MainStreet Bank, a locally owned community bank in Herndon, yesterday began offering 1 million shares of stock at $11 a share.

Bank executives said that the shares will be available over-the-counter and that the $11 million raised from the stock sale will support future loan and asset growth. The bank may offer up to an additional 150,000 shares at a later date.

In a time of bank mega-mergers when even big local players such as Riggs Bank are getting swallowed up, one-branch community lenders such as MainStreet Bank have proved surprisingly durable.

Since opening its doors on May 26, 2004, the Herndon bank has tried to attract customers with a creative, technology-driven approach. "This technology includes the ability for our business customers to scan and capture checks at their place of business so that those checks can be electronically deposited via the Internet (Remote Image Capture)," the bank reported in a filing with the Securities and Exchange Commission.

The bank also hopes to cash in on Fairfax County's continuing economic boom. Bank executives point to $57.6 billion on deposit in the county's banks as evidence of a vast local market. More than 73 percent of MainStreet's loan portfolio was devoted to commercial loans as of December.

As of March 31, MainStreet Bank had total assets of $54.3 million, total deposits of $39.2 million and total loans of $26.3 million. The bank had a net loss of $1.9 million ($1.54 a share) for its first seven months, through December 2004, according to the SEC filing.