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Six Founding Directors of James Monroe Bank to Invest in and Join Board of Freedom Bank of Virginia

Fairfax, VA (PRWEB) October 20, 2006

Freedom Bank of Virginia (Bulletin Board: FDVA.OB) today announced an agreement under which six of the founding directors of James Monroe Bank will invest approximately $ 4.1 million in Freedom Bank and join its Board of Directors. The Ategra Community Financial Institution Fund, LP, of Vienna, VA, is also investing $ 1 million. The investors will purchase 386,815 shares of common stock with attached warrants at a price of $ 13.25 per share. The eight-year warrants will allow the investors to purchase up to 232,089 shares of common stock , subject to certain contingencies, at $ 13.25 per share. As part of the transaction, the Bank plans an equity offering in the $ 6.9 – $ 9.9 million range to further enhance its capital base.

The former James Monroe directors are Dr. Terry L. Collins, CEO of Argon ST, Norman P. Horn, CPA, Dr. David C. Karlgaard, Vice Chairman of Nortel Government Solutions, Richard C. Litman, Esquire, Dr. Alvin E. Nashman, and Russell E. Sherman, Esquire.    

William G. Dukas, Chairman of the Board of Freedom Bank said, “The new directors and additional capital will significantly advance our strategy for growth as a high quality community bank. James Monroe was a very successful bank and these experienced bank directors were instrumental in creating that success. We welcome them to our Board.”

Richard C. Litman, who will succeed Mr. Dukas as Chairman, commented: “Our group was looking for a growing bank with a solid management team where our experience would provide synergy and where community banking and relationships with customers meant something special. We are very pleased to be joining the Freedom team.”

John Rohrback, Freedom Bank’s President and CEO commented: “The former James Monroe group shares our culture and will provide insight and vision to help us grow.”

“With the new board members and the added capital, the Bank will seek to fill the void left by acquisitions of other community banks. This strategic investment of money and human capital will not only enhance shareholder value, but will help us provide significant benefits for our customers and employees,” Mr. Dukas added.

In addition to all necessary regulatory approval, the transaction is subject to usual and customary closing conditions, and is expected to be completed by early 2007. Wayne M. Lee of Greenberg Traurig, LLP, McLean, VA, acted as legal counsel for Freedom Bank; Philip W. Jaeger of Bean Kinney & Korman, PC, Arlington, VA represented the investors.

This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the transaction; (ii) Freedom’s plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based on the current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed or implied in these forward- looking statements because of numerous possible uncertainties.

Contact:

John T. Rohrback, 703-242-5300

Freedom Bank of Virginia

Lana Sansur, 703-385-8178 x208

The Borenstein Group, Inc.

TCO 356389171v3 10/17/2006

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PeoplesBank Moves To Protect Brand and Avoid Consumer Confusion

HOLYOKE, Mass. (PRWEB) December 23, 2008

PeoplesBank is a state-chartered community bank founded in Holyoke, Massachusetts in 1885. People’s United Bank is a stockholder-owned, federally chartered bank based in Bridgeport, Connecticut, which recently acquired the Bank of Western Massachusetts and Flagship Bank and Trust through the purchase of their corporate parent the Chittenden Corporation. People’s United Bank filed a complaint against PeoplesBank in the U.S. District Court in Hartford, Connecticut on December 8, 2008, requesting the Court to rule, in part, that it could use the brand People’s United Bank in Massachusetts.

“It is clear that People’s United Bank is intent on promoting its brand in Western Massachusetts despite the fact that there are two established brands of PeoplesBank and United Bank already operating in the market,” stated Attorney Donald S. Holland, who is representing PeoplesBank in its complaint. “Its promotional signage and advertisement would undoubtedly lead to the misperception that there was a merger between PeoplesBank and United Bank. It would cause significant confusion amongst consumers regarding whether they could bank at all three of the institutions should they have a relationship with one of them. There is already measurable confusion caused by the overlapping of media markets and the close proximity of existing branches. Therefore, PeoplesBank regards any attempt by People’s United Bank to rebrand its assets in Western Massachusetts using the term “People’s” as an infringement upon our brand.”

Attorney Holland referenced Commerce Bank & Trust v. TD BankNorth, Inc. and Commerce Bancorp, Inc., based in Worcester, Massachusetts, as an example of a local bank fighting off a trademark infringement initiated by a much larger, out-of-state banking interest. In this matter, the United States District Court granted an injunction prohibiting the defendants from using “Commerce Bank” or any other similarly confusing mark.

