Less than a week after stepping down as president and chief executive of Millennium Bankshares Inc., Carroll C. Markley, the Reston, Va., company's founder, has resigned from its board.
The $588 million-asset Millennium disclosed the resignation late Wednesday in a press release in which it also announced that it had added $4.5 million to its loan-loss reserves for the fourth quarter.
Millennium said it boosted reserves after uncovering additional problems in the mortgage unit it shuttered late last year. As a result, the company's fourth-quarter loss widened to $3.1 million; it had previously reported a loss of $200,000.
For the full year, Millennium initially reported a profit of $2.5 million but now says that it lost $481,000.
Mr. Markley, who founded Millennium in 1999, resigned as its chairman last year and stepped down as its president and CEO on March 31.
He was supposed to remain a director for another year but resigned April 6.
Richard I. Linhart, who will succeed Mr. Markley as the president and CEO, is expected to join the company in July.
