Millennium Bankshares has announced that its subsidiary, Millennium Bank, has completed the sale of its Richmond and Virginia branches to Eastern Virginia Bank. The combined deposits of the two branches totaled $91.9 million at the closing.
The sale also included the loans generated by the branches which totaled around $48.9 million. Millennium will record a pre-tax gain on the sale of $8.5 million.
Following the sale, Millennium will have total assets of approximately $388 million, an outstanding loan portfolio of $232 million and deposits of $269 million.