Industries Banking/Finance

Middleburg Bank gets approval for Richmond office

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Middleburg Financial Corp., the parent company of Middleburg Bank, reported yesterday that it has received regulatory approval to open a banking office in Richmond.

The Middleburg-based company made the announcement as it released its second-quarter earnings. Profits for the three-month period ending June 30 were up 66 percent from the same quarter last year.

Middleburg Bank’s Richmond office will share space on Main Street with Middleburg Trust Co. The site is the former Tredegar Trust Co., which was acquired by Middleburg Financial in 1997. The trust company’s name was changed in 2005.

For the second quarter, Middleburg Financial reported net income of $1.2 million, or 17 cents per diluted share.

Total revenue was $15.4 million, up 6.4 percent in comparison to the second quarter of 2010.

Total assets at the end of the quarter rose 5.6 percent to $1.1 billion, while deposits increased 5 percent to $43 million.

Middleburg Financial is a holding company with two subsidiaries: Middleburg Bank and Middleburg Investment Group, which includes Middleburg Trust.

Middleburg Bank has offices in Loudoun, Fairfax and Fauquier counties.

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