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MREE > SEC Filings for MREE > Form 8-K on 11-Feb-2014All Recent SEC Filings

Show all filings for MAINSTREET BANKSHARES INC

Form 8-K for MAINSTREET BANKSHARES INC


11-Feb-2014

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

William L. Cooper, III resigned from the boards of directors of MainStreet BankShares, Inc.("MainStreet") and its wholly-owned banking subsidiary, Franklin Community Bank, N.A. (the "Bank"), effective Wednesday, February 5, 2014. Mr. Cooper was a member of the Human Resources and Executive Committees.

MainStreet believes Mr. Cooper resigned on account of a disagreement with the Bank over the resolution of credit issues concerning outstanding loans owed by him and a related entity to the Bank. The Bank was unable to reach an agreement with Mr. Cooper that complied with its credit policies and associated regulatory guidance to avoid the loans becoming criticized assets requiring significant additional amounts to be allocated to the allowance for loan losses.

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