Freedom Financial Holdings, Inc. and The Freedom Bank of Virginia Announce Completion of Holding Company Reorganization
Freedom Financial Holdings, Inc. has successfully completed its statutory merger with The Freedom Bank of Virginia as of November 1, 2021. This reorganization allows the Company to act as the parent holding company for the Bank, with each Bank share converting into a Company share at a one-for-one exchange rate. The merger aims to enhance financial and operational flexibility and support the Bank's growth. The Bank will continue its operations without interruption, offering a full range of financial services. Shares will trade under the same OTC symbol, FDVA.
- Completion of merger enhances operational flexibility.
- One-for-one share exchange supports shareholder value.
- Continued growth potential with new holding company structure.
- None.
FAIRFAX, Va., Nov. 3, 2021 /PRNewswire/ -- Freedom Financial Holdings, Inc. (the "Company") (OTCQX: FDVA) and The Freedom Bank of Virginia (the "Bank") announced that, effective as of November 1, 2021, the Company and the Bank consummated the statutory merger pursuant to which the Company has become the parent bank holding company of the Bank (such transaction, the "reorganization"). In the reorganization, each share of the Bank's common stock converted into a share of the Company's common stock at a one-for-one exchange rate.
Joseph J. Thomas, President and CEO of the Bank and Freedom Financial commented, "We are delighted to complete the reorganization and look forward to the added financial and operational flexibility from our new holding company which is in the best interests of our shareholders. The formation of Freedom Financial Holdings puts us in a very strong position to support the continued growth and expansion of the Bank and to take advantage of future opportunities and access capital markets as the need arises."
Following the reorganization, shares of the Company's common stock will trade on the OTC Markets under the same ticker symbol, FDVA, that was used for shares of the Bank's common stock prior to the reorganization. The reorganization will not impact the Bank's operations; the Bank will continue to provide its full range of financial services comprised of retail banking, commercial banking, SBA and mortgage products. The headquarters for the Bank and Freedom Financial will remain in Fairfax, VA.
Shareholders will receive information in the mail from the Company's and the Bank's transfer agent about shares held in book-entry form and how to exchange certificates that previously represented shares of the Bank's common stock.
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
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
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