Main Street Bank

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 Increase $0.144 billion (2005)
Increase $0.029 billion (2005)
Total assets Increase $2.350 billion (2005)
Total equity Increase $0.295 billion (2005)
Number of employees
 549
Footnotes / references
[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]

References

  1. 1 2 "Main Street Banks, Inc. 2005 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 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.
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