Freedom Bank Implements Market Expansion

FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (OTCQX: FDVA) today announced that it hired Stephen Witt as Market President to lead its expansion into Prince William County. The Bank has also appointed Catherine Bragan as Community Executive to form a team of experienced bankers with deep ties to the region to execute the lead bank strategy in the market.

Freedom Bank is excited about the dynamic growth opportunities in Prince William County, where we already have strong loans and core deposits with existing clients,” said Joe Thomas, President and CEO. “We look forward to further lead relationships in the area with the talented team of tenured bankers lead by Steve Witt and Catherine Bragan. This team will focus on entrepreneurs and professionals and deliver our regional business model to the growing community of Prince William County.” Mr. Witt will serve as Market President for Prince William County and will be responsible for building the Bank’s brand, market position, and client relationships in the market across all lines of business. He will originate and manage relationships with commercial clients, including originating C&I and Owner Occupied CRE loans, as well as core deposits.

“I am thrilled to lead the Prince William County initiative and look forward to bringing the Bank’s new brand promise of ‘Experience Innovation, Bank with Freedom’ to Prince William County,” said Steve Witt.

Mr. Witt has over 16 years of banking experience and has been a resident of Prince William County for the past for 13 years. He is re-joining the Bank most recently from Access National Bank following the announcement of its merger with Union Bank and was previously a banker with Freedom for five years. Mr. Witt currently serves on the Business Finance Group’s Virginia Loan Committee and is a 2010 graduate of Leadership Prince William and a 2016 graduate of the Virginia Bankers’ Association’s Executive Leadership Institute.

Catherine Bragan will serve as Community Executive in Prince William County to support this strategic initiative. In this role, Ms. Bragan will generate new small business relationships, core deposits, and support the treasury services needs of commercial clients. She previously managed BB&T’s flagship financial center in the County for 14 years.

“I am delighted to be a part of the Prince William County team at Freedom Bank. I look forward to enhancing our outreach to clients and the community and welcome the opportunity to build new and lasting relationships in this market,” said Bragan.

Ms. Bragan is a skilled banking professional with 30 years of commercial and consumer banking experience. Before coming to Freedom Bank in 2018, Ms. Bragan held the position of Vice President, Regional Banking Manager at Middleburg Bank prior to its sale to Access National Bank. Most recently, she served as a Market Executive for Freedom Bank in the Fairfax Office and has been a leader in many respects across the company.

About Freedom Bank

Freedom Bank is a community-oriented bank headquartered in Fairfax, Virginia with total assets of $518 million and total deposits of $438 million at September 30, 2018. The bank has locations in Fairfax, Reston, Chantilly and Vienna and a mortgage division headquartered in Chantilly. The bank’s stock trades on the OTCQX market as FDVA. For information about Freedom Bank’s deposit and loan services, visit the Bank’s website at www.freedombankva.com.

Forward-Looking Statements

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. 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.

Contacts
Joseph J. Thomas, CFA
President and CEO
703-667-4161
jthomas@freedombankva.com