Industries Banking/Finance

Freedom Bank announces stock split

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Fairfax-based Freedom Bank of Virginia has announced an 11-for-10 stock split.

The split will result in shareholders receiving one additional share of common stock for every 10 shares of common stock they own.

The split will be effective for stockholders owning the stock on April 1.

“This tax-free distribution of additional shares rewards our shareholders for their continued support of our bank,” CEO Craig Underhill said in a statement.

The bank reported net profit of  $1.4 million in 2013, 15.1 percent from 2012. Earnings per share were 40 cents, up from 35 cents.

Total assets grew nearly 15 percent to $274 million.

The bank has branches in Fairfax and Vienna.

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