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.
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