The Freedom Bank of Virginia (Bulletin Board: FDVA.OB) Announces $1 Million Rights Offering

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The Freedom Bank of Virginia (Bulletin Board: FDVA.OB) today announced its plan to commence a $1 million rights offering for its shareholders of record as of November 9, 2006. This rights offering is expected to commence on or about November 30, 2006, and remain open until January 15, 2007. The shares will be sold in units. Each unit, to be priced at $13.25, will consist of one share of common stock and one eight-year warrant to purchase six-tenths (.6) of one share of common stock (disregarding fractional shares and warrants). The Bank expects to offer 75,471 units. Shareholders will be entitled to purchase a number of units up to 7% of the number of shares they held on the November 9, 2006 record date.

The rights offering is part of the Bank’s plan announced on October 19, 2006 to raise $6.9 million in equity capital in addition to the $5.1 million equity infusion expected from a group that includes six former James Monroe Bank directors. In the near future, the Bank plans to commence an offering not limited to existing shareholders. That non-underwritten offering is expected to be for up to 520,755 shares of common stock (with discretion to increase to 747,170 shares of common stock) priced at $13.25 per share (without warrants).

This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the transaction; (ii) Freedom’s plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "targets," "projects," or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based on the current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed or implied in these forward- looking statements because of numerous possible uncertainties.


John T. Rohrback, 703-242-5300

Freedom Bank of Virginia

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