Millennium Bank (MBVA) Sells Warrenton, Virginia Branch to Sonabank (SONA)
Millennium Bankshares Corporation (OTCBB: MBVA) announced that Millennium Bank, N.A., its wholly owned subsidiary, has entered into a purchase and assumption agreement to sell its branch in Warrenton, Virginia, to Sonabank, a wholly owned subsidiary of Southern National Bancorp of Virginia, Inc. (NASDAQ: SONA). The Agreement provides that Sonabank will assume certain deposits, fixed assets, and certain of the outstanding loans. Sonabank also agreed to retain all branch-based employees of Millennium at the Warrenton Branch as part of the transaction.
In the aggregate, the transaction covers approximately $26 million in deposits and approximately $26 million in loans. Under the terms of the Agreement, approximately half of the loans are scheduled to be transferred to Sonabank in late July. The remaining loans and deposits are expected to be transferred on September 28, 2009, subject to regulatory approval. Scott & Stringfellow, LLC advised Millennium on the sale of the Warrenton Branch. [SM]
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