Shaun E. Murphy Joins Freedom Bank of Virginia as Chief Operating and Credit Officer

Accomplished Banker Brings Over 25 Years of National and International Experience in Financial Services Leadership

FAIRFAX, Va.--(BUSINESS WIRE)-- The Board of Directors of Freedom Bank of Virginia (OTCQX: FDVA) is pleased to announce that Shaun E. Murphy has been appointed as its Executive Vice President and Chief Operating and Credit Officer effective October 1, 2018.

“We are thrilled to have Shaun Murphy join Freedom Bank in this new and important leadership capacity. He has a proven track record with several well respected companies in loan origination, credit, capital markets, regulatory compliance, operations and workout,” said Joe Thomas, President and CEO of Freedom Bank. “The addition of Mr. Murphy brings a fresh leadership structure to the Bank which will guide and integrate all administrative functions in one team to better serve our banking clients and build the foundation for future growth. I would like to thank Sally Siveroni for her service as our Chief Credit Officer over the past five years as she pursues a new chapter in her career out of market,” he continued.

Mr. Murphy was most recently SEVP and Chief Credit & Risk Officer at City First Bank in Washington DC since 2015. Prior to that, he served as Chief Risk Officer of H Bancorp where he was responsible for all risk and compliance activities and served on the Board of Directors of Bay Bancorp and its bank subsidiary, Bay Bank. Prior to H Bancorp, Mr. Murphy served as Managing Director of Hovde Private Equity Advisors, LLC where he was responsible for risk and due diligence activities surrounding strategic bank investments.

“I look forward to joining the talented and experienced staff at Freedom and overseeing the credit, operations, compliance, information technology and enterprise risk management functions at the Bank in an effective and efficient manner. The changes taking place at Freedom will undoubtedly provide exceptional opportunity for growth and increased shareholder value, making it a very exciting time to be a part of the Freedom Bank team,” said Shaun Murphy.

Previously, Mr. Murphy served as Chief Operating Officer at CapitalSource Inc. where he was responsible for portfolio administration and operations of the Structured Finance Business. Prior to that, he was the Credit Executive for PNC Financial Services Corporate Banking and PNC Capital Markets, Inc., responsible for underwriting, portfolio administration, and strategic positioning. Mr. Murphy was also at Allfirst as Chief Regulatory Officer responsible for all compliance functions across the bank and other subsidiaries as well as the bank’s BSA Officer, CRA Officer, Chief Compliance Officer, and Chief Ethics Officer. He began his career at HSBC in New York and holds degrees from The London School of Economics and Political Science (M.Sc.) and Villanova University (B.S.B.A.).

About Freedom Bank

Freedom Bank is a community-oriented bank headquartered in Fairfax, Virginia with total assets of $512 million and total deposits of $434 million at June 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.

Freedom Bank of Virginia
Joseph J. Thomas, CFA
President and CEO
703-667-4161
jthomas@freedombankva.com