Middleburg Financial Corporation Completes Common Stock Offering

MIDDLEBURG, Va., Aug. 10 /PRNewswire-FirstCall/ -- Middleburg Financial Corporation (the "Company") announced today that it has completed the public offering of its common stock previously announced on July 27, 2009. In the offering, for which Scott & Stringfellow, LLC was the sole underwriter, the Company issued 1,700,000 shares of its common stock on July 31, 2009 at a price of $10.75 per share for gross proceeds of approximately $18.3 million. As the result of the underwriter's full exercise of its option to purchase additional shares, the Company issued an additional 208,598 shares on August 10, 2009 at a price of $10.75 per share for additional gross proceeds of approximately $2.2 million.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the "SEC") and is effective. A copy of the prospectus may be obtained from Scott & Stringfellow, LLC at 909 East Main Street, Richmond, VA 23219 or by telephone at [phone].

Caution About Forward-Looking Statements

Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and other filings with the SEC.

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.

Middleburg Financial Corporation

CONTACT: Joseph L. Boling, Chairman & CEO, [phone],
[e-mail], Gary R. Shook, President, [phone],
[e-mail], or Jeffrey H. Culver, EVP & COO, [phone],
[e-mail], all of Middleburg Financial Corporation

Web Site: http://www.middleburgbank.com/