarendon, and Leesburg, Virginia, and one in Washington D.C.
Avenu provides an embedded Banking as a Service (BaaS) solution that connects our partners (fintechs, application developers, money movers, and entrepreneurs) directly and seamlessly to our Software as a Service (SaaS) solution.
Our transformational subledger combined with our high-touch compliance training goes beyond the industry standards to ensure that our Fintech partners will prosper.
This division of MainStreet Bank serves money service businesses, payment processers, and other clients who have a need to embed deposit gathering and payment processing in their mobile Apps.
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