FAIRFAX, Va.--(BUSINESS WIRE)--Freedom Bank of Virginia (Bank) (Bulletin Board:FDVA.OB) announces a six for five stock split. The split will result in shareholders receiving one additional share of common stock for every five shares of common stock owned. For fractional shares created by the split, shares over 0.49 will be rounded up; otherwise, shares will be rounded down. The Bank completed a third year of strong profits in 2012 and had a record first half in 2013. According to CEO Craig Underhill, “The past three years have been very difficult for the economy in general and banks in particular. Freedom has performed well during this period as evidenced by our inclusion in The American Banker’s list of the top 200 Community Banks. This tax free distribution of additional shares rewards our shareholders.” The split was announced July 22, 2013 and will be effective for stockholders owning the stock on August 13, 2013.
About Freedom Bank
The Freedom Bank of Virginia is a community-oriented, locally-owned bank with locations in Fairfax and Vienna, 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 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.