KINGWOOD, TEXAS, September 15, 2004 - Main Street Investment Partners, Inc., a Texas corporation, is offering to purchase, at $9.00 per share, all the outstanding common stock of Main Street Bank, a national banking association.
The offer is subject to the terms and conditions specified in the Offer To Purchase, which was mailed to all Main Street Bank shareholders on September 14, 2004. This offer is being made in connection with the proposed recapitalization of the Bank. The purpose of the recapitalization is to provide the Bank with an infusion on capital to support the implementation of a new business strategy, the addition of new management team members, and new members of the board of directors.
In connection with the recapitalization, David Bubier , President of the Bank said: "The Bank entered into a Stock Purchase Agreement with Main Street Investment Partners who agreed to conduct a private placement on behalf of the Bank. In addition, Main Street Investment Partners agreed to make a tender offer to all of the Bank's existing shareholders."
David Bubier stated: "The Board of Directors is expressing no opinion and is remaining neutral toward the offer. All shareholders of the Bank are encouraged to review the offering material carefully and, if in doubt as to what action to take, to immediately contact their professional advisors."
"As part of the Bank's recapitalization and growth plans we anticipate that all Bank employees in Kingwood and Cleveland will remain with the Bank" said Tom Depping, Chairman of Main Street Investment Partners. Further, he said: "During the next year we plan to hire over 40 qualified individuals to help the Bank grow and meet its financial objectives."
Main Street Bank is a national banking association chartered in 1984. The Bank provides traditional banking services to individual and business customers out of its 3 locations in Cleveland and Kingwood, Texas . As of June 30, 2004, the Bank had total assets of $36.95 million and total deposits of $34.22 million. The Bank will continue to operate under the name "Main Street Bank" following the recapitalization.
Main Street Investment Partners, Inc., is a Texas corporation authorized to do business in Texas under the name "Kingwood Investment Partners." Main Street Investment Partners was organized in 2001 and has engaged in no operations other than those related to this tender offer and proposed recapitalization.
NOTICE TO READ TENDER OFFER DOCUMENTS:
The description contained herein is neither an offer to purchase nor a solicitation of an offer to sell shares of Main Street Bank. An Offer to Purchase and a Solicitation/Recommendation Statement will be sent to all shareholders of the Bank as of September 14, 2004. You are urged to read these tender offer materials. The tender offer materials will contain important information that you should consider before making any decision regarding the tender offer and related transactions. The tender offer statement and other documents will be available free of charge from Main Street Investment Partners by directing a request to Main Street Investment Partners, Inc., Attn: Ken Meyer, 2909 High Valley Drive, Kingwood, Texas 77345. The Bank's response included in the Solicitation/Recommendation Statement may also be obtained free of charge from Main Street Bank by directing a request to Main Street Bank, Attn: David Bubier, President, 1102 Kingwood Drive, Suite 101, Kingwood, Texas 77339.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements." Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to the risks described in the Offer to Purchase. Investors and security holders are urged to read those documents.
For More Information Contact:
David Bubier
President
Main Street Bank
Thomas Depping
Chairman
Main Street Investment Partners |
