Freedom Bank of Virginia released our Q1 2024 earnings and hosted our Annual Shareholder Meeting yesterday. Our team’s efforts translated into an increase in pretax income of 28% compared to same period in 2023. Strong performance in our Mortgage Division drove an increase in non-interest Income of 24.70% and efforts to manage personnel and overhead expenses translated into a reduction in non-interest expense of 2.89% compared to the same period in 2023. Equally important are the favorable trends in credit quality with a reduction of classified assets and the completed Trustee sale of property of our one large non-performing loan at a price significantly above carrying value. In addition to improving asset quality, we were successful in remixing loans and deposits to protect the net interest margin and reduce operating expenses in an environment where rates are expected to stay higher for longer.
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Pleased to welcome Robert Dyson to Freedom Bank of Virginia as our new Government Contracting and IT Practice Leader. These are strategic and growing industry verticals for our commercial banking team. Rob brings over 28 years of proven financial services success as well as past experience working in the goverment contracting and digital communications industries. Rob and our talented team of portfolio and treasury management officers can provide advice, capital and cash managment, all tailored to the needs of contractors and IT clients. https://lnkd.in/e32eY9vj
Rob Dyson Joins Freedom Bank as SVP & Government Contracting and IT Industry Practice Leader
prnewswire.com
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Very proud of the entrepreneurs the Freedom Bank of Virginia Foundation supports, like Sonja Caison, our partnership with Community Business Partnership led by Karlene Sinclair-Robinson, and my colleagues, like Kathleen Johnson, who are making a difference in our community.
The Freedom Bank team enjoyed getting together for our Freedom Bank Foundation Happy Hour last night at oh george! to kick-off our fundraising efforts for our upcoming Foundation Celebration benefiting the NOVA Freedom Fund. Thank you to Sonja Caison, Owner of CAISON JANITORIAL INC., and NOVA Freedom Fund recipient and Karlene Sinclair-Robinson from Community Business Partnership for coming to mingle with the team and sharing their inspiring stories. It was a great opportunity for everyone to articulate the importance of the Foundation’s work and furthering the mission of economic inclusion through the NOVA Freedom Fund!
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Honored to represent St. Paul’s Episcopal Church as a judge at Empowered Women International, a program of the Latino Economic Development Center 2024 Spring Entrepreneur Training for Success (ETS) Pitch Event. These women entrepreneurs have been working hard for the past three months to develop business plans and I was very proud of my assigned student Theresa Esterlund, CEO of Open to Being. Please check out her site and find expressions for moments that matter!
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Congratulations McLean Youth Soccer on the team’s success and Freedom Bank of Virginia is proud to be part of your jouney. Thanks to my colleague Raj Mehra for his leadership in the McLean community. Good luck Viginia Union in the tournament!
Freedom Bank was thrilled to support McLean Youth Soccer and the Virginia Union 2008 boys team on their trip to The ECNL Playoffs in San Diego, CA. Youth sports is an important ingredient that binds our communities together and we are so proud of the team’s hard work and accomplishments. Congrats, Virginia Union on your 4-3 win last night!
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Freedom Bank of Virginia’s Our Ideas Make the Difference campaing continues in the Washington Business Journal this week highlighting our new financing for Forefront Solar Fund and Skylight Lending. Thanks to Thomas Dungan IV for partnering with us to providing creative financing to Forefront Solar Fund to enable a private securitization of a pool of residential solar loans originated by Skylight. Freedom Bank understands the journey of a founder-led business and this transaction frees up capital to help the business grow. Experience Innovation, Bank with Freedom.
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We celebrated #NationalBringYourDogtoWorkDay at Freedom Bank of Virginia today. Lots of furry friends lightening up the mood around the bank. Grateful to all my colleagues for being so welcoming to Gus. He joined the Executive Loan Committee this afternoon and found lots of treats for his presentation!
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Freedom Bank of Virginia celebrates #Juneteenth today marking the emancipation of enslaved African Americans in the United States, a significant milestone in our nation's history. Juneteenth is a day of reflection and a reminder that we’ve made many strides toward justice and equality and should continue our efforts to make a difference. Our commitement to the NOVA Freedom Fund administered by the Community Business Partnership is one such action step we are taking to provide capital to African American entrepreneurs.
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Proud of my fellow Freedom Bank of Virginia colleagues who celebrated their graduation from Leadership Training with Melissa Furman at TopGolf last week! Over a four-month period, these Department Managers explored ways to strengthen their leadership skills as the workplace continues to change at a rapid pace and as the workforce becomes more diverse. Thank you Florante Santos , Erin Moore, Thyda Price , Gabrielle Seng,, David Sanders, CPA, MBA ,Doris Hambright, PHR, SHRM-CP, CPSP , Sopa Keo, Jenny Joudeh, Kathleen Johnson and Jamie K. Adkins for your personal commitment to growth and professional dedication to our success!
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Freedom Bank of Virginia IDEAS Make the Difference continues this week in the Washington Business Journal highlighting UPIC Health, LLC. Thanks to Mary Tucker for her confidence in our team to provide financing to help this founder-led health technology company pursue new markets. Experience Innovation, Bank with Freedom!
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Thanks to the hard working Virginia Bankers Association team for a great conference this week, our first with friends from the Maryland Bankers Association, who are set to merge on July 1. VBA President Bruce Whitehurst conducted a great interview of Bank of America CEO Brian Moynihan. Super impressed by Moynihan’s command of the company and industry with facts and keen insight, but also took away four key points for leaders in banking: 1. Define your purpose by asking “if we were not here tomorrow, who would care?”; 2. Balance Purpose with Profit and “the genius is in the And and the tyranny is in the Or;” 3. On diversity - people want to work at a place where “I can be who I am when I walk in the door”; 4. Our colleagues simply want a “boss and a company who is in it for them” and often intergenerational teams promote these values. Some simple but smart lessons to lead by!
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Account Executive/ Account Manager at Relay Network
2moCongrats Joe!