Freedom Bank Announces Strong Loan Growth Generates Increased Profits

FAIRFAX, Va.--(BUSINESS WIRE)--

Freedom Bank of Virginia (Bank) (Bulletin Board:FDVA.OB) earned a net profit before taxes of $1,230,094 for the first nine months of 2013 compared to a net profit before taxes for the first nine months of 2012 of $1,013,472 and $1,192,253 earned for all of 2012.

Financial Highlights

According to CEO Craig S. Underhill, The Bank is realizing a return on the investment in additional lenders. The Bank has reduced investments in securities to fund our substantial growth over the past twelve months in higher yielding loans. The combination of strong loan growth and improving asset quality is increasing the profitability of the Bank.

About Freedom Bank

Freedom Bank is a community-oriented, locally-owned bank with locations in Fairfax and Vienna, Virginia. For information about Freedom Banks deposit and loan services, visit the Banks website at http://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.

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Freedom Bank Announces Strong Loan Growth Generates Increased Profits