Middleburg Cites Mortgage-Linked Charge

Middleburg Financial Corp., Middleburg, Va., has announced that it expects to record a noncash impairment charge of approximately $5 million in the fourth quarter in connection with the carrying value of Middleburg Bank's ownership stake in Southern Trust Mortgage LLC.The bank's 41.8% ownership interest in Southern Trust was valued at $9.7 million as of Sept. 30, the company said. "The impairment of value primarily results from earnings declines associated with the slowdown in loan production volume and the increases to loan loss reserves," Middleburg Financial said. The company can be found on the Web at http://www.middleburgbank.com.