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

The company has grown in recent years with the increase in population and affluence in areas such as Loudoun County. Profit increased 12 percent, to $8 million, in 2006. Its loan portfolio rose 9 percent, to $564.8 million, for the year, and deposits rose 4 percent, to $570.6 million.
In July, Middleburg issued 676,552 shares of its common stock in a public stock offering. The public price of $31 per share resulted in net proceeds of $19.7 million. During its fourth quarter, the company lost $305,000 because of a restructuring of its investment portfolio. Its wealth management operations fell 49 percent, to 6 cents per diluted share.
In March of this year, Middleburg named Gary Shook president. Shook replaced Joseph L. Boling, who will continue to serve as chief executive and chairman.
The company has experienced many changes on its board of late with the death of Robert Gilkison last January; the resignations of Louis Matrone, also that month, and Gary LeClair the previous March; and the elections of John Lee IV and Jan Neuharth in November.

2006 Financial Data

Net Income: $8,018,000
Asssets: $772,305,000 | Earnings Per Share: $1.90
Stockholder Equity: $77,898,000 | Annual Dividend: $0.76
Total employees: 168 | Local employees: 168