OMB APPROVAL
 
   
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 
FORM 12b-25
 
NOTIFICATION OF LATE FILING
 
OMB Number: 3235-0058
 Expires: April 30, 2009
 Estimated average burden hours per response . . . 2.50
 
SEC FILE NUMBER
000-52298
   
CUSIP NUMBER
56064H107
   
 
(Check one):
 
x  Form 10-K
o  Form 20-F
o  Form 11-K
o  Form 10-Q
o  Form 10-D
   
o  Form N-SAR
o  Form N-CSR
     
             
   
For Period Ended:
December 31, 2008
   
o  Transition Report on Form 10-K
   
   
o  Transition Report on Form 20-F
   
   
o  Transition Report on Form 11-K
   
   
o  Transition Report on Form 10-Q
   
   
o  Transition Report on Form N-SAR
   
   
For the Transition Period Ended:
 
               
 
Read Instructions (on back page) Before Preparing Form. Please Print or Type.
 Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
 
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: Not Applicable

PART I — REGISTRANT INFORMATION

MainStreet Financial Corporation
Full Name of Registrant
 
N/A
Former Name if Applicable
 
629 W. State Street
Address of Principal Executive Office (Street and Number)
 
Hastings, Michigan 49058
City, State and Zip Code
 

 
 
 
 

PART II — RULES 12b-25(b) AND (c)
 
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
 
 
(a)
The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
x
(b)
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
 
(c)
The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
 
PART III — NARRATIVE
 
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
 
The Registrant is re-evaluating its conclusions regarding the other than temporary impairment of a security it holds based on proposed changes to the relevant accounting standards.  On March 17, 2009, FASB issued Proposed FSB FAS 115-a, FAS 124-a and EITF 99-20-b.  Comments are due on April 1 and the Registrant believes FASB intends to promptly issue final guidance and believes that these new rules may affect our impairment assessment and conclusions at December 31, 2008 which could materially affect our financial statements for the year ended December 31, 2008.
 
SEC 1344 (05-06)
Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
 
 

 
 
 
 

(Attach extra Sheets if Needed)
PART IV — OTHER INFORMATION
 
(1)
Name and telephone number of person to contact in regard to this notification
 
James R. Toburen
 
269
 
945-9561
 
(Name)
 
(Area Code)
 
(Telephone Number)
   
(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
   
         
x  Yes     o  No
           
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
   
         
x  Yes     o  No
           
 
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
 
The Registrant cannot make a reasonable estimate of the results because, as noted in its response in Part III, it is still evaluating the extent to which it should recognize any impairment charges relating to certain investments held in its securities portfolio, and whether any such charges should be recognized in the year ended December 31, 2008.
 
The Registrant has reported losses in fiscal 2007 and 2006 and will report a loss for fiscal 2008.  As economic conditions in the Registrant’s market area continue to deteriorate and unemployment rates continue to rise, the Registrant’s non-performing assets, and the costs associated therewith, continue to increase.
 
 
MainStreet Financial Corporation



(Name of Registrant as Specified in Charter)
 
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date
March 30, 2009
   
/s/ James R. Toburen
       
Name:  James R. Toburen
Title:  Senior Vice President, Treasurer and Chief Financial Officer
 
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.
 
 
ATTENTION
 
Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).


 
 
 
 

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