MBVA Millennium Bankshares Corporation (CE)

Millennium Bankshares Corporation (OTCBB:MBVA) today announced that the Board of Directors had taken the final step in effecting the proposal, previously approved by its shareholders, for a reverse stock split. Millennium shareholders authorized the Board of Directors to approve a reverse stock split at a ratio of between one-for-ten and one for-fifty at a special shareholders’ meeting held February 9, 2010. The Directors approved a stock split ratio of one-for-fifty. The effective date for the reverse stock split is March 8, 2010 at 5:00 PM. Shareholders will receive one share of MBVA for every fifty shares of MBVA they hold. The reverse stock split will not affect any shareholder’s percentage of ownership interests in the Company and will not result in a dilution of their ownership position, except to the extent that they are entitled to cash in lieu of fractional shares. The 8,927,461 outstanding shares prior to the Stock Split will be split adjusted to 178,537 shares once fractional shares are purchased. Investors are advised to take care in trading the Company’s shares in the interim period pending the effectiveness of the reverse stock split. It is expected that the price for shares will adjust for the reverse split commencing with trading on March 8, 2009.

Jack Novak, President and CEO of Millennium Bankshares, said, "The approval of the reverse stock split ratio of 1:50 is another of many successful initiatives the Company has implemented during the last twelve months that are contributing to the revitalization of our bank in a challenging economy. The reverse stock split will position our stock at a level that will assist us as we seek 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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