Main Street Banks to Purchase Ga.’s Banks, Moneyhan, Hayes Insurance

Main Street Banks, Inc. announced the signing of a definitive agreement to acquire Banks, Moneyhan, Hayes Insurance 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, 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 Milligan, CEO of Main Street Banks noted, “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 percent 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 percent to the company’s fee income ratio, increasing it to approximately 27.8 percent of net revenue.

Upon completion, Banks, Moneyhan, Hayes Insurance will mark the company’s fourth insurance agency acquisition in the last 36 months.