Community Bank Investors of America, LP Files for Regulatory Approval of Proposed Capital Investment in Freedom Bank of Bradenton, Florida

    RICHMOND, Va., Aug. 25 /
EMWNews
/ -- Community Bank Investors of

America, LP (CBIA) announced today the filing of applications with the

Florida Office of Financial Regulation and the Federal Deposit Insurance

Corporation seeking regulatory approval of a proposed investment of $5

million in Freedom Bank (OTC Bulletin Board: FBBF.OB).



    CBIA has also filed an application to acquire an interest in Freedom

Bank with the Federal Reserve Bank of Richmond. The announcement was made

by CBIA General Partner, Timothy A. Anonick.



    As previously announced, CBIA has entered into a definitive agreement

with Freedom Bank for the purchase of five million shares of Freedom common

stock. CBIA, based in Richmond, VA, is a private equity fund specializing

in community bank investments. The transaction is expected to close later

in 2008. As a part of the agreement, two CBIA principals, Laurence C.

Fentriss and Timothy A. Anonick will be elected to the Freedom Bank board

of directors upon closing of the stock sale.



    In making the announcement, Anonick commented, "Making an investment of

this size in an independent community bank requires certain regulatory

approvals be obtained. The filing of these applications is a significant

step in our process of obtaining an investment interest in Freedom Bank."

Anonick continued, "Upon approval, we look forward to completing the

transaction quickly."

    About Community Bank Investors of America, LP: CBIA is a private

investment fund organized in 2006 whose primary objective is to seek long

term capital appreciation by acquiring equity and debt interests in

privately-held and small market capitalization community banks, thrifts and

savings banks, as well as holding companies owning such entities. CBIA is

managed by Laurence C. Fentriss and Timothy A. Anonick. In 2006 Community

Bank Investors of America purchased Bay Financial Savings Bank, FSB. In May

2008, Bay Financial was converted to Progress Bank of Florida.



    About Freedom Bank: Freedom Bank is an independent community bank

serving the central west coast of Florida, specifically Sarasota and

Manatee counties. The bank provides a broad range of financial services to

business and personal banking customers from four branch locations

throughout the market area.



    Further information regarding Community Bank Investors of America, LP

may be obtained by contacting Timothy A. Anonick at 804/612-5844.