Market Overview

Joseph J. Thomas Joins Freedom Bank of Virginia as New President and CEO

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Banking Veteran Brings Over 30 Years of Operational and Investing
Experience to Northern Virginia Institution

The Board of Directors of Freedom Bank of Virginia (OTCQX:FDVA)
announced today that Joseph J. Thomas has been appointed as its
President and Chief Executive Officer effective August 27, 2018.

"We are very excited to have Joe Thomas join Freedom as our new CEO. He
brings an impressive set of industry experiences, leadership qualities,
and local insights to help drive shareholder value going forward," said
H. Jason Gold, Freedom Bank Chairman.

Mr. Thomas, 55, was most recently President and CEO of Bay Bancorp
(NASDAQ:BYBK), a community bank with $700 million in total assets based
in Columbia, Maryland, before its successful sale to Old Line Bancshares
in April of 2018 when Thomas was appointed to the Board of Directors.
Mr. Thomas was previously Managing Director of Hovde Private Equity
Advisors and Financial Services Partners Fund I, a private equity fund
dedicated to investing in financial services companies and community
banks.

"I am eager to get back to work at Freedom Bank, the fifth largest
locally headquartered bank in the economically vibrant Northern Virginia
market," said Thomas. "The changes in leadership at Freedom represent an
opportunity for the talented and diverse leaders in our company to build
on Freedom Bank's core strengths, which include an outstanding staff of
professionals, a great list of clients, solid credit quality, an
abundant capacity for growth, and a rational branch infrastructure to
serve distinct markets in Northern Virginia," he continued.

Mr. Thomas enjoyed a distinguished 20-year career with Wachovia
Corporation. Over the course of his career at Wachovia, Mr. Thomas held
a range of credit, corporate finance, and capital markets positions. Mr.
Thomas' last role was Managing Director of Wachovia Securities and Head
of Financial Institutions Investment Banking in Charlotte, North
Carolina.

Mr. Thomas holds a BA from the University of Virginia and an MBA from
Fuqua School of Business at Duke University. In addition, Mr. Thomas is
a Chartered Financial Analyst, a member of the CFA Society of
Washington, DC and a National Association of Corporate Directors
Governance Fellow. Mr. Thomas also served on the Federal Delegate Board
of the Independent Community Bankers of America.

Mr. Thomas is a Virginia native and currently resides with his wife and
family in Alexandria, Virginia. He is managing member of Glenowen Farm
LLC, a registered Angus cattle farm in Round Hill owned by his family
since 1784. Mr. Thomas is a Trustee of St. Paul's Episcopal Church
Foundation, member of the Parents Advisory Committee at Woodberry Forest
School, former Trustee of the St. Stephens and St. Agnes Foundation,
former President of Belle Haven Country Club and Emeritus Trustee of the
College of Arts and Sciences at the University of Virginia.

Mr. Thomas succeeds Craig Underhill as President and Chief Executive
Officer.

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.

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