Millennium Winding Down Mortgage Op Subs

Millennium Bankshares Corp., Reston, Va., has announced that it is winding down its mortgage operating subsidiaries and will take any related one-time charges in its fourth-quarter results for 2006.The company said it has not yet determined the amount of wind-down costs, and will delay its year-end earnings announcement until the amount of the one-time charges can be determined. "Although the mortgage banking business was profitable under the restructuring which took place in September 2005, management determined that it was in the company's best interest to focus its efforts solely on core banking strategies," said Carroll C. Markley, Millennium's chief executive officer. "We were concerned about future volatility in earnings as a result of the soft housing market and wanted to eliminate ... the risks normally associated with mortgage banking activities." The company can be found online at http://www.millenniumbank.com.