Freedom Bank Board of Directors Approve New Mission and Strategy for The Freedom Foundation

Rhea-AI Summary

The Freedom Bank of Virginia's Board of Directors has approved a new mission and strategy for the Freedom Foundation, focusing on economic inclusion. The Foundation will collaborate with non-profits to foster financial inclusion in the communities served by the Bank. An annual event will be coordinated, supported by donations from the Bank and its employees. Additionally, the Bank is launching a comprehensive Diversity, Equity, Inclusion and Belonging initiative named 'Keep Dreaming,' coinciding with Martin Luther King Jr.'s birthday, aimed at enhancing employee engagement and community support.

Positive

• The Freedom Foundation will focus on economic inclusion, potentially enhancing community relations.
• Annual events and employee donations indicate a strong commitment to local engagement.
• The 'Keep Dreaming' initiative promotes diversity and inclusion, improving workplace culture.

Negative

• None.

FAIRFAX, Va., Jan. 18, 2022 /PRNewswire/ -- Freedom Financial Holdings, Inc. (the "Company") (OTCQX: FDVA) and The Freedom Bank of Virginia (the "Bank") along with its Board of Directors announce the approval of a new mission and strategy for the Freedom Foundation (the "Foundation") focused on economic inclusion. The Freedom Foundation's new mission is to support and foster relationships with non-profit organizations that promote financial inclusion and make the communities Freedom Bank serves, more vibrant, and more equitable.

The Foundation will receive donations from the Bank and its employees, as well as coordinate an annual event to leverage the platform to promote economic inclusion in the local community.  The Foundation's renewed focus builds on the exciting work the Bank has engaged in with the Community Business Partnership (CBP) in launching the NOVA Technology Loan Fund which provides financing and technical assistance for minorities and entrepreneurs of color.

Joseph J. Thomas, President and CEO, commented, "I am thrilled to reinvigorate the Freedom Foundation with such an important focus and one that really resonates with my Freedom colleagues, clients, board members and me. To achieve the Foundation's new mission, we will seek philanthropies that foster financial inclusion and align with our values and strategies.  Additionally, the Foundation will amplify the energy and engagement of Freedom Bank's employees by supporting financial inclusion organizations that our colleagues are committed to through a charitable employee match program. We are excited to start 2022 off with this new chapter for the Foundation and look forward to the meaningful impact our efforts will have in promoting economic inclusion in our communities."

In connection with reestablishing the Foundation, the Bank is rolling out a company-wide dedicated commitment to Diversity, Equity, Inclusion and Belonging (DEI&B) led by an internal DEI&B Committee. The initiative has been named "Keep Dreaming" and is timed with the celebration of Martin Luther King Jr's birthday. This initiative will include educational sessions, training, and volunteering opportunities to ensure each employee flourishes at Freedom Bank and that there is an organized way to help the communities the Bank serves.

About Freedom Bank

Freedom Bank (OTCQX: FDVA) is a next-generation community bank, headquartered in Fairfax, Virginia, offering commercial banking, personal banking, and mortgage banking solutions using banker expertise and innovative technology to build lead relationships with clients. Focusing on businesses, real estate owners, and professionals, Freedom Bank concentrates on key industry verticals to deliver unique, sector-specific solutions to help clients meet their goals and realize their dreams. Freedom Bank had total assets of $ 846.6 million on September 30, 2021, and sales office locations in Fairfax, Vienna, Reston, Manassas, and Chantilly, VA. The Freedom Bank Mortgage Division is headquartered in Chantilly, VA and the Freedom Bank Small Business Lending Division is headquartered in Harrison, NY. For information about Freedom Bank, visit our website at www.freedom.bank.

Contact:
Joseph J. Thomas, President & Chief Executive Officer
Phone: 703-667-4161
Email: jthomas@freedom.bank

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SOURCE The Freedom Bank of Virginia

FAQ

What is the new mission of the Freedom Foundation as announced on Jan 18, 2022?

The new mission of the Freedom Foundation focuses on promoting economic inclusion through partnerships with non-profit organizations.

How will the Freedom Foundation support financial inclusion?

The Foundation will coordinate annual events and receive donations from the Bank and its employees to support financial inclusion initiatives.

What is the 'Keep Dreaming' initiative at Freedom Bank?

The 'Keep Dreaming' initiative is a company-wide effort focused on Diversity, Equity, Inclusion, and Belonging, involving employee training and community volunteering.

What was the total asset amount of Freedom Bank as of September 30, 2021?

Freedom Bank reported total assets of $846.6 million as of September 30, 2021.