Millennium's Chief to Resign
Richard I. Linhart, who was hired as chief executive and chairman of Reston-based Millennium Bankshares in 2007 to help turn the struggling company's operations around, will resign at the end of the month.</br></br>Linhart, a longtime local banker, has led the company through a period of increased scrutiny from regulators as the housing downturn has taken a toll on Millennium's finances.</br></br>The company, which operates four branches of Millennium Bank in Northern Virginia, said in a statement that Linhart resigned for "personal reasons" and intends to retire. John F. Novak, executive vice president and chief operating officer, will succeed him. Neither Linhart nor Novak returned calls for further comment.</br></br>"Dick Linhart has done a great job in leading the bank through some very rough patches," Novak said in the company's statement. "Hopefully, with the groundwork laid and the vision clearly defined, the organization can move more quickly toward becoming, once again, a competitive, profitable community bank in Northern Virginia."</br></br>In January 2008, the company disclosed that the Office of the Comptroller of the Currency had ordered it to improve its financial condition. In June, the bank said it had signed an agreement with the Federal Reserve Bank of Richmond in which it agreed to get approval before paying cash dividends, making quarterly interest payments on some of its securities, adding directors and making certain promotions.