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Millennium Bankshares Corporation Shareholders Approve Three Proposals at Annual Shareholders Meeting

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Millennium Bankshares Corporation Shareholders Approve Three Proposals at Annual Shareholders Meeting Powered By Docstoc
					Millennium Bankshares Corporation Shareholders
Approve Three Proposals at Annual Shareholders
Meeting
May 07, 2010 11:23 AM Eastern Daylight Time  

STERLING, Va.--(EON: Enhanced Online News)--Shareholders of Millennium Bankshares Corporation
(OTCBB:MBVA) met on May 6, 2010 at the annual shareholders meeting to vote upon several important matters
that affect the holding company (the “Company”) and its wholly owned subsidiary, Millennium Bank, N.A. Three
proposals were approved by the shareholders and are as follows: One Class B director to serve a term ending in
2013, one Class C director to serve a term ending in 2011, and the ratification of Elliott Davis, LLC as the
Company’s independent accounting firm for 2009.

At the meeting, management discussed the financial results of operations for the calendar year 2009 and the first
quarter of 2010. Jack Novak, President and CEO of Millennium Bankshares, said, “The results of the directors’ and
the new management team’s efforts to address and resolve problem loans are clearly evident as you review the
numbers. Since September 30, 2009, our nonaccrual loans have increased only $661,000 for the fourth quarter of
2009 and $514,000 for the first quarter of 2010. Nonaccrual loans were $13.0 million at September 30, 2009 and
$7.3 million as of March 31, 2010, a reduction of 44%, even with the additions previously mentioned. Loans 30-89
days past due were $335,000 as of March 31, 2010, down from $1.4 million at September 30, 2009, a reduction
of over $1 million or 76%. These initiatives are continuing, and as a result, the bank resolved over $1 million in
problem assets during the month of April in addition to the nonperforming assets worked out in the last two quarters.
Our OREOs have had a small decrease since September of 2009 from $9.5 million to $9.2 million as of April 30,
2010. These numbers unquestionably reflect a significant drop in our problem assets. From an operational
perspective, our net interest margin increased 65% from the month of March 2009 to the month of March this year,
and we are continuing to reduce our cost of funding and overhead expenses while positioning the bank for the
recovering economy. The Company had an operating loss for 2009 of $11.4 million, or an average of $2.8 million
per quarter, which, when compared to our operating loss of $1.2 million for the first quarter of 2010, is a reduction
of over 57%. Our branches are located in two of the wealthiest counties in the country and are part of the
Washington MSA, one of the most stable areas in the nation. Our primary strategy of penetrating the small business
market is starting to bear fruit as evidenced by the increasing number of inquiries and referrals to our relationship
managers. These efforts and results have positioned us to be better able to achieve our next, and most important
strategic initiative, the raising of capital.” 

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 Sterling, Virginia. It was incorporated in
1998 and began operation in April 1999. Millennium provides commercial and consumer banking services through
Millennium Bank, National Association. Millennium Bank is a nationally chartered community bank with three
banking offices in Northern Virginia (the Main Office in Sterling and branches in Reston and Herndon). The bank
provides a broad range of commercial and retail banking services designed to meet the needs of small- to medium-
sized businesses and consumers in the communities it serves. Millennium's Internet address is
www.millenniumbankshares.com.

Contacts
Millennium Bankshares Corporation
John F. (Jack) Novak, President and CEO
703-467-3472
jnovak@millenniumbank.com
or
Mark A. Jeffries, EVP and CFO
703-464-1962
mjeffries@millenniumbank.com

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Description: STERLING, Va.--(EON: Enhanced Online News)--Shareholders of Millennium Bankshares Corporation (OTCBB:MBVA) met on May 6, 2010 at the annual shareholders meeting to vote upon several important matters that affect the holding company (the “Company”) and its wholly owned subsidiary, Millennium Bank, N.A. Three proposals were approved by the shareholders and are as follows: One Class B director to serve a term ending in 2013, one Class C director to serve a term ending in 2011, and the ratification a style='font-size: 10px; col
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