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]
| Industry | Banking |
|---|---|
| Founded | 1901 |
| Defunct | 2006 |
| Fate | Acquired by BB&T |
| Headquarters | Atlanta, Georgia |
Key people | Samuel B. Hay, III, CEO David Brooks, CFO |
| Revenue |  $0.144 billion (2005) |
| $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
- "Main Street Banks, Inc. 2005 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Institution History for COVINGTON GA MAIN BRANCH (467630)". Federal Financial Institutions Examination Council.
- Lerner, Meredith (January 13, 2003). "Bank acquisitions likely to pick up in 2003". American City Business Journals.
- "First Colony Bank bought, name changes to Main Street". American City Business Journals. May 23, 2003.
- Lerner, Jill (June 28, 2004). "Main Street Banks workers handed pink slips". American City Business Journals.
- "BB&T closes stock swap for Main Street Banks". American City Business Journals. June 1, 2006.
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