Main Street Banks to Acquire Banks, Moneyhan, Hayes Insurance
December 05 2003 - 5:13PM
PR Newswire (US)
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/
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