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FREEDOM FINL HLDGS INC - FDVA STOCK NEWS

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Freedom Financial Holdings Inc (FDVA) is the holding company for The Freedom Bank of Virginia, focusing on commercial, personal, and mortgage banking. With locations across Virginia, the bank offers innovative solutions to clients in various industries. Recent financial results show steady growth in loans and deposits, alongside strong capital ratios, reflecting a proactive approach to market challenges. The bank's emphasis on client relationships and conservative financial practices positions it well for future opportunities.

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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.

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Freedom Bank has successfully underwritten its first business valuation-based loan in partnership with BizEquity, a fintech leader specializing in business valuation technology. This innovative loan product aims to provide entrepreneurs with better access to capital and financial planning by leveraging real-time business values. Freedom Bank's use of BizEquity's state-of-the-art software marks a significant step in transforming traditional banking practices. With total assets of $846.6 million as of September 30, 2021, Freedom Bank is committed to empowering business owners through enhanced valuation tools.

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Freedom Financial Holdings completed a $20 million private placement of 3.5% fixed-to-floating rate subordinated notes due 2031, aimed at enhancing liquidity and supporting growth. Rated BBB by Egan Jones, these unsecured notes will initially bear interest at a fixed annual rate, transitioning to a variable rate linked to the three-month SOFR. Proceeds will be utilized for general corporate purposes, reinforcing capital ratios. CEO Joseph J. Thomas expressed optimism about this funding enabling further expansion.

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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.

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The Freedom Bank of Virginia (OTCQX: FDVA) reported a net income of $2.89 million or $0.39 per diluted share for Q3 2021, up from $2.63 million or $0.36 per diluted share in Q2 2021. Year-to-date net income increased to $7.98 million, compared to $4.95 million in the previous year. Key highlights include a 14.18% return on equity and a 10.37% growth in total assets to $846.6 million. The bank's net interest margin rose to 3.43%, with total deposits increasing by 8.58% during the quarter.

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The Freedom Bank of Virginia (OTCQX: FDVA) earned an Honorable Mention in the ABA Foundation's 2021 Community Commitment Awards, recognizing its economic inclusion efforts through the NOVA Technology Loan Fund. This fund was launched in early 2021 to assist entrepreneurs of color in the DC Region impacted by COVID-19, providing financing and technical support. The bank is proud to be the only award winner from Virginia, highlighting its dedication to community service.

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The Freedom Bank of Virginia (OTCQX: FDVA) received regulatory approval for its holding company reorganization, set to take effect on November 1, 2021. The Bank will become a wholly-owned subsidiary of Freedom Financial Holdings, Inc. Each share of the Bank's common stock will convert into corresponding shares of Freedom Financial. This restructuring aims to enhance financial flexibility and access to capital markets, fostering continued growth. Operations will remain unchanged, and the Bank will continue offering its full range of financial services from its headquarters in Fairfax, Virginia.

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The Freedom Bank of Virginia (OTCQX: FDVA) announced a new Business Valuation Loan product for commercial clients in the Washington D.C. area, leveraging BizEquity's advanced valuation platform. This product offers a no-cost business valuation, including industry benchmarks, aiding businesses in strategic planning for growth or potential exit strategies. Joe Thomas, the bank's CEO, emphasized the importance of providing clients with accurate valuations to unlock their business potential. The partnership with BizEquity aims to enhance lending solutions based on business value.

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The Freedom Bank of Virginia (OTCQX: FDVA) reported a net income of $2,626,381 ($0.36 per diluted share) for Q2 2021, up from $2,468,211 ($0.34) in Q1 2021 and $1,525,525 ($0.21) in Q2 2020. Year-to-date net income reached $5,094,592 ($0.69 per diluted share), a significant increase from $2,375,331 ($0.33) in 2020.

Key highlights include a 22.06% organic loan growth (excluding PPP loans) and a lowered cost of funds at 0.42%. The Board announced plans to form a new bank holding company for enhanced capital access. Non-interest income decreased by 25.10% due to lower mortgage activity, while asset quality improved with non-performing assets at 0.11%.

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FAQ

What is the current stock price of FREEDOM FINL HLDGS (FDVA)?

The current stock price of FREEDOM FINL HLDGS (FDVA) is $10.5 as of February 21, 2025.

What is the market cap of FREEDOM FINL HLDGS (FDVA)?

The market cap of FREEDOM FINL HLDGS (FDVA) is approximately 73.5M.

What services does Freedom Financial Holdings Inc provide?

Freedom Financial Holdings Inc offers commercial, personal, and mortgage banking solutions to clients across various industries.

Where is The Freedom Bank of Virginia located?

The Freedom Bank of Virginia has locations in Fairfax, Reston, Chantilly, Vienna, and Manassas, Virginia.

How has Freedom Financial Holdings Inc performed in the latest quarter?

Freedom Financial Holdings Inc reported net income of $1,164,226, or $0.16 per diluted share for the first quarter, showing a significant improvement from the previous quarter.

What highlights were observed in the first quarter of 2024 for Freedom Financial Holdings Inc?

In the first quarter of 2024, Freedom Financial Holdings Inc saw an increase in pretax income, an improved net interest margin, and positive momentum in credit quality.

What is the capital position of The Freedom Bank of Virginia?

As of March 31, 2024, The Freedom Bank of Virginia maintains strong capital ratios, well above regulatory minimums for well-capitalized bank holding companies.
FREEDOM FINL HLDGS INC

OTC:FDVA

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73.53M
6.64M
Banks - Regional
Financial Services
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United States
Fairfax