FAIRFAX, Va.--(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 firstname.lastname@example.org.
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.