AIRFAX, Va.--(BUSINESS WIRE)--The Board of Directors of Freedom Bank of Virginia (OTCQX: FDVA) announced today that Joseph J. Thomas has been appointed as its President and Chief Executive Officer effective August 27, 2018.

“We are very excited to have Joe Thomas join Freedom as our new CEO. He brings an impressive set of industry experiences, leadership qualities, and local insights to help drive shareholder value going forward,” said H. Jason Gold, Freedom Bank Chairman.

Mr. Thomas, 55, was most recently President and CEO of Bay Bancorp (NASDAQ: BYBK), a community bank with $700 million in total assets based in Columbia, Maryland, before its successful sale to Old Line Bancshares in April of 2018 when Thomas was appointed to the Board of Directors. Mr. Thomas was previously Managing Director of Hovde Private Equity Advisors and Financial Services Partners Fund I, a private equity fund dedicated to investing in financial services companies and community banks.

“I am eager to get back to work at Freedom Bank, the fifth largest locally headquartered bank in the economically vibrant Northern Virginia market,” said Thomas. “The changes in leadership at Freedom represent an opportunity for the talented and diverse leaders in our company to build on Freedom Bank’s core strengths, which include an outstanding staff of professionals, a great list of clients, solid credit quality, an abundant capacity for growth, and a rational branch infrastructure to serve distinct markets in Northern Virginia,” he continued.

Mr. Thomas enjoyed a distinguished 20-year career with Wachovia Corporation. Over the course of his career at Wachovia, Mr. Thomas held a range of credit, corporate finance, and capital markets positions. Mr. Thomas’ last role was Managing Director of Wachovia Securities and Head of Financial Institutions Investment Banking in Charlotte, North Carolina.

Mr. Thomas holds a BA from the University of Virginia and an MBA from Fuqua School of Business at Duke University. In addition, Mr. Thomas is a Chartered Financial Analyst, a member of the CFA Society of Washington, DC and a National Association of Corporate Directors Governance Fellow. Mr. Thomas also served on the Federal Delegate Board of the Independent Community Bankers of America.

Mr. Thomas is a Virginia native and currently resides with his wife and family in Alexandria, Virginia. He is managing member of Glenowen Farm LLC, a registered Angus cattle farm in Round Hill owned by his family since 1784. Mr. Thomas is a Trustee of St. Paul’s Episcopal Church Foundation, member of the Parents Advisory Committee at Woodberry Forest School, former Trustee of the St. Stephens and St. Agnes Foundation, former President of Belle Haven Country Club and Emeritus Trustee of the College of Arts and Sciences at the University of Virginia.

Mr. Thomas succeeds Craig Underhill as President and Chief Executive Officer.

About Freedom Bank

Freedom Bank is a community-oriented bank headquartered in Fairfax, Virginia with total assets of $512 million and total deposits of $434 million at June 30, 2018. The bank has locations in Fairfax, Reston, Chantilly and Vienna and a mortgage division headquartered in Chantilly. The bank’s stock trades on the OTCQX market as FDVA. For information about Freedom Bank’s deposit and loan services, visit the Bank’s website at www.freedombankva.com.