Responding to a shareholder's request for a sale, Carroll C. Markley, the chairman and chief executive of Millennium Bankshares Corp. of Reston, Va., said it remains strong and is conducting "strategic initiatives" to improve profitability.
"Millennium Bankshares has the capital, senior management, personnel, and corporate overhead in place to support continued future growth," Mr. Markley said Wednesday in a Securities and Exchange Commission filing.
Through the first nine months of this year Millennium reported a return on assets of 0.51% and a return on equity of 6.75%; both were well below industry averages.
Mr. Markley did not specify in the filing how the $410 million-asset Millennium would improve profitability. However, he said he does not anticipate making any acquisitions or opening any branches in the near future.
The filing followed a request Tuesday from Hot Creek Capital LLC, which holds a 6.2% stake in Millennium, that it consider selling itself.
Last week Millennium's shareholders overruled its board and voted to reject its deal to acquire a small Virginia bank for $29 million.
