EXHIBIT 99

Section 2: EX-99 (PRESS RELEASE)

FOR RELEASE May 9, 2008

BOTETOURT BANKSHARES, Inc.

19747 Main Street

Buchanan, Virginia 24066

For Further Information Contact:

Michelle A. Alexander, Chief Financial Officer

(540) 591-5013

BOTETOURT BANKSHARES, INC ANNOUNCES EARNINGS

BUCHANAN, VIRGINIA. May 9, 2008 — Buchanan-based Botetourt Bankshares, Inc. announced today its consolidated financial results for the quarter ending March 31, 2008. Net income for the first quarter amounted to $670,804. This amount compares to $863,940 for the same period last year, representing a decrease of $193,136 or 22.36%. Basic earnings per share decreased $0.16 from $0.70 at March 31, 2007 to $0.54 at March 31, 2008. Diluted earnings per share decreased $0.15 from $0.69 at March 31, 2007 to $0.54 at March 31, 2008.

At March 31, 2008 total assets amounted to $289,792,300, total deposits were $259,953,433, net loans were $241,417,067 and total stockholders’ equity was $26,999,158.

H. Watts Steger, Chairman and Chief Executive Officer of Botetourt Bankshares, Inc., states “Our Company’s earnings were adversely impacted in the first quarter due to a compression in the net interest margin, resulting from the FOMC’s dramatic actions of interest rate reductions during the first three months of 2008. The 200 basis point reduction in interest rates was the most rapid change in rates that has occurred in the past twenty-five years. Our Company’s rate-sensitive assets are subject to repricing at a faster rate than our deposit liabilities. Additionally, the opening of our tenth office, in Natural Bridge, resulted in an increase in non-interest expense. Deposit growth for the three months ended March 31, 2008 amounted to $11,847,000, an increase of 4.78%, primarily attributable to the recent opening of two offices. Asset quality is strong in spite of the current economic environment and loan delinquencies remain within acceptable limits. While disappointed in the reduction in net income, I am nevertheless pleased with the overall progress enjoyed by the Company.”

Botetourt Bankshares, Inc. is the holding company for Bank of Botetourt, which was chartered in 1899. Bank of Botetourt operates ten full service offices in Botetourt, Rockbridge, Roanoke and Franklin counties.

Information in this press release contains “forward-looking statements.” These statements involve risks and uncertainties that could cause actual results to differ materially including, without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Botetourt Bankshares, Inc.’s recent filings with the Securities and Exchange Commission, included but not limited to its Annual Report on Form 10-K and its other periodic reports.

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Botetourt Bankshares, Inc.

Consolidated Balance Sheets

March 31, 2008 and December 31, 2007

	(Unaudited) March 31, 2008			(Audited) December 31, 2007
Assets
Cash and due from banks	$	7,537,179		$	7,680,230
Interest-bearing deposits with banks		183,327			219,756
Federal funds sold		6,983,000			—
Investment securities available for sale		17,380,576			20,659,344
Investment securities held to maturity (fair value approximates $1,357,346 at March 31, 2008 and $1,349,603 at December 31, 2007)		1,350,000			1,350,000
Restricted equity securities		550,900			505,500
Loans, net of allowance for loan losses of $2,323,581 at March 31, 2008 and $2,291,617 at December 31, 2007		241,417,067			235,388,641
Property and equipment, net		8,364,147			8,195,018
Accrued income		1,522,457			1,629,754
Foreclosed assets		1,969,766			1,475,000
Other assets		2,533,881			2,528,324
Total assets	$	289,792,300		$	279,631,567
Liabilities and stockholders’ equity
Liabilities
Noninterest-bearing deposits	$	31,572,028		$	32,442,608
Interest-bearing deposits		228,381,405			215,663,359
Total deposits		259,953,433			248,105,967
Federal funds purchased		—			2,134,000
Accrued interest payable		1,739,220			1,400,970
Other liabilities		1,100,489			1,539,240
Total liabilities		262,793,142			253,180,177
Commitments and contingencies		—			—
Stockholders’ equity
Common stock, $1.00 par value, 2,500,000 shares authorized, 1,244,925 issued and outstanding at March 31, 2008 and 1,243,300 issued and outstanding at December 31, 2007		1,244,925			1,243,300
Additional paid-in capital		1,610,334			1,577,284
Retained earnings		24,319,608			23,909,897
Accumulated other comprehensive loss		(175,709	)		(279,091	)
Total stockholders’ equity		26,999,158			26,451,390
Total liabilities and stockholders’ equity	$	289,792,300		$	279,631,567

Botetourt Bankshares, Inc.

Consolidated Statements of Income

For Three Months Ended March 31, 2008 and 2007 (unaudited)

	Three Months Ended March 31,
	2008		2007
	(Unaudited)		(Unaudited)
Interest income
Loans and fees on loans	$	4,340,172	$	4,289,120
Federal funds sold		19,944		26,580
Investment securities:
Taxable		114,951		166,514
Exempt from federal income tax		87,053		88,796
Dividend income		12,299		11,792
Deposits with banks		2,128		2,173
Total interest income		4,576,547		4,584,975
Interest expense
Deposits		2,053,540		1,853,404
Federal funds purchased		18,396		7,224
Total interest expense		2,071,936		1,860,628
Net interest income		2,504,611		2,724,347
Provision for loan losses		45,000		75,000
Net interest income after provision for loan losses		2,459,611		2,649,347
Non-interest income
Service charges on deposit accounts		139,453		154,466
Mortgage origination fees		74,917		66,621
Other income		224,415		196,418
Total non-interest income		438,785		417,505
Non-interest expense
Salaries and employee benefits		1,075,641		1,080,282
Occupancy and equipment expense		254,562		214,520
Other expense		599,162		533,591
Total non-interest expense		1,929,365		1,828,393
Income before income taxes		969,031		1,238,459
Income tax expense		298,227		374,519
Net income	$	670,804	$	863,940
Basic earnings per share	$	0.54	$	0.70
Diluted earnings per share	$	0.54	$	0.69
Dividends declared per share	$	0.21	$	0.20
Basic weighted average shares outstanding		1,243,746		1,242,068
Diluted average shares outstanding		1,245,293		1,245,282