Freedom Bank of Virginia Receives Approval by Federal and State Regulators for Major Investment & New Directors (Bulletin Board:FDVA.OB).

FAIRFAX, Va. -- The Freedom Bank of Virginia (Bulletin Board:FDVA.OB) announced today that both the Bureau of Financial Institutions of the Virginia State Corporation Commission and the Federal Reserve Bank of Richmond have approved the investment into the Bank of $4.1 million by six former James Monroe Bank founding directors and $1 million by Ategra Community Financial Institution Fund, LP. The investment is part of the Bank's plan to add $16 million in capital this month. The approval is expected to catapult the Bank to achieve significant growth.

The Bank expects to close the $5.1 million transaction with the investor group promptly. At the same time, the Bank will accept $9.9 million in subscriptions for 747,170 shares from a December 2006 offering that was oversubscribed in record time of less than a month.

The former James Monroe Bank directors are Dr. Terry L. Collins, CEO of Argon ST, Norman P. Horn, CPA, Dr. David C. Karlgaard, Vice Chairman of Nortel Government Solutions, Richard C. Litman, Esquire, Dr. Alvin E. Nashman, and Russell E. Sherman, Esquire. The six, a majority of the board at James Monroe Bank, will join existing directors Cynthia Carter Atwater, G. Thomas Collins, William G. Dukas, H. Jason Gold, Michael A. Miranda and John T. Rohrback, on a reconstructed twelve member board of directors.

John T. Rohrback, CEO and President of the Bank, said: "With over $24 million in capital and our reconstituted Board, the Bank is positioned to provide enhanced banking resources to customers and expedite its growth." William G. Dukas, Chairman of the Board, added: "We are pleased that both state and federal regulators are allowing the sizeable investment and involvement of the six founding directors of James Monroe Bank. As a team we will work together to accelerate the growth of Freedom Bank."

Mr. Dukas, who will be succeeded as Chairman by Richard C. Litman, will serve as Vice Chairman of the reconstituted Board. Mr. Litman commented: "Our group is very pleased to be joining the Freedom Bank family."

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.