The Freedom Bank of Virginia Announces $6.9 Million Offering is Oversubscribed in Record Time

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The Freedom Bank of Virginia (Bulletin Board: FDVA.OB) announced today that its 520,755 share common stock offering has been oversubscribed. The Bank has exercised its discretion to increase the offering size to 747,170 shares, priced at $13.25 per share, to a maximum amount of $9.9 million.

The Freedom Bank of Virginia (Bulletin Board: FDVA.OB) announced today that its 520,755 share common stock offering has been oversubscribed. The Bank has exercised its discretion to increase the offering size to 747,170 shares, priced at $13.25 per share, to a maximum amount of $9.9 million.

The offering is part of the capital raising plan announced October 19, 2006. Under that plan, a group of six former James Monroe Bank directors and Ategra Community Financial Institution Fund, LP agreed to invest $5.1 million in the Bank, subject to approval by state and federal banking regulators. Applications for such approval have been filed and the Bank is awaiting a decision on those applications. Acceptance of subscriptions for the 747,170 share offering is contingent upon receipt of the requested regulatory approval.

For further information on the offering, contact Christine Gorman at (703) 242-5300.

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.

Contact:    

John T. Rohrback

703-242-5300    

Freedom Bank of Virginia

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GAL BORENSTEIN