MBVA Millennium Bankshares Corporation (CE)

Millennium Bankshares Corporation (OTCBB:MBVA) announced today that its wholly owned subsidiary, Millennium Bank, N.A. has completed the sale of its Warrenton, Virginia branch to Sonabank , a wholly owned subsidiary of Southern National Bancorp of Virginia, Inc. (NASDAQ:SONA), effective the close of business Friday, September 25. In the sale, Sonabank assumed approximately $26.6 million in deposits and purchased loans totaling $23.5 million and certain other fixed assets. The transaction is expected to be a breakeven event. Scott & Stringfellow, LLC advised Millennium on the sale of the Warrenton branch.

John F. Novak, President and CEO of Millennium, stated, “Millennium’s decision to sell the Warrenton branch is part of its comprehensive strategic plan, which will allow us to focus on our core footprint in the Northern Virginia market and further strengthens our regulatory capital position. The branch sale is one of a number of steps contained in our plan which seeks to reposition the bank to enhance and implement our small business banking strategy with local companies and their professionals. Over the last few months our relationship managers have been directing more of their time and efforts in this arena, which has resulted in the development of new customer relationships in the small business market segment. Each milestone in our strategic plan to date has been successfully completed. As a community bank, we are committed to reinvesting in the people and businesses in our market during these trying economic times.”

Forward-Looking Statements

This news release contains comments, information and guidance that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include a failure to maintain effective systems of internal and disclosure control; management changes; changes in interest rate relationships; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies and litigation; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors. Millennium Bankshares undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

About Millennium Bankshares

Millennium Bankshares Corporation is a holding company headquartered in Reston, Virginia. It was incorporated in 1998 and began operations in April 1999. Millennium provides commercial and consumer banking services through Millennium Bank, National Association. Millennium Bank is a nationally chartered community bank that provides a broad range of commercial and retail banking services designed to meet the needs of businesses and consumers in the communities it serves. The company’s internet address is www.millenniumbankshares.com

Millennium Bankshares (CE) (USOTC:MBVA)
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