FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (Bank) (Bulletin Board:FDVA.OB) announces a six for five stock split. Shareholders will receive one additional share of common stock for every five shares of common stock owned. The Bank expects to distribute the new shares to shareholders of record as of February 16, 2012. For fractional shares created by this action, shares over 0.49 will be rounded up; otherwise, shares will be rounded down. The Bank completed a second year of strong profits in 2011. According to CEO Craig Underhill, “Our decision to increase our outstanding shares was driven by our strong financial performance. We expect this will have a positive impact on our valuation over time.”
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 Board of Governors of the Federal Reserve System. 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.