ROANOKE TIMES 
                      Copyright (c) 1996, Roanoke Times

DATE: Saturday, May 4, 1996                  TAG: 9605060038
SECTION: BUSINESS                 PAGE: A-6  EDITION: METRO 

IN BUSINESS

MainStreet affiliates with Hanover Bank

MainStreet BankGroup Inc. of Martinsville said Friday it has entered an agreement to affiliate with Hanover Bank of Mechanicsville, which serves Hanover and Henrico counties near Richmond.

Under terms of the agreement, which is subject to approval by regulators and Hanover shareholders, MainStreet will pay Hanover shareholders the equivalent of $15.25 a share of common stock, making the transaction worth about $24.6 million.

Based on the current price, Hanover stockholders would get 0.953 of a share of MainStreet for each share of Hanover.

MainStreet is composed of six community banks with 29 offices. An affiliation with First National Bank of Clifton Forge is pending. As with other member banks, Hanover would retain its name.

- Staff report

Bankruptcies

Seven bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Three of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.

* Mountain Ridge Holdings I of Clinton, N.Y., a limited partnership that owns the Mount Regis Village Apartments in Salem, filed for reorganization and protection from creditors. Assets and liabilities were both estimated at more than $1 million.

* Low Vein Coal Co. Inc. of Richlands filed for liquidation. The company estimated both assets and liabilities at less than $50,000.

* Ivy Branch Coal Co. Inc. of Honaker filed for reorganization and protection from creditors. The company had assets of $45,050 and liabilities of $447,782.

* Velma Roberson Reed of Floyd, trading as Reed's Lumber Mill, filed for a wage-earner plan for repayment of debts. She listed assets of $370,480 and liabilities of $362,332.

* Debra Jean Hockett of Blacksburg filed for liquidation with assets of $404,682 and liabilities of $1,581,869. She also is known as Debra J. Hockett M.D., P.C., and as Hockett Psychiatric Associates.

* Bradley A. Potter of Hurley filed for liquidation with assets of $44,912 and liabilities of $104,370. He trades as Bradley Potter Trucking Co.

* Robert Edward Seibel of Willis, who formerly did business as Take Me Home Pizza, filed for a wage-earner plan for repayment of debts. He listed assets of $84,627 and liabilities of $111,864.

LENGTH: Medium:   52 lines