BB&T Corp. to buy Main Street BanksAssociated Press
Published December 16, 2005
NEW YORK - Bank-holding company BB&T Corp. Thursday said it agreed to acquire Main Street Banks Inc. of Atlanta for $622.7-million in stock.
The deal values Main Street at $28.50 a share, or 0.6602 per one BB&T share.
Main Street, the Atlanta parent of Main Street Bank, has $2.5-billion in assets and 24 branches.
It is the first acquisition by BB&T, which had a reputation as a wildly acquisitive company, since it bought St. Petersburg's Republic Bancshares in April 2004.
"Our acquisition strategy remains the same - to pursue very high quality banks and thrifts that improve our financial performance and franchise value," BB&T chief executive John Allison said.
BB&T serves consumers, small to midsized businesses and government entities through more than 1,400 branches. It had 2004 revenue of $100.51-billion.
It is the parent of Branch Banking and Trust, an originator of residential mortgages in the Southeast.