Albemarle First Bank Merger with Millennium Bankshares Corporation Fails to Be Approved by Millennium Shareholders.

CHARLOTTESVILLE, Va. -- Albemarle First Bank (NASDAQ: AFBK) announced today that the Agreement and Plan of Reorganization, dated June 9, 2005, and amended September 27, 2005, (the "Merger Agreement") between Albemarle First Bank ("Albemarle") and Millennium Bankshares Corporation ("Millennium") pursuant to which Albemarle would have become a wholly-owned subsidiary of Millennium (the "Merger") failed to obtain the necessary approvals from the shareholders of Millennium.

The Merger was subject to the approval of both companies' shareholders. Both Albemarle and Millennium held meetings of their shareholders on November 28, 2005, to vote on the proposed Merger. While the shareholders of Albemarle voted overwhelmingly in favor of the Merger, the shareholders of Millennium failed to approve the amendment to its articles of incorporation necessary to complete the Merger.

Tom Boyd, President and CEO of Albemarle First Bank, stated "Although we were very excited at the prospect of partnering with Millennium Bankshares and are disappointed by the outcome of Millennium's shareholder meeting yesterday, Albemarle First Bank has an excellent story to tell. Albemarle First shareholders were told at our annual meeting yesterday, 2004 saw the Bank make significant increases in total assets, net loans and total deposits while at the same time reducing our troubled loan portfolio. Those efforts resulted in the Bank turning the corner to profitability in 2004, and that profitability trend has continued through the first three quarters of 2005, and we expect it to continue while we consider other alternatives to increasing shareholder value, as well."

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. As of September 30, 2005, the Bank had total assets of $120.1 million, net loans of $90.7 million and total deposits of $100.8 million.

This release contains "forward-looking statements" that are based on certain assumptions and 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, intentions, and expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these plans, intentions, 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 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.