Main Street Bank

Main Street Banks was a bank based in Atlanta, Georgia. In 2006, it was acquired by BB&T. The bank operated 24 branches.[1]

Main Street Banks, Inc.

Industry	Banking
Fate	Acquired by BB&T
Founded	1901 (1901)
Defunct	2006 (2006)
Headquarters	Atlanta, Georgia
Key people	Samuel B. Hay, III, CEO David Brooks, CFO
Revenue	$0.144 billion (2005)
Net income	$0.029 billion (2005)
Total assets	$2.350 billion (2005)
Total equity	$0.295 billion (2005)
Number of employees	549
Footnotes / references [1]

History

The bank was founded in 1901 as The Bank of Covington.[2]

In 1996, the bank was renamed Main Street Banks.[2]

In December 2002, the company acquired First National Bank of Johns Creek for $26.2 million.[3]

In May 2003, the company acquired First Colony Bancshares Inc. for $96 million.[4]

In June 2004, the bank laid off 37 employees.[5]

In June 2006, the bank was acquired by BB&T for $599 million in stock.[6]

References

1. "Main Street Banks, Inc. 2005 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
2. "Institution History for COVINGTON GA MAIN BRANCH (467630)". Federal Financial Institutions Examination Council.
3. Lerner, Meredith (January 13, 2003). "Bank acquisitions likely to pick up in 2003". American City Business Journals.
4. "First Colony Bank bought, name changes to Main Street". American City Business Journals. May 23, 2003.
5. Lerner, Jill (June 28, 2004). "Main Street Banks workers handed pink slips". American City Business Journals.
6. "BB&T closes stock swap for Main Street Banks". American City Business Journals. June 1, 2006.