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<P style="margin:0pt; line-height:16pt; font-size:14pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B>Washington, D.C. &nbsp;20549</B></P>
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<P style="margin:0pt; line-height:16pt; font-size:14pt" align=center><B>FORM 8-K</B></P>
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<P style="margin:0pt; line-height:16pt; font-size:14pt" align=center><B>CURRENT REPORT</B></P>
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<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the</B></P>
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<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center>Date of Report: &nbsp;April 16, 2003</P>
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<P style="margin:0pt; line-height:18pt; font-size:16pt" align=center><B>MIDDLEBURG FINANCIAL CORPORATION</B></P>
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<TD valign=top width=208><P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B>Virginia</B></P>
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<P style="margin:0pt; line-height:13pt; font-size:11pt" align=center>of Incorporation)</P></TD>
<TD valign=top colspan=2><P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B>0-24159</B></P>
<P style="margin:0pt; line-height:13pt; font-size:11pt" align=center>(Commission File Number)</P></TD>
<TD valign=top width=208><P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B>54-1696103</B></P>
<P style="margin:0pt; line-height:13pt; font-size:11pt" align=center>(IRS Employer</P>
<P style="margin:0pt; line-height:13pt; font-size:11pt" align=center>Identification No.)</P></TD>
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<TR><TD valign=top colspan=2 align=center><P style="margin:0pt; line-height:11pt; font-size:12pt" align=center><B>111 West Washington Street</B></P>
<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B>Middleburg, Virginia</B></P>
<P style="margin:0pt; line-height:13pt; font-size:11pt" align=center>(Address of Principal Executive Offices)</P>
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<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B>20117</B></P>
<P style="margin:0pt; line-height:13pt; font-size:11pt" align=center>(Zip Code)</P>
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<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center>Registrant&#146;s telephone number, including area code:</P>
<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center>(703) 777-6327</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-size:12pt" align=justify><B>Item 7.</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-size:12pt" align=justify>Financial Statements, <I>Pro Forma</I> Financial Information and Exhibits.</B></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-size:12pt" align=justify>Exhibits.</P>
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<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-size:12pt" align=justify>The following exhibit is furnished pursuant to Item 12 of this report and should not be deemed to be &#147;filed&#148; under the Securities Exchange Act of 1934, as amended.</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-size:12pt" align=justify><U>Exhibit No.</U></P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-size:12pt" align=justify><U>Description</U></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:90pt; line-height:14pt; font-size:12pt">99</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-size:12pt">Press release issued by the Registrant dated April 16, 2003.</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-size:12pt" align=justify><B>Item 9.</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-size:12pt" align=justify><B>Regulation FD Disclosure.</B></P>
<P style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-size:12pt" align=justify>The following information is furnished pursuant to Item 12, &#147;Results of Operations and Financial Condition.&#148;</P>
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<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-size:12pt" align=justify>On April 16, 2003, the Registrant issued a press release reporting its financial results for the quarter ended March 31, 2003. &nbsp;A copy of this press release is being furnished as Exhibit 99 and is incorporated by reference into Item 12.</P>
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<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B>SIGNATURES</B></P>
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<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
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<B><P style="margin:0pt; text-indent:216pt; line-height:14pt; font-size:12pt" align=justify>MIDDLEBURG FINANCIAL CORPORATION </B></P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-size:12pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-size:12pt" align=justify>Date: &nbsp;April 16, 2003</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:216pt; line-height:14pt; font-size:12pt" align=justify>By: &nbsp;<U>/s/ Alice P. Frazier&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
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<P style="margin:0pt; text-indent:243pt; line-height:14pt; font-size:12pt">Alice P. Frazier </P>
<P style="margin:0pt; text-indent:243pt; line-height:14pt; font-size:12pt">Executive Vice President and</P>
<P style="margin:0pt; text-indent:243pt; line-height:14pt; font-size:12pt">&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
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<P style="margin:0pt; line-height:14pt; font-size:12pt" align=center><B><U>Exhibit Index</U></B></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:12.5pt; line-height:14pt; font-size:12pt" align=justify><U>Exhibit No.</U></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-size:12pt" align=justify><U>Description</U></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-72pt; line-height:14pt; font-size:12pt" align=justify>99</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-size:12pt" align=justify>Press release issued by the Registrant on April 16, 2003.</P>
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Middleburg Financial Corporation
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:  April 16, 2003
(Date of earliest event reported)
MIDDLEBURG FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Virginia
(State or Other Jurisdiction
of Incorporation)
0-24159
(Commission File Number)
54-1696103
(IRS Employer
Identification No.)
111 West Washington Street
Middleburg, Virginia
(Address of Principal Executive Offices)
20117
(Zip Code)
Registrant's telephone number, including area code:
(703) 777-6327
Item 7.
Financial Statements,
Pro Forma
Financial Information and Exhibits.
(c)
Exhibits.
The following exhibit is furnished pursuant to Item 12 of this report and should not be deemed to be "filed" under the Securities Exchange Act of 1934, as amended.
Exhibit No.
Description
99
Press release issued by the Registrant dated April 16, 2003.
Item 9.
Regulation FD Disclosure.
The following information is furnished pursuant to Item 12, "Results of Operations and Financial Condition."
On April 16, 2003, the Registrant issued a press release reporting its financial results for the quarter ended March 31, 2003.  A copy of this press release is being furnished as Exhibit 99 and is incorporated by reference into Item 12.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MIDDLEBURG FINANCIAL CORPORATION
(Registrant)
Date:  April 16, 2003
By:
/s/ Alice P. Frazier
Alice P. Frazier
Executive Vice President and
Chief Financial Officer
Exhibit Index
Exhibit No.
Description
99
Press release issued by the Registrant on April 16, 2003.