Main Street Bank Explained

Main Street Banks, Inc.
Industry:	Banking
Fate:	Acquired by BB&T
Location:	Atlanta, Georgia
Revenue:	$0.144 billion (2005)
Net Income:	$0.029 billion (2005)
Assets:	$2.350 billion (2005)
Equity:	$0.295 billion (2005)
Num Employees:	549
Footnotes:	^[1]

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

Notes and References

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