-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 H6KfDouCvap93BlcTVoKODgp3TEFD09586Y6zDwxzA180QhWGTbP/RJtkR1Q80Zb
 NmtXLXE0YHecFSNEv+O3BQ==

<SEC-DOCUMENT>0001002105-04-000150.txt : 20040816
<SEC-HEADER>0001002105-04-000150.hdr.sgml : 20040816
<ACCEPTANCE-DATETIME>20040816172013
ACCESSION NUMBER:		0001002105-04-000150
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040812
FILED AS OF DATE:		20040816

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BOLING JOSEPH L
		CENTRAL INDEX KEY:			0001218056

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24159
		FILM NUMBER:		04979904

	MAIL ADDRESS:	
		STREET 1:		P O BOX 5
		CITY:			MIDDLEBURG
		STATE:			VA
		ZIP:			20118

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDDLEBURG FINANCIAL CORP
		CENTRAL INDEX KEY:			0000914138
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				541696103
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		111 W WASHINGTON ST
		STREET 2:		C/O MIDDLEBURG BANK
		CITY:			MIDDLEBURG
		STATE:			VA
		ZIP:			22117
		BUSINESS PHONE:		5406876377

	MAIL ADDRESS:	
		STREET 1:		111 WEST WASHINGTON STREET
		STREET 2:		C/O MIDDLEBURG BANK
		CITY:			MIDDLEBURG
		STATE:			VA
		ZIP:			22117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEPENDENT COMMUNITY BANKSHARES INC
		DATE OF NAME CHANGE:	19931027
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>f4boling81204_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-08-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000914138</issuerCik>
        <issuerName>MIDDLEBURG FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>MBRG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001218056</rptOwnerCik>
            <rptOwnerName>BOLING JOSEPH L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>111 WEST WASHINGTON STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MIDDLEBURG</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>20117</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman and Chief Exec. Off.</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-08-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>400</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>32.96</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14091.74</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>667.304</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Amount includes 13.774 shares that were acquired through the reinvestment of dividends in the Issuer's Dividend Reinvestment
and Stock Purchase Plan since the filing of the Reporting Person's last Form 4 on December 17, 2003.</footnote>
        <footnote id="F2">Amount includes 10.330 shares that were acquired through the reinvestment of dividends in the Issuer's Dividend Reinvestment
and Stock Purchase Plan since the filing of the Reporting Person's last Form 4 on December 17, 2003.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Kate J. Chappell, Attorney-in-Fact for Joseph L. Boling</signatureName>
        <signatureDate>2004-08-16</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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