MIDDLEBURG, Va., July 28, 2016 /PRNewswire/ -- Middleburg
Financial Corporation (the "Company") (Nasdaq: MBRG) today
announced that Joseph L. Boling
informed the Board of Directors of his decision to retire from his
position as Chairman of the Board, effective immediately. The
Board has appointed John C. Lee IV,
a Director since 2006, to succeed Mr. Boling as Chairman of the
Board and has appointed Mr. Boling as Chairman Emeritus.
"On behalf of the entire Board and management team, I would like
to thank Joe for his exceptional leadership and guidance, his
tireless efforts to grow Middleburg Financial Corporation and his
countless personal and professional contributions to the Company,"
said Mr. Lee. "During Joe's tenure as Chairman, Middleburg
Bank has grown from a community bank with a single location into a
diversified financial services company that provides commercial
banking, investment, trust, and mortgage services throughout
Virginia. I am honored to succeed Joe in the role of Chairman
and look forward to continuing to utilize my experience and
expertise as I work with the Board and management team to continue
the legacy of community commitment, exceptional client service and
enhanced shareholder value by driving profitability, improving
efficiency and managing risk."
Mr. Lee, 59, founded Lee Technologies in 1983 and developed it
into a total lifecycle solutions provider for business-critical
data center infrastructure supporting some of the most demanding
Fortune 1000 companies and government agencies in the world. Mr.
Lee created a unique corporate culture within the company,
incorporating a professional working atmosphere with a social and
philanthropic commitment to community and a balance between work
and family obligations. His powerful and creative leadership led to
the success of Lee Technologies which was sold in 2011 to Schneider
Electric. Mr. Lee serves on various corporate Boards including
Canara (Columbia Capital), Primary Integration (Rotunda Capital),
RedPeg Marketing and Aegis Mobile. Mr. Lee also serves on
various non-profit Boards including the Wolf Trap Foundation for
the Performing Arts (Chairman 2012-2014), Virginia Tech Board of
Visitors (2011-2015), Cal Ripken Sr.
Foundation, Loyola University Maryland
Board of Trustees, Northern Virginia Technology Council (Chairman
2005-2008) and The Economic Club of Washington, D.C. He holds a Bachelor of Arts
in Economics from Randolph-Macon
College in Ashland,
Virginia, and resides with his wife in Middleburg, Virginia, and Washington, D.C.
Mr. Boling, 72, has served as a Director of Middleburg Financial
Corporation since 1993 and as Chairman of the Board since 1997.
From 1997 to 2010, Mr. Boling served as Chief Executive Officer of
the Company and served as President and Chief Executive Officer
from 1993 to 1997. Since Mr. Boling's appointment as a Director in
1993, the Company has experienced substantial growth and change. At
the onset of his tenure, to prepare for the transition to future
growth and profitability, the Company was reorganized and
transitioned to a new state chartered holding company and member of
the Federal Reserve system. With his leadership, total outstanding
shares increased from 448,000 in 1993 to over 7,000,000 by the end
of 2015. Total capital has grown from $16.2MM to $123.6MM
during the same period. The single location in Middleburg in 1993 has grown to 12 locations
serving communities throughout Virginia today.
In addition, Middleburg Financial Corporation implemented a
number of value enhancing actions, including launching Middleburg
Investment Group, purchasing Richmond,
Virginia based Tredegar Trust Company, and launching the
mortgage division. Perhaps the most notable accomplishments are the
extreme commitment to community that Mr. Boling imbedded into the
corporation, the Corporate growth from $120MM in assets to over
$1.3B and, in 2005, hiring
Gary R. Shook, who is now President
and CEO of the Company.
Mr. Shook remarked, "Joe Boling
has been a leader in Virginia
banking over the majority of my career. I consider myself
privileged to have had the opportunity to serve directly with him
these past eleven years and look forward to drawing upon his wise
counsel as Chairman Emeritus for many more years to come."
"I feel deeply privileged to have served Middleburg Bank for the
past 23 years as the Company has grown significantly and provided
tremendous value and service to shareholders, clients and
communities throughout Virginia,"
said Mr. Boling. "With the Company on strong financial and
operational footing and poised for continued value creation, I feel
that now is the right time for me to retire. Middleburg
Financial Corporation is in excellent hands with a deeply
experienced Board and talented management team, led by John Lee as Chairman and Gary Shook as CEO. I know that the Company
will continue to thrive and create shareholder value as it executes
on its strategic growth initiatives, and I am committed to ensuring
a smooth transition."
About Middleburg Financial Corporation
Middleburg Financial Corporation (MBRG) is a bank holding
company headquartered in Middleburg, Virginia. The Company
conducts its primary operations through two wholly owned
subsidiaries, Middleburg Bank and Middleburg Investment
Group. Middleburg Bank was chartered in 1924 and operates
full service financial service centers in Middleburg, Leesburg, Purcellville, Ashburn, Reston, Gainesville, Williamsburg, Warrenton, Richmond and Marshall, Virginia. Middleburg
Investment Group is accessible at any financial service center and
has offices in Alexandria,
Middleburg, Richmond and Williamsburg.
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SOURCE Middleburg Financial Corporation