Millennium Bankshares Corporation Shareholders Approve Three Proposals at Annual Shareholders Meeting
May 07 2010 - 11:17AM
Business Wire
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.
Millennium Bankshares (CE) (USOTC:MBVA)
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