Middleburg Bank Captures #1 Market Share
New FDIC report shows Middleburg Bank is growing deposits faster than the overall market.
MIDDLEBURG BANK CAPTURES #1 MARKET SHARE IN LOUDOUN COUNTY; SCORES BIG GAINS IN RESTON AND FAUQUIER COUNTY.
– New FDIC report shows Middleburg Bank growing faster than the market –
MIDDLEBURG, Va. – October 20, 2009 – Middleburg Bank, a wholly owned subsidiary of Middleburg Financial Corporation (Nasdaq: MBRG) announced today that the new FDIC deposit report confirmed that the bank has captured the number one market share in Loudoun county and registered significant gains in market share in Reston and Fauquier County. The FDIC report also revealed that over the past year, Middleburg Bank has grown its deposits at a faster rate than the overall market, resulting in market share gains across the board.
In Loudoun County, Middleburg Bank grew deposits by 22% during the past year, significantly exceeding the overall deposit growth rate of 15% in the county. This strong deposit growth earned Middleburg Bank the #1 market share in the county, with 19.15% of all deposits.
The bank achieved equally impressive growth in its other key markets of Reston and Fauquier County. In Reston, Middleburg Bank grew deposits by 210% compared to overall deposit growth of just 3.6% for all of Reston. This growth enabled the bank to more than double its market share. In Fauquier County, the bank saw similarly impressive growth, as its deposits increased over 47% compared to the county’s deposit growth rate of only 4.6%. This above-market growth rate increased Middleburg Bank’s market share by 41%.
“We are proud of the strong deposit growth we have achieved in each of our markets” said Gary R. Shook, President and CEO of Middleburg Bank. “Our ability to grow deposits at a much faster rate than the overall market is a reflection of the trust and confidence individuals, families and businesses have in our 85 year-old institution” noted Mr. Shook. “Throughout our long history, we have weathered many financial ups and downs and it’s clear that our clients have once again turned to the safety and stability of our bank during the economic uncertainties of the past year. The confidence our clients have shown in us this past year is a reflection of our commitment to being the neighbors you can bank on.”
The FDIC’s annual Deposit Market Share report provides a snapshot of the deposits at all FDIC-insured institutions as of June 30th each year. More information can be found at www.fdic.gov.
Middleburg Bank locations are conveniently located in Middleburg, Purcellville, Leesburg, Ashburn, Reston, Warrenton and Marshall. Additional information on these locations can be found at www.middleburgbank.com.
About Middleburg Financial Corporation
Middleburg Financial Corporation is headquartered in Middleburg, Virginia and has two wholly owned subsidiaries, Middleburg Bank and Middleburg Investment Group, Inc. Middleburg Bank serves Loudoun, Fairfax, and Fauquier Counties in Virginia with eight financial service centers. Middleburg Investment Group owns Middleburg Trust Company and Middleburg Investment Advisors, Inc. Middleburg Trust Company is headquartered in Richmond, Virginia with a branch office in Middleburg and Williamsburg. Middleburg Investment Advisors, Inc. is an SEC registered investment advisor located in Alexandria, Virginia.