Millennium Bankshares 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 14, 2008
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
Item 2.01 Completion of Acquisition or Disposition of Assets
On March 14, 2008, Millennium Bank, N.A. (the Bank), the wholly owned subsidiary of Millennium Bankshares Corporation (the Company) completed the sale of its two Richmond, Virginia branches to EVB, the wholly owned subsidiary of Easter Virginia Bancshares, Inc. The combined deposits of the two branches totaled $91.9 million at the closing. Included in the sale were loans generated by the branches totaling $48.9 million. EVB paid Millennium a 9.25% premium on the deposits, plus the net book value of the loans. The pre-tax gain on the sale amounted to $8.5 million.
Item 9.01 Financial Statements and Exhibits
(1) Incorporated by reference to the Companys Current Report on Form 8-K filed on December 4, 2007.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 18, 2008