Freedom Bank in Fairfax, Va., plans to form a bank holding company.
The $837 million-asset bank said in a press release Thursday that it will apply to create Freedom Financial Holdings. Freedom said the board approved the move to “provide added financial and operational flexibility.”
Having a bank holding company would also broaden the bank’s ability to pursue nonbank activities.
“The formation of the new holding company will put the bank in the best position going forward to respond to evolving market conditions with more capital alternatives and will allow us to take advantage of future opportunities as they arise,” Joseph Thomas, Freedom’s president and CEO, said in the release.