Main Street Banks (NASDAQ:MSBK)
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Main Street Banks to Acquire Banks, Moneyhan, Hayes Insurance
ATLANTA, Dec. 5 /PRNewswire-FirstCall/ -- Main Street Banks, Inc. , today
announced the signing of a definitive agreement to acquire Banks, Moneyhan,
Hayes Insurance located in Conyers, Georgia. With roots dating to 1847, Banks,
Moneyhan, Hayes Insurance is a multi-line independent insurance agency serving
Rockdale, Newton and Clarke counties. With offices in Conyers and Athens, the
agency employs 25 insurance professionals selling business and personal property
and casualty insurance, as well as group life and health. Effective with the
merger, Banks, Moneyhan, Hayes Insurance will combine its operations with Main
Street Insurance Services, Inc., the wholly owned insurance agency subsidiary of
Main Street Banks, Inc.
Edward C. Milligan, chief executive officer of Main Street Banks said, "We are
excited to announce the definitive agreement to acquire Banks, Moneyhan, Hayes
Insurance professionals and clients to the Main Street family. Banks, Moneyhan,
Hayes Insurance is the dominant insurance agency in Newton and Rockdale
counties, with strong management and a rich history of customer service."
The addition of Banks, Moneyhan, Hayes Insurance is expected to further Main
Street toward its previously announced goal of increasing fee income to 30% of
net revenues by 2005. Based on pro forma combined revenues in the third quarter
of 2003, the acquisition of Banks, Moneyhan, Hayes Insurance is expected to add
approximately 2.7% to the Company's fee income ratio, increasing it to
approximately 27.8% of net revenue. Upon completion, Banks, Moneyhan, Hayes
Insurance will mark the Company's fourth insurance agency acquisition in the
last 36 months.
About Main Street
Main Street Banks, Inc., a $1.9 billion-asset community banking organization
based in metropolitan Atlanta, provides a broad range of banking, brokerage,
insurance, payroll and mortgage products and services through its 24 banking
centers located in eighteen of Georgia's fastest growing communities. Main
Street is the largest and highest performing community banking company in the
greater Atlanta area.
Safe Harbor
Statements made in this press release, other than those containing historical
information, are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Act of 1995. Such statements
involve risks and uncertainties that may cause results to differ materially from
those set forth in these statements. Main Street cautions readers that results
and events subject to forward-looking statements could differ materially due to
the following factors: possible changes in economic and business conditions; the
ability of Main Street to integrate recent acquisitions and attract new
customers; possible changes in monetary and fiscal policies, laws and
regulations; the effects of easing of restrictions on participants in the
financial services industry; the cost and other effects of legal and
administrative cases; possible changes in the credit worthiness of customers and
the possible impairment of loans; the effects of changing interest rates and
other risks and factors identified in the company's filings with the Securities
and Exchange Commission.
DATASOURCE: Main Street Banks, Inc.
CONTACT: Edward C. Milligan, Chief Executive Officer, +1-770-422-2888,
or Samuel B. Hay III, Chief Operating Officer, +1-770-385-2424, both of Main
Street Banks, Inc.
Web site: http://www.mainstreetbank.com/