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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>UNITED STATES</B></P>

<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>Washington, D.C. 20549</B></P>

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<P style="FONT-SIZE: 14pt; MARGIN: 0pt; LINE-HEIGHT: 16pt" align=center><B>FORM 8-K</B></P>

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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>CURRENT REPORT</B></P>

<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>

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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center>Date of Report (Date of earliest event reported):&nbsp;&nbsp;<B>January 25, 2007</B></P>

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<P style="FONT-SIZE: 14pt; MARGIN: 0pt; LINE-HEIGHT: 16pt" align=center><B>MILLENNIUM BANKSHARES CORPORATION</B></P>

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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>Virginia</B></P>

<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt" align=center>(State or other jurisdiction</P>

<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt" align=center>of incorporation)</P>
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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>0-49611</B></P>

<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt" align=center>(Commission File Number)</P>
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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: normal" align=center><B>54-1920520</B> </P>

<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt" align=center>(IRS Employer</P>

<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt" align=center>Identification No.)</P>
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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>1601 Washington Plaza</B></P>

<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>Reston, Virginia</B></P>

<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt" align=center>(Address of principal executive offices)</P>
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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>20190</B></P>

<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt" align=center>(Zip Code)</P>
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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center>Registrant&#146;s telephone number, including area code: <B>(703) 464-0100</B></P>

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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center><B>Not Applicable</B></P>

<P style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt" align=center>(Former name or former address, if changed since last report)</P>

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<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=justify>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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<P style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: -14pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 14pt" align=justify><FONT face=Wingdings>o</FONT></P>

<P style="FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 14pt" align=justify>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: -14pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 14pt" align=justify><FONT face=Wingdings>o</FONT></P>

<P style="FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 14pt" align=justify>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: -14pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 14pt" align=justify><FONT face=Wingdings>o</FONT></P>

<P style="FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 14pt" align=justify>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: -14pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 14pt" align=justify><FONT face=Wingdings>o</FONT></P>

<P style="FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 14pt" align=justify>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Item 8.01</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Other Events.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT size=2>On January 25, 2007, the Registrant issued a press release announcing that it will be winding down its mortgage operating subsidiaries effective as of year-end 2006. The press release also announced that the Registrant plans to proceed with a branch realignment strategy and has entered into a settlement agreement related to a lawsuit filed by a former employee of an indirect subsidiary of the Registrant.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT size=2>A copy of the press release is being filed as an exhibit to this report and is incorporated&nbsp;by reference into this Item 8.01.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT size=2>Financial Statements and Exhibits.</FONT></B></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT size=2>(d)</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT size=2>Exhibits.</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT size=2>Exhibit No.</FONT></B></U></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT size=2>Description</FONT></B></U></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>99.1</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Press Release dated January 25, 2007.</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>SIGNATURES</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.55in; TEXT-ALIGN: justify"><FONT size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3in; TEXT-ALIGN: justify"><B><FONT size=2>MILLENNIUM BANKSHARES CORPORATION</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><FONT size=2>Dated: January 25, 2007</FONT><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2>By:</FONT><U><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/Dale G. Phelps&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT size=2>Dale G. Phelps</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT size=2>Executive Vice President and</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><FONT size=2>Chief Financial Officer</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT size=2>EXHIBIT INDEX</FONT></B></P>

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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT size=2>Exhibit No.</FONT></B></U></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT size=2>Description</FONT></B></U></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>99.1</FONT></P>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT size=2>Press Release dated January 25, 2007.</FONT></P>
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{"company-data": {"conformed-name": "MILLENNIUM BANKSHARES CORP", "cik": "0001158678", "assigned-sic": "6021", "irs-number": "541920520", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-49611", "film-number": "07553084"}, "business-address": {"street1": "1601 WASHINGTON PLAZA", "city": "RESTON", "state": "VA", "zip": "20190"}, "mail-address": {"street1": "1601 WASHINGTON PLAZA", "city": "RESTON", "state": "VA", "zip": "20190"}}
Millennium Bankshares Corporation
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 25, 2007
___________
MILLENNIUM BANKSHARES CORPORATION
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction
of incorporation)
0-49611
(Commission File Number)
54-1920520
(IRS Employer
Identification No.)
1601 Washington Plaza
Reston, Virginia
(Address of principal executive offices)
20190
(Zip Code)
Registrant's telephone number, including area code:
(703) 464-0100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01
Other Events.
On January 25, 2007, the Registrant issued a press release announcing that it will be winding down its mortgage operating subsidiaries effective as of year-end 2006. The press release also announced that the Registrant plans to proceed with a branch realignment strategy and has entered into a settlement agreement related to a lawsuit filed by a former employee of an indirect subsidiary of the Registrant.
A copy of the press release is being filed as an exhibit to this report and is incorporated by reference into this Item 8.01.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
99.1
Press Release dated January 25, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MILLENNIUM BANKSHARES CORPORATION
(Registrant)
Dated: January 25, 2007
By:
/s/Dale G. Phelps
Dale G. Phelps
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release dated January 25, 2007.