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<TITLE>Millennium Bankshares Corp.</TITLE>
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<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>___________</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:16pt; font-family:times new roman; font-size:14pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>Date of Report (Date of earliest event reported): &nbsp;<B>April 15, 2005</B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>___________</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><B><BR></B></P>
<P style="margin:0pt; line-height:16pt; font-family:times new roman; font-size:14pt" align=center><B>MILLENNIUM BANKSHARES CORPORATION</B></P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=222.4><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>Virginia</B></P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>(State or other jurisdiction</P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>of incorporation)</P>
</TD><TD valign=top width=222.4 colspan=2><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>0-49611</B></P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>(Commission File Number)</P>
</TD><TD valign=top width=222.4><P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><B>54-1920520</B> </P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>(IRS Employer</P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>Identification No.)</P>
</TD></TR>
<TR><TD valign=top width=222.4>&nbsp;</TD><TD valign=top width=222.4 colspan=2>&nbsp;</TD><TD valign=top width=222.4>&nbsp;</TD></TR>
<TR><TD valign=top width=333.6 colspan=2><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>1601 Washington Plaza</B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>Reston, Virginia</B></P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>(Address of principal executive offices)</P>
</TD><TD valign=top width=333.6 colspan=2><P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>20190</B></P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>(Zip Code)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:times new roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center>Registrant&#146;s telephone number, including area code: <B>(703) 464-0100</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>Not Applicable</B></P>
<P style="margin:0pt; line-height:13pt; font-family:times new roman; font-size:11pt" align=center>(Former name or former address, if changed since last report)</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" 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>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify><img src="ballot.jpg"></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" 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; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify><img src="ballot.jpg"></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" 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; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify><img src="ballot.jpg"></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify><img src="ballot.jpg"></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<B><U><P style="margin:0pt; text-indent:4291.785pt; font-family:times new roman; font-size:12pt"><BR></U></B></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify><B>Item 1.02</B></P>
<B><P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>Termination of a Material Definitive Agreement</B></P>
<P style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>In connection with the management change disclosed in Item 5.02 below, the Executive Employment Agreement between Millennium Bank, N.A. (the &#147;Bank&#148;), a wholly owned subsidiary of Millennium Bankshares Corporation, and Janet A. Valentine (the &#147;Agreement&#148;) terminated effective April 20, 2005. &nbsp;The parties to the Agreement mutually agreed to its termination.</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>As a result of the termination of the Agreement, neither the Bank nor Ms. Valentine has any future rights or obligations under the Agreement. &nbsp;For example, Ms. Valentine will not receive any severance payments arising from the termination of her employment due to the termination of the Agreement. &nbsp;The following description of the terms and conditions of the Agreement is nevertheless being provided in accordance with the disclosure requirements of Item 1.02 of Form 8-K.</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>The Agreement had provided for Ms. Valentine&#146;s service as Executive Vice President and Chief Financial Officer of the Bank and had been for an initial three-year term, with automatic one-year renewals. &nbsp;The Agreement had also provided for an annual base salary of $120,000, with increases at the discretion of the Bank. &nbsp;Ms. Valentine had been eligible to participate in the Millennium Bank Executive Incentive Compensation Plan. &nbsp;Her target bonus eligibility under that plan had been 15% of her base salary, subject to the terms of the plan. &nbsp;The Agreement had also provided for the payment of country club dues and standard health and related benefits.</P>
<P style="margin:0pt; text-indent:36pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>Under the terms of the Agreement, the
Bank could have terminated employment for or without cause, as provided in
the Agreement. &nbsp;If the Bank had terminated her employment without cause, Ms.
