Freedom Bank Announces $4 Million Common Stock Offering to Fuel Growth
Nov 03, 2014
OTC Disclosure News Service
The Freedom Bank of Virginia (Bank) (OTCQX: FDVA) announces that
following the bank’s record performance during the first half of 2014 in
terms of assets, loans, and net income, the Board of Directors of The
Freedom Bank of Virginia approved a $4 million stock offering. The
offering will open to the public on November 3, 2014 and will close
out at the earlier of being fully subscribed or November 28, 2014. The
offering may be increased to $4.8 million or extended at the discretion
of the Board.
The shares of common stock will be priced at $9.00 per share. The
proceeds will be used for general corporate purposes, which may include
improving the regulatory capital position and supporting future growth.
Purchasers of shares in this offering will be entitled to participate in
the previously announced Rights Offering to shareholders, scheduled to
begin on or about December 8, 2014. The Rights Offering consists of
units of our common stock and warrants to purchase our common stock at
an exercise price of $9.00 per share.
CEO Craig S. Underhill said, “Freedom is raising additional
capital to take advantage of market conditions. This public
offering is an opportunity for local community bank investors in
recently acquired banks to reinvest in a rapidly growing and profitable
For more information on the offering, please contact Craig S. Underhill,
President CEO at (703) 667-4161 or email at email@example.com.
Freedom Bank is a community-oriented, locally-owned bank with locations
in Fairfax, Vienna and Reston, Virginia. For information about Freedom
Bank’s deposit and loan services, visit the Bank’s website at www.freedombankva.com.
This release contains forward-looking statements, including our
expectations with respect to future events that are subject to various
risks and uncertainties. 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 Federal Financial Institutions Examination Council. We caution
readers that the list of factors above is not exclusive. 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. In addition, our past
results of operations are not necessarily indicative of future
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