MSBK Main Street Banks (MM)

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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