Mainstreet Financial Corp (CE) (MSFN) News

I see you ... ;)

Anyone got "DD" on this one.

Have Mercy look at that share count right, what's the Float > http://www.otcmarkets.com/stock/MSFN/profile

One day volume may come and its a multi-bagger' until then msfn me and you just sit and wait.

"E" has been dropped, Anyone have any DD on this one, This thing looks like it has one of the lowest share structures i've seen...

"E" Added To Stock Ticker Symbol

When a company that trades on the OTC Bulletin Board (OTCBB) becomes delinquent in its reporting obligations with the SEC (for example, it submits a required filing late or in an incomplete form), the letter “E” will be appended at the end of the company’s stock ticker symbol. After the “E” is added, the company is given 30 calendar days (60 calendar days for most foreign companies and domestic banks), known as the “grace period,” to become current in its reports. If the company files complete required reports during the grace period, the “E” will be removed. If the company fails to correct its deficiency, the company’s stock symbol will be removed from trading on the OTCBB.

Commercial Bank, Alma, MI Acquired MainStreet Savings Bank, FSB, Hastings, MI.
Alma, Michigan, July 17, 2010

ALMA, MI – Commercial Bank has reached an agreement with the FDIC to acquire all the deposits and loans of MainStreet Savings Bank, FSB - Hastings, MI. Beginning Saturday morning, the Hastings headquarters as well as the branch in Lake Odessa, MI will open as branches of Commercial Bank.

“We are excited to bring MainStreet Savings Bank customers into the Commercial Bank family” said Jeffrey S. Barker, President and CEO of Commercial Bank. “Commercial Bank has always been known for our conservative banking and business practices, which is what made this acquisition possible. We believe that our employees and the Barry County Community will greatly benefit from our “making a difference in our community” culture and our full line of banking products and services.”

The acquisition extends Commercial Bank’s branch network to 9 locations across Michigan. Upon closing of the acquisition, Commercial Bank will have assets of approximately $410 million with offices in Alma, Greenville, Hastings, Ithaca, Lake Odessa, Middleton, Mt. Pleasant, and St. Louis. Commercial Bank was recently ranked the 14th highest performing community bank in the United States and 1st in Michigan based upon a US Banker magazine study of the past three years return on equity.

Mr. David L. Hatfield has been the Chief Executive Officer and President of MainStreet Financial Corp. since May 2000. Mr. Hatfield serves as the President of the Barry County Chamber of Commerce. He also served in advisory capacitates to the Federal Reserve Board of Governors and the Federal Deposit Insurance Corporation. Mr. Hatfield served as Chief Executive Officer and President of Keystone Community Bank in Kalamazoo, Michigan for two years. He served as the President and Chief Executive Officer of Mainstreet Savings Bank, FSB since May 2000. He started his banking career in 1972 with Fidelity Federal Savings and Loan Association of Kalamazoo, where he served as Chief Executive Officer and President since 1981. Mr. Hatfield served as Regional Manager in Southwest Michigan of Standard Federal Bank. He serves as the Chairman of Kalamazoo Community Foundation. He served as Chairman of the Board of Fidelity Federal Savings and Loan Association since 1981. He served as the Chairman of the Michigan League of Savings Institutions. He served as Vice Chairman of the Federal Home Loan Bank of Indianapolis. He served as Campaign Chair of the Barry County United Way. Mr. Hatfield has been a Director of MainStreet Financial Corp., since May 2000. He served as a Director of MainStreet Savings Bank, FSB since May 2000. He serves as a Director of Barry County United Way and of Hastings Rotary Club and the Charlton Park Village Foundation, Regional Edge and the Kalamazoo Aviation History Museum. Mr. Hatfield serves as the Chairman of the Advisory Board of M -Tec at Kalamazoo Valley Community College.

The Company completed an initial public stock offering on December 22, 2006. It sold 355,352 shares of common stock in that offering for $10.00 per share. The Company's employee stock ownership plan (the "ESOP") purchased 28,428 shares with the proceeds of a loan from a third party bank. The Company received net proceeds of $2,897,238 million in the public offering, 50% of which was contributed to the Bank and $1,300,000 million of which was used to reduce the outstanding balance of the bank loan. Upon completion of the offering, the Company issued 400,716 shares of common stock to MHC, so that MHC owns 53% of its outstanding common stock.

Since being formed in November 2004, MainStreet Financial Corporation (the "Company") has not engaged in any business other than through MainStreet Savings Bank, FSB (the "Bank") and the management of its cash and investment portfolio. The Company neither owns nor leases any property, but we use the premises, equipment and furniture of the Bank. We employ only persons who are executive officers of the Bank as our executive officers, and we also use the support staff of the Bank from time to time. We currently do not separately compensate any employees or directors. In the future, we may hire additional employees if we expand our business at the holding company level. MainStreet Financial Corporation, MHC, a federal mutual holding company (the"MHC"), owns 53% of the Company's stock.

Thu, Feb 03, 2011 12:00 – Mainstreet Financial Corp. (MSFN: OTC Link) – Venue Change – The symbol, MSFN, no longer trades on OTC Link/OTCBB. As of Thu, Feb 03, 2011, MSFN trades on OTC Link. You may find a complete list of venue changes at otcmarkets.com.

MainStreet Financial Corporation operates as the holding company for MainStreet Savings Bank that offers community-based banking services in Barry, Kalamazoo, Eaton, Allegan, Kent, Calhoun, and Van Buren counties in southwest Michigan.

added some .03's today here

Nice closed here .11, SS looks intact for a solid move. imo

Yes, has very nice potential

whoa .. whats going on over here .. this thing is super thin .. ask of .15 then .75? This fell from what .. 90s range .. there is some up side here

nice ASK Smacks

Hey Good Morning ! MSFN sounds promising !
Good Luck today !!!

yeah, i agree with that low O/S makes an ideal R/M candidate.

Got a starter here, looking for a REVERSE MERGER soon IMO

Here's the news on MSFN I believe.

http://www.fdic.gov/bank/individual/failed/mainstsvgs.html

Looks like MSFN is the holding company for Main Street Savings Bank and Main Street Savings has just been put into receivership. What that will mean for the parent holding company MSFN remains to be seen. Just depends on how long things take. With the incredibly low O/S, certainly long-term may well be a very attractive shell company IMO, once any issues resulting from receivership are cleared up.

Do you think there might be a bounce in this? Thanks

someone sold cheap shares looks done IMO, looking for a bounce?

whats happening here?

O/S no change in couple of years, excellent REVERSE MERGER candidate.

old as crap, but looks like O/S is still intact

MSFN .06 At October 31, 2009, there were 756,068 shares of the issuer’s common stock outstanding.

15-12G Filing
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6952219

MSFN 756,068 O/S as of Jul 31, 2008