UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 19, 2007
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MIDDLEBURG FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Virginia (State or other jurisdiction of incorporation) | 0-24159 (Commission File Number) | 54-1696103 (I.R.S. Employer Identification No.) | |
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111 West Washington Street Middleburg, Virginia (Address of principal executive offices) |
20117 (Zip Code) | ||
Registrant’s telephone number, including area code: (703) 777-6327
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.06 | Material Impairments. |
On December 19, 2007, the Registrant’s board of directors concluded that an impairment charge with respect to the carrying value of Middleburg Bank’s (a wholly-owned subsidiary of the Registrant) ownership interest in Southern Trust Mortgage, LLC (“Southern Trust Mortgage”) is required under generally accepted accounting principles. The impairment of value primarily results from earnings declines associated with the slowdown in loan production volume and the increases to loan loss reserves. As a result, for the quarter ending December 31, 2007, the Registrant expects to record a non-cash impairment charge of approximately $5.0 million for the impairment of the carrying value assigned to Southern Trust Mortgage.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MIDDLEBURG FINANCIAL CORPORATION
(Registrant)
Date: December 27, 2007 | By: /s/ Joseph L. Boling |
Joseph L. Boling
Chairman and Chief Executive Officer