“We feel strongly about our brand and the values it represents,” stated Douglas A. Bowen, President and CEO of PeoplesBank. “The operational principles of a mutual- and state-chartered community bank are very different from those of a federally chartered, stockholder-owned bank operating in several different markets. Promotion of the two brands in this market will certainly cause confusion, which in these turbulent financial times will further burden consumers.”

PeoplesBank, the largest community bank in Hampden and Hampshire counties, offers a full range of personal and commercial financial products and services. Locally based since 1885, the Bank has offices and ATM locations in Amherst, Chicopee, East Longmeadow, Feeding Hills, Granby, Hadley, Holyoke, Longmeadow, Northampton, South Hadley, Springfield, Westfield and online at bankatpeoples.com. PeoplesBank takes its responsibility to the community seriously and was honored by the Boston Business Journal as one of the top corporate charitable contributors in the state at the 2008 Corporate Citizen Summit.

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Small Business Banking Viewed as a Commodity by Most Small Business Owners

Chicago, IL (PRWEB) November 30, 2006

Small business owners have a reputation for shopping around for the best possible product and services, but a recent survey by SurePayroll indicates this isn’t the case when small business owners choose their small business bank. The survey provides numerous useful insights for banks that are looking to target small business customers.

The key finding of the survey is that small business owners believe that all banks offer approximately the same products and services. In SurePayroll’s recent survey of 200 small business owners, fewer that 10% of business owners indicate that they choose their small business bank by evaluating the bank’s products and rates.

“The small business banking survey confirms what we’ve been telling banks for some time,” notes SurePayroll President Michael Alter. “Small business banking has become a commodity. With only a few exceptions, every bank offers the same products and services. It’s no surprise that small business owners are not spending much time evaluating a bank’s services.”

Online payroll service provider SurePayroll has assisted banks in differentiating their offerings through the introduction of a bank-branded payroll service. In a market that is trending toward commoditization, offering payroll can greatly enhance bank client retention and attract new business by offering a unique and useful service.

How Small Business Choose Banks

The survey results show that, in lieu of product differentiation, business owners go with familiarity. The primary method for choosing a bank for a small business account, used by 30% of the survey respondents, is to open a small business banking account at the same bank where the small business owner already has a personal banking account. Indeed, 65% of surveyed business owners indicated that they use the same bank for personal and business banking.

Bank location also appears to play an important role. 26% of survey respondents said they chose their small business bank because the bank was close to their business or home.

Surprisingly, not a single survey respondent indicated that they chose their bank because of one of the bank’s marketing programs. Other reasons for choosing a bank included getting a referral from a friend (10%), having previously used the bank for business purposes (10%), and being a member of a group that had an affiliation with the bank (5%). The remaining respondents (9%) cited other reasons for choosing their bank, including preexisting relationships with employees at the bank and a desire to support local banks.

The survey results also suggest that online banking capabilities are very important to small business owners. 79% of surveyed business owners indicate that they use online banking services that are available from their bank. Separate research by SurePayroll has confirmed that banks that offer online banking and online payroll keep customers longer and that their customers use a higher number of bank services than their counterparts at banks that do offer online functionality.

Close Ties Exist Between Small Business Bankers and Small Business Owners

Most small business owners (54%) indicated that they have one point of contact at their bank with whom they speak about business banking. The remaining respondents (46%) do not have a single point of contact.

Of those who have a single point of contact, 80% say that their banker would recognize them and remember their name if they saw the small business owners outside of the bank.

It appears that most small businesses are happy with their small business banking choices. 84% of respondents indicated that they would refer their bank to a friend.

In another indicator of small business banking satisfaction, 83% of respondents described their banks as being “small business friendly” — however, the remaining 17% did not don’t think their bank truly understands the needs of small businesses owners.

Is it worthwhile for a bank to court small business owners? Absolutely. The survey finds that a third of small business owners encourage their employees to use the same bank as the business.

“The message is clear,” notes Alter. “There is tremendous opportunity in courting small business owners. The key is to offer services that prospective customers want and to be innovative, taking action on introducing new offerings before your competitors do.”

About SurePayroll:

Privately held SurePayroll is America’s fifth largest full-service payroll provider and the nation’s largest online full-service payroll provider. SurePayroll is passionate about small businesses and their payroll. They are dedicated to providing an extremely friendly and simple payroll experience — at a price small business owners can afford.

In addition to providing payroll services directly to small business, SurePayroll also provides a private-label payroll service that allows SurePayroll’s numerous partners to offer payroll processing to their small business clients. Business partners include ABN AMRO, Pitney Bowes, and MasterCard. SurePayroll will process nearly $ 3 billion in employee and contractor payroll payments in 2006. For more information, visit http://www.surepayroll.com.

For Media Inquires Contact:

Ken Gaebler

Walker Sands Communications

http://www.walkersands.com

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.