Freedom Financial Holdings Receives Highest Rank of Any DC Metro Bank Holding Company and the Fourth Highest Rank in Virginia
FAIRFAX, Va., June 14, 2023 /PRNewswire/ -- Freedom Financial Holdings, Inc. (OTCQX FDVA), (the "Company" or "Freedom"), is thrilled to announce that it was recognized by American Banker as one of the top performing bank holding companies with under $2 billion in assets in the United States. Freedom received the highest rank of any bank holding company in the DC Metro area, was the fourth highest ranked bank holding company in the state of Virginia and was 99th in the overall nationwide list. Freedom's significant climb in rank since 2021 is especially significant given the exceptionally challenging environment in 2022.
The American Banker publishes the list of the top 200 performing publicly traded banks and holding companies with under $2 billion in assets annually. The Capital Performance Group compiles and analyzes the data provided by S&P Global Market Intelligence which utilizes Security and Exchange Commission filings. The top 200 banks had a median return on average equity of 14.16%, compared with 11.67% for all publicly traded banks in the asset class. The three-year average for this figure was 12.6% for the top performers which is more than 2 percentage points higher than their peers. Freedom Financial Holdings, Inc. and other top performers were recognized for their lower efficiency ratios, higher net interest margins, and stronger median net loan growth than the group of all publicly traded community banks. In addition, Freedom and other top performers, had a higher percentage of core deposits to total deposits and slightly lower cost of funds than the peer group.
"We are very excited to receive such distinguished recognition from the American Banker. Our talented colleagues worked hard in 2022 to drive our financial performance during a period of dynamic change in the economy and banking industry. Our company's branch-light, tech enabled business model and differentiated client strategy has enabled these results and resiliency. I am grateful for our clients, colleagues and communities for supporting our efforts to grow the company and produce strong results for shareholders. We look forward to building on our success as we remain focused on serving entrepreneurs and small businesses in the vibrant Northern Virginia/Washington, DC market," said Joe Thomas, President and CEO.
About Freedom Financial Holdings, Inc.
Freedom Financial Holdings, Inc. is the holding company of The Freedom Bank of Virginia, a community bank with locations in Fairfax, Reston, Chantilly, Vienna, and Manassas, Virginia. The Freedom Bank of Virginia also has a mortgage division headquartered in Chantilly, Virginia and an SBA division headquartered in Harrison, NY. For information about deposits, loans and other services, visit the website at www.freedom.bank.
Contact:
Joseph J. Thomas
President & Chief Executive Officer
Phone: 703-667-4161
Email: jthomas@freedom.bank
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SOURCE Freedom Financial Holdings
