The Freedom Bank of Virginia

Headquarters

10555 Main St
Fairfax, VA 22030
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 5.50% →
1-Year CD 0.65% 5.50% →
2-Year CD 0.70% 5.00% →
5-Year CD 0.85% 4.61% →
30-Year Mortgage N.A. 0.00% →
15-Year Mortgage N.A. 0.00% →
HELOC N.A. 0.99% →

2024 Overview

General Bank Information

The Freedom Bank of Virginia is an FDIC insured institution located in Fairfax, VA. It was founded in 2001 and has approximately $1.06 billion in assets. Customers can open an account at one of its 3 branches.

FDIC Insured Yes
FDIC Certificate # 57184
Date Established 2001
Assets $ 1,058.92 million
Loans $ 752.42 million
Deposits $ 927.98 million
Capital $ 93.92 million
 

For a more detailed analysis of The Freedom Bank of Virginia's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - March 1, 2024

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $2,500 $4,999 Learn More
Money Market
0.05% $2,500 $2,999 Learn More
Money Market
0.10% $10,000 $14,999 Learn More
Money Market
0.15% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
6 Mo CD
0.55% $10,000 $14,999 Learn More
6 Mo CD
0.55% $100,000 $199,999 Learn More
12 Mo CD
0.65% $10,000 $14,999 Learn More
12 Mo CD
0.65% $100,000 $199,999 Learn More
18 Mo CD
0.65% $10,000 $14,999 Learn More
18 Mo CD
0.65% $100,000 $199,999 Learn More
24 Mo CD
0.70% $10,000 $14,999 Learn More
24 Mo CD
0.70% $100,000 $199,999 Learn More
36 Mo CD
0.75% $10,000 $14,999 Learn More
36 Mo CD
0.75% $100,000 $199,999 Learn More
48 Mo CD
0.80% $10,000 $14,999 Learn More
48 Mo CD
0.80% $100,000 $199,999 Learn More
60 Mo CD
0.85% $10,000 $14,999 Learn More
60 Mo CD
0.85% $100,000 $199,999 Learn More

Fixed IRA Rates APY MIN MAX
Fixed IRA
0.65% $1 $999 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.05% $1 $99 Learn MoreShow Less
Int Ckg
0.05% $2,500 $3,499 Learn MoreShow Less
 

Loan Rates - March 1, 2024

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for The Freedom Bank of Virginia

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2024

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Payment
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Veterans United Home Loans
NMLS ID: 1907

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MortgageResearch.com
NMLS ID: Not a Lender

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CrossCountry Mortgage
NMLS ID: 3029

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FHAloans.com
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Featured - Virginia Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
7.490 %
$0 Learn More
More Info

Note to The Freedom Bank of Virginia
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Branches

The Freedom Bank of Virginia branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


The Freedom Bank of Virginia Locations



Climate Initiatives

The Freedom Bank of Virginia is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

Financial Details

The Freedom Bank of Virginia Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of The Freedom Bank of Virginia. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
The Freedom Bank of Virginia U.S. Bank Average
6.87% 4.13%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of September 30, 2023, The Freedom Bank of Virginia had $6,948,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $93,921,000 in equity and $7,214,000 in loans loss reserves. That gives it a Texas Ratio of 6.87%.

Return on Equity
The Freedom Bank of Virginia U.S. Bank Average
7.6% 26.02%

The Freedom Bank of Virginia has a Return on Equity of 7.6% versus the BestCashCow average of 26.02%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
The Freedom Bank of Virginia U.S. Bank Average
8.87% 10.23%

The Freedom Bank of Virginia has a Capitalization of 8.87% versus the BestCashCow average of 10.23. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

The Freedom Bank of Virginia Balance Sheet Analysis

As of September 30, 2023, The Freedom Bank of Virginia had assets of $1,058,922,000, loans of $752,415,000, and deposits of $927,975,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

September 30, 2023
ASSETS
Cash & Balances due from depository institutions $ 14.80 million
Interest-bearing balances $ 11.06 million
Total securities $ 226.64 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 752.42 million
Loan loss allowance $ 7.21 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.21 million
All other assets $ 45.54 million
     Total Assets $ 965.00 million
LIABILITIES
Total deposits $ 927.98 million
      Interest-bearing deposits $ 758.26 million
      Deposits held in domestic offices $ 927.98 million
      % insured (estimated) 71.96%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 34.53 million
Subordinated debt N.A.
All other liabilities $ 9.87 million
      Total Liabilities $ 965.00 million
      Shareholders’ Equity $ 93.92 million

Summary Income Statement

September 30, 2023
INCOME AND EXPENSES
Total Interest Income $ 41.01 million
Total Interest Expense $ 20.00 million
Net interest income $ 21.01 million
Provision for loan and lease losses $ 0.99 million
Total non interest income $ 2.87 million
Total non interest expense $ 16.58 million
Pre-tax Net Operating Income $ 7.18 million

Bank Loan Profile?

The top three loan types in The Freedom Bank of Virginia’s loan portfolio are Small Business Loans, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks in Virginia, The Freedom Bank of Virginia has a significantly higher percent of Small Business Loans, Commercial Real Estate on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 9.54
Multifamily
Mortgages
0.12
Credit Card Loans 0.00
Consumer Auto Loans 0.14
Small Business Loans 50.67
Construction and Development Loans 4.32
Commercial Real Estate 50.18
Commercial and Industrial Loans 16.44
Farm Loans 0.00

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