Middleburg Financial : Added to Russell 3000® Index; Receives Five-Star “Superior” Rating from BauerFinancial, Inc.

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July 6, 2016

Press Contact: Marybeth Muir Middleburg Bank 703-777-6327

Middleburg Financial Corporation Added to Russell 3000 Index; Receives Five-Star "Superior" Rating from BauerFinancial, Inc.

Accolades Highlight Continued Strength and Stability of Middleburg Bank

MIDDLEBURG, Va., -- July 1, 2016 -- Middleburg Financial Corporation (the "Company") (Nasdaq: MBRG) today announced that it has been added to the Russell 3000 Index as part of Russell Investments' annual reconstitution of its stock indexes. In addition, the Company announced that it has received a 5-Star "Superior" rating for financial strength from BauerFinancial, Inc., the nation's leading independent bank rating firm.

Gary R. Shook, President and CEO of Middleburg Financial Corporation, said, "Being added to the Russell 3000 Index is a significant milestone for the Company, and we are excited to leverage this opportunity to increase our visibility and exposure within the investment community. We are also very proud to once again receive a 5-Star rating from BauerFinancial, a well-respected, independent voice in the banking community. Both of these accolades highlight the continued strength, stability and security of Middleburg Bank, and we look forward to building on our momentum as we execute on our strategic initiatives to drive value for clients and shareholders."

Annual reconstitution of the Russell U.S. indexes captures the largest U.S. stocks at the end of May, ranking them by total market capitalization. FTSE Russell determines membership for its Russell indexes by objective, market-capitalization rankings and style attributes. Membership in the U.S. all-cap Russell 3000 Index remains in place for one year.

Indexes provided by FTSE Russell, a leading global index provider, are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.

BauerFinancial Inc., the nation's leading bank rating firm, has been providing bankers and consumers with independent ratings since 1983. BauerFinancial, Inc. rates all banks and credit unions on a zero-to-five star scale with 5-Stars, or Superior, being the strongest rating. A 5-Star rating indicates, among other things, that the institution has at least twice the capital strength that regulators require, the institution is sufficiently profitable, and has kept its delinquent loans in check.

About Middleburg Financial Corporation

Middleburg Financial Corporation (MBRG) is a bank holding company headquartered in Middleburg, Virginia. The Company conducts its primary operations through two wholly owned subsidiaries, Middleburg Bank and Middleburg Investment Group. Middleburg Bank was chartered in 1924 and operates full service financial service centers in Middleburg, Leesburg, Purcellville, Ashburn, Reston, Gainesville, Williamsburg, Warrenton, Richmond and Marshall, Virginia. Middleburg Investment Group is accessible at any financial service center and has offices in Alexandria, Middleburg, Richmond and Williamsburg.

Forward-Looking Statements

Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission.