FAIRFAX, Va.--(BUSINESS WIRE)--Freedom Bank of Virginia (Bank) (OTC.QB:FDVA) announces an eleven for ten stock split. The split will result in shareholders receiving one additional share of common stock for every ten shares of common stock owned. The Bank completed a fourth year of strong profits in 2013 on record loan growth. According to CEO Craig Underhill, “The Bank made significant investments in people to expand the Bank’s lending capacity in 2103. We realized a return on that investment through strong loan growth that helped increase net profit. This tax free distribution of additional shares rewards our shareholders for their continued support of our Bank.” The split will be effective for stockholders owning the stock on April 1, 2014.
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.