Freedom Bank Announces Details of $3 Million Rights Offering
December 18 2014 - 4:50PM
Business Wire
Freedom Bank of Virginia (Bank) (OTCQB:FDVA) announces the Board
of Directors has approved details
of $3 million stock rights offering. The rights
offering follows the $1.5 million before expenses raised from
new shareholders in a general offering.
This rights offering will
be units containing five (5) shares of common stock
and one (1) warrant to purchase a share of common
stock for up to two years in the future. The pricing for the
stock is $9.00 per share and the warrant will
allow the purchase of an additional share at $9.00 for up to two
(2) years into the future.
It will begin December 22, 2014
for shareholders of record as of December 12, 2014. It
will end January 30, 2015. All shareholders of record as of
December 12, 2014 will be eligible to participate in this
rights offering. The proceeds will continue funding organic
growth, allow further branching, increase the
lending staff, expand the bank’s mortgage division and
possible merger and acquisition activity. Any shares not purchased
by right by shareholders will become available to the other
shareholders in the offering.
Freedom Bank’s Chairman, Richard Litman said, “The Bank
performed well the past several years. The Board chose a rights
offering so shareholders can continue participating
in current growth and through the warrant, the future growth
of the Bank.”
For more information on the offering, please contact Craig S.
Underhill, President & CEO at (703) 667-4161 or email
at cunderhill@freedombankva.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
(FFIEC). 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
performance.
Freedom Bank of VirginiaCraig S. Underhill, President &
CEO703-242-5300
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