Freedom Bank Continues to Perform for Shareholders and Clients During COVID-19 Pandemic
FAIRFAX, VA / ACCESSWIRE / April 15, 2020 / The Freedom Bank of Virginia (OTCQX:FDVA) announced today that the format of the 2020 Annual Meeting of Shareholders has been changed from an in-person to a virtual-only meeting in compliance with Governor Ralph Northam's stay at home order. The revised meeting format will help safeguard the health and safety of shareholders, employees, and the entire community during the COVID-19 pandemic.
President & CEO, Joseph J. Thomas said "We are operating in unprecedented conditions and I regret that we are unable to meet with shareholders in-person for our Annual Meeting. We certainly reported improved results for the full year 2019 and enter 2020, and the COVID-19 crisis, with extremely high capital levels, strong asset quality and abundant liquidity that will help us outperform in a period of significant economic dislocation. I am proud of the efforts of the team at Freedom Bank who are largely working remotely, but have processed over 75 loans providing a 6-month payment deferral for clients adversely impacted by the COVID-19 pandemic. The bank also has taken over 300 applications from clients and prospects totaling over $75 million in new Paycheck Protection Program loans and are rapidly securing SBA approvals. Our Mortgage Division currently has $30 million in held for sale mortgages and we are estimating $40 million in originations in April. Freedom Bank employees are working tirelessly serving our clients and small business owners throughout the Washington DC MSA during this national emergency."
As previously announced, the Annual Meeting will be held on Thursday, April 30, 2020 at 4:00 pm EDT. However, the Annual Meeting will no longer be held at the Army Navy Country Club in Fairfax but will instead be hosted virtually through a virtual meeting platform.
Shareholders may attend the Annual Meeting by logging into ZOOM using the following meeting ID – 986 4042 3300. Further information regarding the change to the format of the Annual Meeting can be found in the Notice of Change to Virtual Format for 2020 Annual Meeting of Shareholders below. Other materials related to the Annual Meeting can be found at www.freedom.bank under Investor Relations and on the OTCQX website at https://www.otcmarkets.com/stock/FDVA/overview.
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Notice of Change to Virtual Format for 2020 Annual Meeting of Shareholders
NOTICE OF CHANGE TO VIRTUAL FORMAT FOR
2020 ANNUAL MEETING OF SHAREHOLDERS
to be held April 30, 2020
TO THE SHAREHOLDERS OF THE FREEDOM BANK OF VIRGINIA:
In response to Governor Northam's stay-at-home order and to safeguard the health and safety of its shareholders, employees and the entire community during the COVID-19 pandemic, the Board of Directors of The Freedom Bank of Virginia (the "Bank") has changed the location of the Bank's 2020 Annual Meeting of Shareholders (the "Annual Meeting").
The Annual Meeting will be held on Thursday, April 30, 2020 at 4:00 p.m., Eastern Time as a virtual meeting only. The Bank will not hold the previously announced in-person meeting at the Army Navy Country Club.
The Annual Meeting will be conducted as a Zoom video conference. Shareholders may participate in the meeting by logging into ZOOM using the following meeting ID – 986 4042 3300.Shareholders will have the ability to ask questions during the Annual Meeting via the "chat" function on the Zoom platform.
Shareholders may vote prior to the Annual Meeting by Internet, telephone, or mail as previously described in the Bank's Proxy Statement. Shareholders who wish to vote during the Annual Meeting may do so by notifying the Bank of their desire to do so via the "chat" function on the Zoom platform and calling the telephone number that will be provided to them at that time.
Only shareholders of record as of the close of business on February 27, 2020 are entitled to notice of and to vote at the Annual Meeting or any adjournment or postponement of the meeting.
By Order of the Board of Directors
Joseph J. Thomas
President and Chief Executive Officer
April 15, 2020
The above Notice of Change to Virtual Format relates to the Proxy Statement of the Bank dated March 30, 2020, furnished to shareholders of the Bank in connection with the solicitation of proxies by the Board of Directors of the Bank for use at the Annual Meeting.
THIS NOTICE SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENT.
Please sign, date, and return your proxy promptly, whether or not you plan to participate in the virtual Annual Meeting. You may also vote by telephone or over the Internet. If your shares are not registered in your name, you will need additional documentation from your record holder in order to vote during the Annual Meeting.
The Proxy Statement and Annual Report are available at www.freedom.bank.
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 in the Northern Virginia/DC metro area, 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 $500.4 million at December 31, 2019 and locations in Fairfax, Vienna, Reston, and Chantilly and a mortgage division headquartered in Chantilly. 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
SOURCE: Freedom Bank of VA
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