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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
DATE OF REPORT (Date of Earliest Event Reported): May 12, 2000
MAIN STREET BANCORP, INC.
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA
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(State or other jurisdiction of incorporation)
0-24145 23-2960905
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(Commission file number) (IRS employer ID)
601 Penn Street, Reading, PA 19603
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (610) 685-1400
NONE
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(Former name, address and fiscal year, if changed since last report.)
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Item 5. Other Events
On May 12, 2000, Main Street Bank, a wholly-owned subsidiary of Main Street
Bancorp, Inc. (the "Company"), closed Granite Mortgage Company, a wholly-owned
subsidiary of the Bank based in Springfield, Virginia. A copy of the Bank's
Press Release announcing the closure of Granite Mortgage Company is attached
hereto as Exhibit 99 and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99 Press Release of Main Street Bank dated May 12, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Main Street Bancorp, Inc.
Date: May 15, 2000 /s/ Albert L. Evans, Jr.
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Albert L. Evans, Jr., Chairman of the Board
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EXHIBIT INDEX
Exhibit No. Description
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99 Press Release of Main Street Bank dated May 12, 2000
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Exhibit 99
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MAIN STREET BANCORP, INC.
601 PENN STREET
READING, PA 19603
FOR IMMEDIATE RELEASE CONTACT: Robert D. McHugh
MAY 12, 2000 Executive Vice President
and Chief Financial Officer
(610) 685-1400
Andrew J. Rothermel
Vice President and General
Counsel
(610) 685-1400
MAIN STREET BANK
ANNOUNCES CLOSURE OF GRANITE MORTGAGE CORPORATION, INC.
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Reading, PA, May 12, 2000 -- The Board of Directors of Main Street Bank
announces that the Bank has ceased its Virginia mortgage operations at Granite
Mortgage Corporation, Inc., a wholly-owned subsidiary of the Bank based in
Springfield, Virginia.
Albert L. Evans, Jr., Chairman of the Board, stated "The Board of Directors
has become increasingly concerned over the profitability prospects of Granite
Mortgage Corporation. The closure of Granite is in line with the Board's and
management's renewed focus on profitability as opposed to expansion."
"We believe that profitability can best be enhanced by concentrating our
activities in our core market area," continued Evans.
The Bank anticipates recording a one-time charge of approximately $2.6
million to reflect liabilities accrued with respect to Granite Mortgage
Corporation, Inc.
Main Street Bank is a state-chartered FDIC-insured community bank and a
wholly-owned subsidiary of Main Street Bancorp, Inc. (NASDAQ, NMS: MBNK), a
Pennsylvania corporation and registered bank holding company headquartered in
Reading, Pennsylvania.
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