News Column

Freedom Bank Announces Rights Offering

August 30, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- 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.

Keywords for this news article include: Banking and Finance, Freedom Bank of Virginia.

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Source: Investment Weekly News


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