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 Report (Date of earliest event report): February 20, 1996
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MAINSTREET BANKGROUP INCORPORATED
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(Exact name of as specified in charter)
Virginia 0-8622 54-1046817
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
P. O. Box 4831, Martinsville, Virginia 24115
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
540-632-2971
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Item 5. OTHER EVENTS
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MainStreet BankGroup Incorporated announced on February 20, 1996
that the Board of Directors had declared a two-for-one stock
split, in the form of a 100% stock dividend.
This will be payable March 15, 1996 to stockholders of record
March 4, 1996. Shareholders will receive one additional share of
stock for each share held on the record date. The Board also
increased the quarterly dividend 15% to $.115 per post-split
share, payable March 29, 1996 to shareholders of record March 15,
1996. Current shares issued and outstanding at February 20, 1996
were 4,286,522. The stock split will increase the shares issued
and outstanding to 8,573,044. This may vary if stock options are
exercised prior to record date of stock split.
The Board of Directors of MainStreet BankGroup Incorporated also
resolved that the Articles of Incorporation should be amended to
increase the authorized shares of common stock from 10,000,000 to
20,000,000.
Item 7. Financial Statements and Exhibits
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(a.) Not applicable
(b.) Not applicable
(c.) Exhibits
Exhibit 20 - Press release from Registrant announcing
stock split.
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of
the Securities and Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
(Registrant) MAINSTREET BANKGROUP INCORPORATED
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By: JAMES E. ADAMS
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James E. Adams, Senior Vice
President, Treasurer, Chief
Financial Officer
Date: February 23, 1996
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Exhibit Number
Pursuant to Regulation S-K Description of Exhibit
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20 Press Release from Registrant
announcing stock split
Exhibit 20
MAINSTREET BANKGROUP INCORPORATED
P.O. Box 4831, One Ellsworth Street, Martinsville, Virginia 24115
James E. Adams
SVP & Chief Financial Officer (540) 666-3106
Tuesday, February 20, 1996
MainStreet BankGroup Incorporated Declares
Two For 1 Stock Split
In The Form Of A 100% Stock Dividend
Martinsville, VA, February 20, 1996. The Board of Directors of
MainStreet BankGroup today declared a two-for-one stock split, in
the form of a 100% stock dividend, payable March 15, 1996 to
stockholders of record March 4, 1996. Shareholders will receive
one additional share of stock for each share held on the record
date.
Commenting on the stock split, Michael R. Brenan, Chairman,
President and Chief Executive Officer remarked, "MainStreet has
just concluded the best year in its history. More importantly, we
believe we are well positioned to continue the performance trends
established during 1995. We remain focused on increasing our core
earnings in 1996 and the board's decision to split the stock is a
reflection of their confidence and continued optimism". Brenan
added, "The board also increased the quarterly dividend 15% to
$.115 per post-split share, payable March 29, 1996 to
shareholders of record March 15, 1996. This increase raises our
post-split annual dividend from $.385 per share to $.46 per
share, or 19%".
MainStreet BankGroup Incorporated is a multi-community bank
holding company headquartered in Martinsville, Virginia with
total assets of $896 million at
December 31, 1995.
