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--New Chairman of the Board of Millennium Bankshares Corporation
--New Chairman of the Board of Millennium Bank, N.A.
Millennium Bankshares Corporation today announced that on January 1, Richard I. Linhart resigned his duties as Chairman, President and Chief Executive Officer of Millennium Bankshares and Millennium Bank, N.A., effective January 31, 2009. Mr. Linhart cited personal reasons for making his decision. He remains committed to assisting the management of Millennium as needed. Mr. Linhart plans to retire to his home in Williamsburg, Virginia.
On January 12, 2009, the Board of Directors appointed new Interim President and Chief Executive Officer John F. Novak. Mr. Novak is currently Executive Vice President and Chief Operating Officer of Millennium Bankshares and Millennium Bank, N.A. With a wealth of experience in banking, and particularly in retail banking and lending, Mr. Novak is expected to keep the company on track during this period of transition. He steps into his new role with the support of senior management and the Millennium staff. He is expected to assume his responsibilities immediately. Looking ahead, he says, "Dick Linhart has done a great job in leading the Bank through some very rough patches. Hopefully, with the groundwork laid and the vision clearly defined, the organization can move more quickly toward becoming, once again, a competitive, profitable community bank in the Northern Virginia market."
In addition, the Board of Directors appointed Grayson P. Hanes, attorney with Reed Smith in Falls Church, Virginia, as Chairman of the Board of Millennium Bankshares. Mr. Hanes has been a director since 2005 and brings a strong business acumen and legal background to his new position. The Board of Millennium Bank, N.A. also met yesterday and appointed its new Chairman of the Board, Joseph W. Paulini, President of Express Greeting Cards, L.L.C., an international manufacturing and importing business in Vienna, Virginia. He has been a director of the Bank for five years, serving from 1999 through 2003 and was reelected in January 2008.
About Millennium Bankshares
Millennium Bankshares Corporation is a bank 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 with four offices located in Reston, Herndon, Sterling and Warrenton. The bank's broad range of commercial and retail banking services are designed to meet the needs of businesses and consumers in the communities it serves. The bank's internet address is www.millenniumbank.com.
SOURCE: Millennium Bankshares Corporation
Millennium Bankshares Corporation John F. Novak, Interim President and CEO 703-467-3472 or Dale G. Phelps, Executive Vice President and CFO 703-464-1962
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