Albemarle First Bought

Local bank Albemarle First has been bought out by Millennium Bankshares, a D.C.-area financial holding company, for $29M in cash and stock, the Associated Press reports. Shareholders of Albemarle First (notably including Richard Spurzem, who called for a sell-out in December) were immediately rewarded with a 36% leap in stock price — Millennium shares fell 6%. Albemarle First will continue to function under its current name and retain its branches here, but it has lost its status as a local bank. Thanks to Colin for the tip.

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