Millennium Bankshares Corporation Shareholders Approve Increase in Authorized Common Stock and Reverse Stock Split
February 12 2010 - 1:08PM
Business Wire
Shareholders of Millennium Bankshares Corporation (OTCBB:MBVA)
met on February 9, 2010 in a special meeting to vote upon several
important matters that affect the future of the holding company
(the “Company”) and its wholly owned subsidiary, Millennium Bank,
N.A. Three of the four proposals, which amend the Company's
Articles of Incorporation, were approved by a super-majority
(66.67%) of the shares outstanding. They are as follows. First, a
substantial increase in the authorized common stock was approved,
and the par value per share of the common stock was reduced to
$0.01 as is the common practice of most companies. Second, a
reverse stock split at a ratio to be determined by the Board of
Directors was approved, after which the number of authorized shares
of common stock will be adjusted. The last proposal approved was
the deletion of a certain paragraph in the Articles of
Incorporation which contains outdated and unneeded information.
This was a housekeeping matter only.
John F. (Jack) Novak, President and CEO of Millennium
Bankshares, said, "The approval of these proposals gives us the
ability to take the next step in our efforts to become a healthy
and prosperous organization, seeking additional capital. The sole
proposal that was not approved at the special meeting of
shareholders was the name change for the Company. We are aware of
the reasons that this proposal was turned down and hope to address
this matter again in the near future."
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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