Exhibit 99.1
NEWS RELEASE
         
FOR IMMEDIATE RELEASE
  CONTACT:   Thomas A. Young, Jr.
February 5, 2009
      Paul M. Harbolick, Jr.
 
      (703) 814-7200
Alliance Bankshares Reports Full Year 2008 Results
“Well Capitalized” institution sees continued positive progress in reducing non-
performing asset levels.
CHANTILLY, VA — Alliance Bankshares Corporation (NASDAQ — ABVA) today reported a fourth quarter loss of $3.48 million and on a year to date basis, the organization had a net loss of $9.0 million. Despite the net loss, all regulatory capital ratios remain above the levels necessary to be considered a “well capitalized” institution.
“As we have reported during late 2007 and 2008, the economic conditions have had a dramatic adverse impact on our clients and Alliance. The local real estate recession has caused many clients to delay or cease projects; however, despite the continued stress on the nation’s financial markets, Alliance continues to be focused on a strategic reduction in the most cyclical areas of our commercial real estate portfolio. Alliance has seen the levels of nonperforming assets drop from 4.49% as of December 31, 2007 to 2.91% as of December 31, 2008. Although the level of nonperforming assets is higher than we like, we are encouraged by the sales of OREO that have occurred in 2008. During the year we had success in selling 10 non-performing and OREO properties amounting to $10.8 million. We have expressions of interest in some existing OREO properties and we continue to work on achieving the proper balance between value and liquidation of OREO. Our credit risk management process has identified at risk properties and we are working aggressively to market and dispose of these. Our core business profitably was impacted directly by OREO costs, write downs, the provision for loan losses and fair value adjustments,” said Thomas A. Young, Jr., President & CEO.
“The Board of Directors and Management Team are working with advisors and consultants to adjust our business models in light of the current economic challenges. We are implementing tactical changes within the organization to return the company to profitably in the near term and remain committed to creating long-term shareholder value.” said Harvey E. Johnson, Jr., Chairman of the Board.
“As we enter 2009, we are optimistic that the actions taken by the Federal Government to stabilize the economy will benefit our clients and Alliance. Early indications are that the housing related stimulus and lower rates are generating mortgage refinancing interest and some home purchases. Alliance has directly benefited from increased flow of housing related fundings,” said Frank H. Grace, III, Executive Vice President. “We have a proven track record of servicing clients in the title and escrow arena. In 2007 and 2008 we experienced a dip in deposits associated with this line of business, but we enjoyed record growth in the number of new banking relationships. We have deployed our customer centric approach and are continuing to develop core competencies in several

 


The following information was filed by Alliance Bankshares Corp (ABVA) on Friday, February 6, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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