Exhibit 99.1

BOE Financial Services of Virginia, Inc. Reports 1st Quarter Earnings

Tappahannock, VA, April 24, 2007/PR Newswire/ BOE Financial Services of Virginia, Inc. (NASDAQ BSXT), parent company of its’ wholly-owned subsidiary Bank of Essex, announced results of operations for the first quarter of 2007. Net income for the first quarter of 2007 was $552,000, a 25.2%, or $186,000 decrease from 2006 first quarter income of $738,000. Basic earnings per common share were $0.46 in the first quarter of 2007 compared to $0.62 in the first quarter of 2006. Tangible book value per common share increased from $21.83 at March 31, 2006 to $23.07 per common share at March 31, 2007.

The decrease in earnings was primarily attributable to an increase of 43.6%, or $640,000 in interest expense in the first quarter of 2007 compared to the same period in 2006. Interest expense was $2,109,000 in the first quarter of 2007 compared to interest expense of $1,469,000 for the same period in 2006. This increase was the result of strong competition among financial institutions for deposits, higher rates in 2007 and growth in certificates of deposits of 12.3%, or $15.8 million at March 31, 2007 compared to March 31, 2006.

Noninterest expenses also contributed to the decline in earnings. Noninterest expenses increased $265,000 to $2,079,000 for the first quarter of 2007 compared to $1,814,000 for the same period of 2006.

Also contributing to the change in net income for the first quarter of 2007 compared to the same period in 2006 was a $30,000, or 7.2%, increase in noninterest income. Noninterest income was $444,000 in the first quarter of 2007 compared to $414,000 for the same period in 2006. Additional operational improvements over the previous year were experienced in gains/losses on securities and income tax expense. Securities gains/losses were a $1,000 gain for the first quarter of 2007 compared to a loss of $31,000 for the same period in 2006. Income tax expense decreased from $227,000 in the first quarter 2006 to $147,000 for the first quarter of 2007. This is a decrease of $80,000 or 35.2%.

George M. Longest, Jr., President and CEO stated: “As the numbers demonstrate, our first quarter 2007 results were clearly impacted by several factors discussed above as well as operating in a flat to inverted yield curve environment. We will continue to focus on net interest income and loan quality, thereby minimizing pressure on net interest margin and reducing the amount of expense necessary to support reserves.”

BOE Financial Services of Virginia, Inc. operates six full service Bank of Essex offices and offers a broad range of financial services to consumers and businesses in Tappahannock, Central Garage, Mechanicsville, West Point and Glen Allen, Virginia. The Company has received approvals and intends to open two offices in Northumberland County in 2007. BOE Financial Services of Virginia stock trades on the NASDAQ under the symbol BSXT and closed at a price of $31.03 on April 23, 2007.

Certain statements in the document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in BOE Financial Services of Virginia, Inc.’s filings with the Securities and Exchange Commission.

Contact: Bruce E. Thomas, Senior Vice President and Chief Financial Officer at (804)-443-4343.

BOE Financial Services of Virginia, Inc.

(Dollar amounts in thousands, except per share data)

Balance Sheet


ASSETS	3/31/2007			3/31/2006			Percent Change
Cash and due	$	3,879		$	4,959		-21.8	%
Federal funds sold		736			—		100.0	%
Securities Held-to-Maturity		3,000			3,000
Securities Available-for-Sale		54,415			51,714		5.2	%
Equity Securities, restricted, at cost		1,536			1,553		-1.1	%
Loans held for sale		250			844		-70.4	%
Loans, net of unearned income		199,125			190,095		4.8	%
LESS: Allowance for loan losses		(2,405	)		(2,346	)	2.5	%

Loans, net		196,720			187,749		4.8	%
Bank premises and equipment, net		10,336			6,259		65.1	%
Accrued interest receivable		1,467			1,352		8.5	%
Intangible assets		493			619		-20.4	%
Other assets		8,704			10,685		-18.5	%

Total assets	$	281,536		$	268,734		4.8	%


LIABILITIES
Deposits
Non-interest bearing	$	27,532		$	27,921		-1.4	%
Interest bearing		206,235			191,969		7.4	%

Total Deposits		233,767			219,890		6.3	%
Federal funds purchased		—			4,391		-100.0	%
Federal Home Loan Bank advances		12,000			12,000		0.0	%
Acrued interest payable		809			571		41.7	%
Other liabilities		2,469			960		157.2	%
Trust preferred capital notes		4,124			4,124		0.0	%

Total liabilities		253,169			241,936		4.6	%

Minority interest in consolidated subsidiaries		—			—
EQUITY CAPITAL
Common stock		6,041			5,996		0.8	%
Surplus		5,481			5,282		3.8	%
Retained earnings		17,604			15,798		11.4	%
Accumulated other comprehensive income		(759	)		(278	)	173.0	%

Total equity capital		28,367			26,798		5.9	%

Total liabilities, minority interest, and equity capital	$	281,536		$	268,734		4.8	%


Income Statement	For the quarter ended 3/31/2007			For the quarter ended 3/31/2006			Percent Change
Interest income	$	4,442		$	3,965		12.0	%
Interest expense		2,109			1,469		43.6	%

Net interest income		2,333			2,496		-6.5	%
Provision for loan losses		—			100		-100.0	%

Net interest income after provision for loan losses		2,333			2,396		-2.6	%

Noninterest income		444			414		7.2	%
Securities (gains)/losses		1			(31	)	-103.2	%
Noninterest expense		2,079			1,814		14.6	%
Income taxes		147			227		-35.2	%

Net income	$	552		$	738		-25.2	%


Earnings per share, basic	$	0.46		$	0.62		-25.8	%
Earnings per share, fully diluted	$	0.45		$	0.61		-26.2	%
Tangible book value per share	$	23.07		$	21.83		5.7	%

BOE FINANCIAL SERVICES OF VIRGINIA INC 8-K