Millennium Bankshares Corporation today announced it will exit its mortgage banking activities, citing the effects of a soft housing market. â€œWe were concerned about future volatility in earnings as a result of the soft housing market and wanted to eliminate, going forward, the risks normally associated with mortgage banking activities,â€? said Carroll C. Markley, CEO of Millennium. Management has not determined the amount of wind-down costs that may be incurred as a result of this action, but said it intends to take any one-time charges associated with exiting the business in the fourth quarter 2006.
Millennium said it will delay the release of year-end earnings statements, so the amount of these charges can be determined. Millennium Bankshares Corporation is a financial 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 seven banking offices â€“ five in Northern Virginia and two in the Richmond metropolitan area.