Freedom Bank President Succeeds Retiring CEO

FAIRFAX, Va.--(BUSINESS WIRE)--Freedom Bank of Virginia (OTCBB: FDVA) Chief Executive Officer John T. Rohrback retired on July 31, 2011 and is succeeded by President Craig S. Underhill, who becomes both President and CEO in accordance with the Bank's succession plan and a member of the Board of Directors.

Craig Underhill joined Freedom Bank in 2007 as Executive Vice President and Senior Loan Officer. He was promoted to President of the Bank in the Third Quarter 2010. He earned an MBA in finance from George Washington University after completing undergraduate work at James Madison University. He is a 29 year veteran in commercial banking.

Mr. Rohrback was named Executive Vice President and Senior Loan Officer when the bank opened in 2001. In 2003, the Board elected him President, CEO and member of the Board of Directors. In retirement, Mr. Rohrback will remain on the Board and serve on several board committees including the weekly Board Loan Committee.

Mr. Underhill acknowledged the Bank’s appreciation for the outstanding performance of the organization under John Rohrback’s leadership, “Freedom Bank has prospered under John’s leadership during the most difficult period in banking since the Great Depression. The Bank has continued to meet the needs of the business and professional communities in Northern Virginia, while producing strong growth in assets and revenue during his tenure. The Bank just completed its ninth consecutive profitable Quarter. John retires leaving Freedom Bank growing, very profitable, and well capitalized with a strong management team in place to continue leading the Bank into the future.”

Bank Chairman Richard C. Litman says: "The Board salutes John Rohrback for his dedication to the bank since its inception and for agreeing to remain on the Board during his retirement. We are pleased that our president Craig Underhill begins his tenure as CEO as a result of a well executed succession plan. He has our full confidence and support."

Freedom Bank is a community-oriented, locally-owned bank with locations in Fairfax and Vienna, Virginia. For information about Freedom Bank deposit and loan services, visit their website at www.freedombankva.com.