Market Overview

Freedom Bank Board of Directors Elects H. Jason Gold Chairman

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The board of directors of the Freedom Bank of Virginia (OTCQX:FDVA)
announced that H. Jason Gold, a founding and the longest serving
director, was elected Chairman of the Board of Directors on July 17,
2018. He succeeded Richard Litman, who retired as Chairman after eleven
years in that role.

Gold, 63, has served as a director of the bank since its founding in
July 2001 and currently serves as the Chairman of the Strategic Planning
Committee. He is a partner at the national law firm of Nelson Mullins
Riley & Scarborough LLP and has been active in the local business
community for nearly 40 years. Prior to joining Nelson Mullins in 2015
he was a partner in the Washington, D.C. law firm of Wiley Rein LLP for
twelve years. Prior to that he was the managing partner of Gold Morrison
& Laughlin PC dating back to 1985. Born and raised in Brooklyn, New
York, he moved to the D.C. area in 1972 and with his wife Margi raised
his two sons in Northern Virginia.

CEO Craig Underhill said, "We are very fortunate at this juncture of our
development to have an individual with the experience and history with
the bank that Jason has to step in and lead us in the next phase of our
development. Management and the board are excited to work with Jason on
implementing the Bank's plan to become the preeminent community bank in
Northern Virginia."

"The shareholders of Freedom Bank are fortunate to have such an
outstanding and dedicated group of individuals employed at the bank. My
goal is to give them whatever support they need to continue the growth
and profitability of the bank in perhaps the most dynamic and growing
banking and business markets in the country," said Gold. He added,
"Equally important are the thousands of customers who we serve. We will
continue to work hard to provide them with the very best competitive
rates and quality service possible."

Richard Litman said, "Jason has served on the bank's board since the
beginning. In addition he and his law firm have represented a host of
community, regional and national banks since the 1980's. I remain on the
board and look forward to continuing to promote the interests of the
bank."

CEO Craig Underhill said, "We thank Richard for his boundless energy and
tireless efforts to help get Freedom Bank to the $500 million bank we
are now. We all appreciate his many contributions to the bank."

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.

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