Albemarle First Bank Announces Earnings for the Third Quarter of 2005.

CHARLOTTESVILLE, Va. -- Albemarle First Bank, Charlottesville, Virginia (NASDAQ: AFBK) reports net Income of $44 thousand ($0.03 per diluted share) for the quarter ended September 30, 2005, compared to net income of $46 thousand ($0.03 per diluted share) reported for the same period of 2004. Net income for the nine months ended September 30, 2005 totaled $65 thousand ($0.04 per diluted share), compared to a $69 thousand ($0.04 per diluted share) for the same period a year ago. The net income for the three and nine month periods ended September 30, 2005 was significantly impacted by nonrecurring expenses related to the previously announced planned merger with the Millennium Bankshares Corporation (NASDAQ: MBVA). The nonrecurring expenses related to the planned merger totaled $142 thousand and $214 thousand for the three and nine months ended September 30, 2005, respectively. Net income before merger-related expenses (net of taxes) for the quarter ended September 30, 2005 was $138 thousand ($0.08 per diluted share), compared to $46 thousand ($0.03 per diluted share) for the same period last year. Income before merger-related expenses (net of taxes) for the nine months ended September 30, 2005 was $206 thousand ($0.12 per diluted share) compared to $69 thousand ($0.04 per diluted share), for the same period last year.

Total assets were $120.1 million as of September 30, 2005, compared to $120.6 million at the end of 2004. Net loans totaled $90.7 million at the end of the third quarter, down from $91.3 million as of December 31, 2004. Total deposits were $100.8 million as of September 30, 2005, a $1.3 million increase over the $99.5 million reported at December 31, 2004.

Thomas M. Boyd, Jr., President and Chief Executive Officer said, "We are eagerly awaiting the consummation of the upcoming merger with the Millennium Bankshares Corporation. The merger will allow Albemarle First Bank the opportunity to expand our presence in the Charlottesville market while providing customers with additional products and services. While the Bank's growth has been measured during 2005 the earnings potential of Albemarle First Bank has never looked brighter. In accordance with our strategic planning our net interest margin continues to improve in this rising interest rate environment, and the operational efficiencies gained by the merger should have a profound impact on earnings. Our annual shareholders meeting is scheduled for November 28th, and we hope to see many of our loyal and valued shareholders."

Albemarle First Bank offers a full range of banking and financial services to individuals, professionals, and small and medium-sized businesses in the City of Charlottesville, Albemarle County, Greene County, and the surrounding areas.

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended. These statements may be based on certain assumptions and may describe future plans, strategies, and expectations of the Bank, and are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "may," "will," or similar expressions. Although we believe our plans, intensions, and expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these plans, intensions, and expectations will be achieved. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and actual results, performance or achievements could differ materially from those contemplated. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in: interest rates, general economic conditions, the legislative/regulatory climate, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in our market area and accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein and undue reliance should not be placed on such statements, which reflect our position as of the date of this release. Consequently, all forward-looking statements made in this press release are qualified by the cautionary language contained in the Bank's quarterly and annual reports filed pursuant to the Securities Exchange Act of 1934.