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Independent Community Bankshares, Inc.'s Subsidiary, The Middleburg Bank Names Two Executive Vice Presidents.

MIDDLEBURG, Va., July 9 /PRNewswire/ --

The Middleburg Bank, a subsidiary of Independent Community Bankshares, Inc. (Nasdaq: ICBX), has promoted Alice P. Frazier and Arch A. Moore, III to Executive Vice President. The announcement was made by Joseph L. Boling, Chairman, President and CEO of the bank.

Frazier served as Senior Vice President & Chief Financial Officer prior to her most recent promotion. Her responsibilities include finance, strategic planning, marketing, operations, and technology. She also led the team which created The Middleburg Bank's popular online program, "@ home banking," and check imaging which now serves thousands of customers. Frazier joined the bank in 1991.

Moore also served as Senior Vice President and Senior Lending Officer. His responsibilities include retail banking, commercial banking, mortgage lending, and investment sales. His involvement was vital to the bank's successful diversification into the commercial banking business. The bank's loan portfolio has grown by over $100 million since he joined the bank in 1995.

"Alice Frazier and Arch Moore have been instrumental in the bank's unprecedented growth and financial performance over the past few years," said Joe Boling, President and CEO. "By placing them at the helm of the executive management team, we can do an even better job of delivering an integrated package of financial services to each of our customers. And it should give our customers and stockholders a lot of confidence in our company's future."

The Middleburg Bank is a wholly owned subsidiary of Independent Community Bankshares, Inc. and is headquartered in Middleburg, Virginia. The Middleburg Bank serves Loudoun County, Virginia with five branches located in Middleburg, Purcellville, Leesburg and Ashburn. Consolidated assets for Independent Community Bankshares, Inc. were $298 million as of March 31, 2001. Independent Community Bankshares' common stock trades on the NASDAQ Small Cap Market under the symbol of ICBX.

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Date:Jul 9, 2001
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