Middleburg Financial Corp. / MBRG

About Middleburg Financial Corp.

111 W. Washington St., Middleburg, Va. 20117
www.middleburgbank.com | 703-777-6327 | Founded: 1924

Industry: Banking | Category: Banks

Middleburg Financial invested heavily in recent years to take advantage of the growing affluence of its Loudoun County base. The company sacrificed some profitability growth in 2004 and 2005 to build, outfit and staff bigger and more retail locations where all of its services could be offered under one roof, including consumer banking, investment advisory and mortgage banking. The company spent $741,000 last year to build a branch in Warrenton and spent $871,000 to expand its offerings and staff at its Reston location.
While these costs dampened profits, one result has been a dramatic increase in assets held by Middleburg Bank, which grew 22 percent last year. Middelburg's loan portfolio, the biggest driver of its revenue, grew 50 percent last year to $520 million.
With five of its seven branches in Loudoun County, Middleburg bank held 19 percent of the county's retail bank deposit market share as of June 2005, second to only BB&T, which had a 22 percent share at its 12 county offices.
Middleburg has been in business since 1924, with deep roots in Loudoun County's farming and business community. Its biggest shareholder is Millicent W. West, 84, a longtime Garden Club volunteer and 20-year Middleburg director, whose 12 percent stake is worth more than $15 million, according to securities filings.

2005 Financial Data

Net Income: $7,174,000
Asssets: $739,911,000 | Earnings Per Share: $1.84
Stockholder Equity: $53,476,000 | Annual Dividend: $0.76
Total employees: 185 | Local employees: 185