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Main Street Bank

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Main Street Banks, Inc.
IndustryBanking
Founded1901; 124 years ago (1901)
Defunct2006; 19 years ago (2006)
FateAcquired by BB&T
HeadquartersAtlanta, Georgia
Key people Samuel B. Hay, III, CEO
David Brooks, CFO
RevenueIncrease $0.144 billion (2005)
Net incomeIncrease $0.029 billion (2005)
Total assetsIncrease $2.350 billion (2005)
Total equityIncrease $0.295 billion (2005)
Number of employees549
Footnotes / references

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

History

The bank was founded in 1901 as The Bank of Covington.

In 1996, the bank was renamed Main Street Banks.

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

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

In June 2004, the bank laid off 37 employees.

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

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.
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