 Valentine would have been entitled to receive a payment in the amount of base
salary for the greater of the remainder of the term of the Agreement or nine
 months, the amount of the target bonus for the year in which such termination
would have occurred, and COBRA coverage for the lesser of the remainder of the term
of the Agreement or 18 months. &nbsp;In the event that termination of employment had
occurred in connection with a change in control of the Bank, as defined in the Agreement,
Ms. Valentine would have received a payment in the amount of base salary and target bonus
 for the greater of the remaining term of the contract or 48 months and COBRA coverage for
 the lesser of the remainder of the term of the Agreement or 18 months. &nbsp;The Agreement
 had also included covenants relating to non-interference with customers and non-solicitation and non-hiring of employees for a period of one year following termination of employment under the Agreement.</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify><B>Item&nbsp;5.02</B> </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</B></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>The Bank and Janet A. Valentine, Executive Vice President and Chief Financial Officer of the Bank, agreed to terminate their employment relationship on April 15, 2005. &nbsp;The termination of such relationship was effective as of April 20, 2005.</P>
<P style="margin:0pt; text-indent:36pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
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<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
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<P style="margin:0pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>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.</P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
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<P style="margin:0pt; padding-left:216pt; line-height:14pt; font-family:times new roman; font-size:12pt"><B>MILLENNIUM BANKSHARES CORPORATION</B></P>
<P style="margin:0pt; text-indent:268pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>(Registrant) </P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>Dated: &nbsp;April 21, 2005</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:224pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>By: </P>
<P style="margin:0pt; text-indent:260pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify><U>/s/ Anita L. Shull</U></P>
<P style="margin:0pt; text-indent:260pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>Anita L. Shull</P>
<P style="margin:0pt; text-indent:260pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>Executive Vice President and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:260pt; line-height:14pt; font-family:times new roman; font-size:12pt" align=justify>&nbsp;&nbsp;&nbsp;Chief Operating Officer</P>
<P style="margin:0pt; text-indent:4291.785pt; font-family:times new roman; font-size:12pt" align=justify><BR></P>
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{"company-data": {"conformed-name": "MILLENNIUM BANKSHARES CORP", "cik": "0001158678", "assigned-sic": "6021", "irs-number": "541920520", "state-of-incorporation": "VA"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-49611", "film-number": "05765061"}, "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 Corp.
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):
April 15, 2005
___________
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:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02
Termination of a Material Definitive Agreement
In connection with the management change disclosed in Item 5.02 below, the Executive Employment Agreement between Millennium Bank, N.A. (the "Bank"), a wholly owned subsidiary of Millennium Bankshares Corporation, and Janet A. Valentine (the "Agreement") terminated effective April 20, 2005.  The parties to the Agreement mutually agreed to its termination.
As a result of the termination of the Agreement, neither the Bank nor Ms. Valentine has any future rights or obligations under the Agreement.  For example, Ms. Valentine will not receive any severance payments arising from the termination of her employment due to the termination of the Agreement.  The following description of the terms and conditions of the Agreement is nevertheless being provided in accordance with the disclosure requirements of Item 1.02 of Form 8-K.
The Agreement had provided for Ms. Valentine's service as Executive Vice President and Chief Financial Officer of the Bank and had been for an initial three-year term, with automatic one-year renewals.  The Agreement had also provided for an annual base salary of $120,000, with increases at the discretion of the Bank.  Ms. Valentine had been eligible to participate in the Millennium Bank Executive Incentive Compensation Plan.  Her target bonus eligibility under that plan had been 15% of her base salary, subject to the terms of the plan.  The Agreement had also provided for the payment of country club dues and standard health and related benefits.
Under the terms of the Agreement, the
Bank could have terminated employment for or without cause, as provided in
the Agreement.  If the Bank had terminated her employment without cause, Ms.
 Valentine would have been entitled to receive a payment in the amount of base
salary for the greater of the remainder of the term of the Agreement or nine
 months, the amount of the target bonus for the year in which such termination
would have occurred, and COBRA coverage for the lesser of the remainder of the term
of the Agreement or 18 months.  In the event that termination of employment had
occurred in connection with a change in control of the Bank, as defined in the Agreement,
Ms. Valentine would have received a payment in the amount of base salary and target bonus
 for the greater of the remaining term of the contract or 48 months and COBRA coverage for
 the lesser of the remainder of the term of the Agreement or 18 months.  The Agreement
 had also included covenants relating to non-interference with customers and non-solicitation and non-hiring of employees for a period of one year following termination of employment under the Agreement.
Item 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(b)
The Bank and Janet A. Valentine, Executive Vice President and Chief Financial Officer of the Bank, agreed to terminate their employment relationship on April 15, 2005.  The termination of such relationship was effective as of April 20, 2005.
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:  April 21, 2005
By:
/s/ Anita L. Shull
Anita L. Shull
Executive Vice President and
Chief Operating Officer