The Freedom Bank of Virginia has extended the deadline for its $4 million stock offering in response to investors' requests for more time.
The Fairfax-based bank now plans to close its public offering on Dec. 12. Freedom Bank launched the offering at the beginning of November, and it was initially slated to close on Nov. 28. The news release did not say how much of the $4 million of common stock offered has been bought.
Craig Underhill, the president and chief executive of the $305 million-asset bank, said in a news release that he was "pleased" with the response so far to the offering but wanted an extension to accommodate investors.
"Some investors have requested more time so that subscription agreements can be submitted through retirement accounts. Others did not receive the offering until this week," he said in the release. "Extending the deadline to after the Thanksgiving holiday will accommodate these investors."
The Freedom Bank of Virginia has three branches in northern Virginia, and earned $1.3 million in the first three quarters of the year. It formed an M&A advisory unit focused on government contractors earlier this year.