SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 ):
July 17, 1998
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MAINSTREET FINANCIAL CORPORATION
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(Exact name of as specified in charter)
Virginia 0-8622 54-1046817
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(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
P.O. BOX 4831, Martinsville, Virginia 24115-4831
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(Address of principal executive offices)(Zip Code)
Registrants telephone number, including area code:
540-666-6724
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Item 5. Other Events
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This current report on Form 8-K is being filed by MainStreet
Financial Corporation (MainStreet, "Registrant") to report that
the Registrant completed its acquisition of Ballston Bancorp,
Incorporated, a Delaware corporation, on July 17, 1998, having
received all required regulatory and shareholder approvals.
The shareholders of Ballston Bancorp, Incorporated
("Ballston") met July 15, 1998 and approved the merger. Shares
voted for the acquisition of Ballston by MainStreet were
1,444,398, or 89.19%, of the 1,619,474 eligible voting shares
outstanding. Holders of no shares abstained, and no shares were
voted against the acquisition. Shares not voted were 175,076, or
10.81%.
Under terms of the agreement, each shareholder of Ballston
common stock was to receive the equivalent of $12.04 per share
for each share held of Ballston stock. This resulted in an
exchange ratio of .4310 shares of MainStreet's common stock for
each share of Ballston stock.
MainStreet is a multi-community bank holding company
headquartered in Martinsville, Virginia. It owns twelve
community banks ( 49 offices), and two nonbanking subsidiaries.
One nonbank subsidiary is a trust company chartered as a limited
purpose national banking association and the other is a trust
formed under the laws of the State of Delaware, exclusively for
the purpose of issuing Trust Securities and investing the
proceeds in 8.90% Junior Subordinated Deferrable Interest
Debentures issued by the Registrant. MainStreet had total assets
of $2.0 billion at June 30, 1998. MainStreet currently serves
the following markets: City of Martinsville and Henry County;
the City of Galax, Town of Hillsville and Carroll and Grayson
Counties; the Towns of Ferrum and Rocky Mount and Franklin
County; the Town of Forest, City of Lynchburg and Bedford,
Campbell and Amherst Counties; the Town of Stuart and Patrick
County; the Towns of Saltville and Chilhowie and Smyth County;
the City of Clifton Forge and Alleghany County; the City of
Richmond and the Towns of Ashland and Mechanicsville and the
Counties of Hanover, Henrico and Chesterfield; the County of
Fairfax and the Cities of Reston and McClean, Virginia; the
cities of Ballston, Falls Church, Alexandria, and Arlington; the
counties of Arlington, Fairfax and Loudoun; the town of College
Park, and the counties of Prince George and Montgomery, Maryland
and contiguous areas.
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Signatures
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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.
MAINSTREET FINANCIAL CORPORATION
Date: July 20, 1998 By: /s/ James E. Adams
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James E. Adams
Executive Vice President,
Chief Financial Officer/
Treasurer
