BankingFreedom Bank Named a Top U.S. Commercial Bank

PRNewswire PRNewswireJuly 22, 20215 min

Independent Banker rankings recognize this year’s standout performers

Independent Banker, the award-winning magazine of the Independent Community Bankers of America (ICBA) and the number-one source for community banking news, recognized The Freedom Bank of Virginia (“Freedom Bank”) as an ICBA top commercial lender in its July issue. Freedom Bank was specifically recognized at the #6 Commercial Bank in the United States ($500 million to $1 billion in total assets) based on the strength of its competitive banking services and operational efficiencies throughout 2020.

“ICBA commends Freedom Bank and its staff on this outstanding achievement during this important time for our industry,” ICBA Executive Vice President and Chief Marketing Officer Rob Birgfeld said. “The success of this year’s standout performers is testament to their ingenuity, resourcefulness, and steadfast devotion to their customers. ICBA is pleased to recognize Freedom Bank for its mastery of the community bank business model and impressive lending results that help create and sustain communities of prosperity.”

“Freedom Bank is honored to be included in this prestigious list of industry top-performing commercial banks in the United States,” said Joseph J. Thomas, President & CEO. “Our talented team of colleagues used both innovation and discipline to serve our customers’ needs for debt capital, treasury services, and advice when it was most valuable during the COVID-19 pandemic. Our model of focusing on entrepreneurs, business owners, and private real estate investors with talented bankers and leading technology was in full bloom in 2020. We are proud of the outcomes for existing and new clients and hope we also served to strengthen the local economy across the Washington, DC region.”

The “ICBA’s Top Lenders 2021” demonstrates the strength of personal connections to create a pathway for success as commercial lenders. It showcases the importance of sound and efficient banking practices and their local knowledge and expertise in adapting to shifting market dynamics and evolving customer needs. The annual list is based on the strength of competitive banking services and operational efficiencies using FDIC data for 2020. Scores were determined by combining the average of the bank’s percentile rank for lending concentration and loan growth over the past year in each lending category and asset size and adjusted for loan charge-offs at certain percentile thresholds.

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