Thursday, March 31, 2011

Middleburg Financial Approaching Escape Velocity on Word Sokol Was Buying Within the Last Two Weeks (MBRG; BRK.A)

The stock is now up 22% at $18.25.
From the Washington Business Journal, Friday March 18:

David Sokol buys more Middleburg Bank stock
David Sokol, a top lieutenant at Warren Buffet’s Berkshire Hathaway, chipped away a bit more at becoming a 30 percent owner of Middleburg Financial Corp.

Sokol snapped up 5,450 shares on Wednesday and 3,500 shares on March 11, all for $15 a share, according to securities filings. He also went on a buying spree last November, when he bought 16,700 shares in four different transactions.

Sokol now owns 20.24 percent of the bank’s common stock. He won authorization in October to boost his ownership stake from 20 percent to 30 percent, and apparently plans on getting there a few thousand shares at a time.
Sokol has a family connection to Middleburg’s CEO Gary Shook. Sokol’s daughter married the brother of Shook’s wife, and Shook was a groomsman in the wedding.
Middleburg’s stock was trading at $15.90 Friday morning. Its 52-week range is $13.33 to $18.

Also at the WBJ:
David Sokol resigns from Berkshire Hathaway
David Sokol resigns from Berkshire Hathaway …Middleburg Financial Corp.’s sugar daddy David Sokol has resigned from Berkshire Hathaway. Sokol  of the handy “Berkshire benefactor” alliteration, it might mean that Sokol will be freed up to join Middleburg…
BizBeat 3/30/2011

And from the WSJ: