Freedom Bank Announces Rights Offering
12 August 2014 - 7:02AM
Business Wire
Follows Record Highs for First Half of 2014
Freedom Bank of Virginia (Bank) (OTC.QB:FDVA) announces its
intention to provide a rights offering for its shareholders, which
will include common stock plus warrants to buy additional common
stock. The rights offering is currently planned for the fourth
quarter.
On July 24, 2014 the Bank announced record net income, assets,
loans and equity capital for the first half of 2014. President
& CEO Craig S. Underhill remarked, "To continue our progress we
will need to increase capital. There are substantial opportunities
today to grow our Bank, particularly in our local market and in the
expanding government contractor community that we serve." The
rights offering is intended to raise approximately $5 million
before expenses, with an overage allowance to be determined. The
proceeds of the offering will be used primarily to fund growth.
Shareholders are encouraged to attend the Bank’s annual meeting on
August 19, 2014, at 10:00 AM, at the Westwood Country Club in
Vienna, Virginia.
Freedom Bank is a community-oriented, locally-owned bank with
locations in Fairfax, Vienna and Reston, Virginia. For information
about deposit and loan services, visit the Bank’s website
at www.freedombankva.com. For information about the offering,
please contact Craig S. Underhill, President & CEO at (703)
667-4161 or by email at cunderhill@freedombankva.com.
FORWARD-LOOKING STATEMENTS
Statements in this release are forward-looking statements
subject to risks and uncertainties that could cause actual results
to differ materially from those we anticipate. By their nature,
forward-looking statements address matters that are subject to
risks and uncertainties. Any such forward-looking statements may
involve risk and uncertainties that could cause actual results to
differ materially from any future results encompassed within the
forward-looking statements. Factors that could cause actual results
to differ materially from management's projections, forecasts,
estimates and expectations include: fluctuation in market rates of
interest and loan and deposit pricing, adverse changes in the
overall national economy as well as adverse economic conditions in
our specific market areas, maintenance and development of
well-established and valued client relationships and referral
source relationships, and acquisition or loss of key production
personnel. Other risks that can affect the Bank are detailed from
time to time in our quarterly and annual reports filed with the
Board of Governors of the Federal Reserve System. We caution
readers that the list of factors above is not exclusive. In
addition, our past results of operations are not necessarily
indicative of future performance. The forward-looking statements
are made as of the date of this release, and we may not undertake
steps to update the forward-looking statements to reflect the
impact of any circumstances or events that arise after the date the
forward-looking statements are made. Because the risks, estimates,
assumptions and uncertainties referred to above could cause actual
results or outcomes to differ materially from those expressed in
any forward-looking statements, you should not place undue reliance
on any forward-looking statements.
Freedom Bank of VirginiaCraig S. Underhill, President &
CEO703-242-5300
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