The Freedom Bank of Virginia Announces Receipt of Regulatory Approvals for Holding Company Reorganization

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Very Positive)

Tags

10/07/2021 - 02:30 PM

FAIRFAX, Va., Oct. 7, 2021 /PRNewswire/ -- The Freedom Bank of Virginia (OTCQX: FDVA), (the "Bank") today announced that it has received regulatory approval from the Federal Reserve Bank of Richmond, the Federal Deposit Insurance Corporation and the Virginia State Corporation Commission to complete the Bank's previously announced bank holding company reorganization (the "Reorganization").

The Bank currently expects that the Reorganization will be effective as of November 1, 2021. Pursuant to the Reorganization, the Bank will become the wholly-owned banking subsidiary of Freedom Financial Holdings, Inc. ("Freedom Financial"), and each share of voting and non-voting common stock of the Bank will be converted into one share of voting or non-voting common stock of the Company, respectively. No action by the Bank's shareholders is required in connection with the Reorganization; the Bank's transfer agent will mail updated statements to shareholders shortly after the Reorganization is effective.

Joseph J. Thomas, President and CEO of the Bank and Freedom Financial commented, "Our Board and management team believe that the Reorganization will provide added financial and operational flexibility for the Bank, including additional access the capital markets if the need arises, which will support our continued growth and expansion. We are very excited to complete the Reorganization and believe that the formation of Freedom Financial puts us in the best position to take advantage of future opportunities as they arise."

The Reorganization will not impact the Bank's operations; the Bank will continue to provide its full range of financial services comprised of retail banking, commercial banking, SBA and mortgage products. The headquarters for the Bank and Freedom Financial will remain in Fairfax, VA.

About Freedom Bank

Freedom Bank (OTCQX: FDVA) is a next-generation community bank, headquartered in Fairfax, Virginia, offering commercial banking, personal banking, and mortgage banking solutions using banker expertise and innovative technology to build lead relationships with clients. Focusing on businesses, real estate owners, and professionals, Freedom Bank concentrates on key industry verticals to deliver unique, sector-specific solutions to help clients meet their goals and realize their dreams. Freedom Bank had total assets of $837.07 million on June 30, 2021, and sales office locations in Fairfax, Vienna, Reston, Manassas, and Chantilly, VA. The Freedom Bank Mortgage Division is headquartered in Chantilly, VA and the Freedom Bank Small Business Lending Division is headquartered in Harrison, NY. For information about Freedom Bank, visit our website at www.freedom.bank.