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FREEDOM BANK OF VIRGINIA 401(K) PLAN 401k Plan overview

Plan NameFREEDOM BANK OF VIRGINIA 401(K) PLAN
Plan identification number 001

FREEDOM BANK OF VIRGINIA 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
  • Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
  • Code section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contribtions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
  • Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
  • Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

THE FREEDOM BANK OF VIRGINIA has sponsored the creation of one or more 401k plans.

Company Name:THE FREEDOM BANK OF VIRGINIA
Employer identification number (EIN):541968622
NAIC Classification:522110
NAIC Description:Commercial Banking

Additional information about THE FREEDOM BANK OF VIRGINIA

Jurisdiction of Incorporation: Virginia Secretary of State
Incorporation Date: 2000-01-27
Company Identification Number: 0533644
Legal Registered Office Address: 10555 MAIN STREET
SUITE 511
FAIRFAX
United States of America (USA)
22030

More information about THE FREEDOM BANK OF VIRGINIA

Form 5500 Filing Information

Submission information for form 5500 for 401k plan FREEDOM BANK OF VIRGINIA 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01
0012021-01-01
0012020-01-01
0012019-01-01
0012018-01-01BOBBI WEIMER KENDRA MCKEE2019-07-17
0012017-01-01BOBBI WEIMER KENDRA MCKEE2018-07-16
0012016-01-01LAURIE MILLIGAN KENDRA MCKEE2017-09-06
0012015-01-01BETTE J ALBERT JOAN LISZKA2016-06-09
0012014-01-01BETTE J. ALBERT2015-06-24 JOAN E. LISZKA2015-06-25
0012013-01-01BETTE J. ALBERT2014-04-01 JOAN LISZKA2014-05-22
0012012-01-01BETTE J. ALBERT2013-04-24 JOAN LISZKA2013-05-03
0012011-01-01BETTE J. ALBERT2012-03-16 JOAN LISZKA2012-04-26
0012010-01-01BETTE J. ALBERT2011-07-20 JOAN LISZKA2011-07-27

Plan Statistics for FREEDOM BANK OF VIRGINIA 401(K) PLAN

401k plan membership statisitcs for FREEDOM BANK OF VIRGINIA 401(K) PLAN

Measure Date Value
2022: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-01126
Total number of active participants reported on line 7a of the Form 55002022-01-01108
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-0122
Total of all active and inactive participants2022-01-01130
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-01130
Number of participants with account balances2022-01-01121
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-010
2021: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year2021-01-0197
Total number of active participants reported on line 7a of the Form 55002021-01-01108
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-0118
Total of all active and inactive participants2021-01-01126
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-01126
Number of participants with account balances2021-01-01115
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-010
2020: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2020 401k membership
Total participants, beginning-of-year2020-01-0196
Total number of active participants reported on line 7a of the Form 55002020-01-0180
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-0117
Total of all active and inactive participants2020-01-0197
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-0197
Number of participants with account balances2020-01-0191
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-010
2019: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2019 401k membership
Total participants, beginning-of-year2019-01-01103
Total number of active participants reported on line 7a of the Form 55002019-01-0176
Number of retired or separated participants receiving benefits2019-01-010
Number of other retired or separated participants entitled to future benefits2019-01-0120
Total of all active and inactive participants2019-01-0196
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-01-010
Total participants2019-01-0196
Number of participants with account balances2019-01-0187
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-01-011
2018: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2018 401k membership
Total participants, beginning-of-year2018-01-0192
Total number of active participants reported on line 7a of the Form 55002018-01-0185
Number of retired or separated participants receiving benefits2018-01-013
Number of other retired or separated participants entitled to future benefits2018-01-0114
Total of all active and inactive participants2018-01-01102
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2018-01-010
Total participants2018-01-01102
Number of participants with account balances2018-01-0186
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2018-01-010
2017: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2017 401k membership
Total participants, beginning-of-year2017-01-0172
Total number of active participants reported on line 7a of the Form 55002017-01-0183
Number of retired or separated participants receiving benefits2017-01-010
Number of other retired or separated participants entitled to future benefits2017-01-019
Total of all active and inactive participants2017-01-0192
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2017-01-010
Total participants2017-01-0192
Number of participants with account balances2017-01-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2017-01-010
2016: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2016 401k membership
Total participants, beginning-of-year2016-01-0172
Total number of active participants reported on line 7a of the Form 55002016-01-0180
Number of retired or separated participants receiving benefits2016-01-010
Number of other retired or separated participants entitled to future benefits2016-01-012
Total of all active and inactive participants2016-01-0182
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2016-01-010
Total participants2016-01-0182
Number of participants with account balances2016-01-0166
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2016-01-010
2015: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2015 401k membership
Total participants, beginning-of-year2015-01-0158
Total number of active participants reported on line 7a of the Form 55002015-01-0169
Number of retired or separated participants receiving benefits2015-01-010
Number of other retired or separated participants entitled to future benefits2015-01-012
Total of all active and inactive participants2015-01-0171
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2015-01-011
Total participants2015-01-0172
Number of participants with account balances2015-01-0164
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2015-01-010

Financial Data on FREEDOM BANK OF VIRGINIA 401(K) PLAN

Measure Date Value
2022 : FREEDOM BANK OF VIRGINIA 401(K) PLAN 2022 401k financial data
Unrealized appreciation/depreciation of other (non real estate) assets2022-12-31$43,737
Total unrealized appreciation/depreciation of assets2022-12-31$43,737
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$0
Total income from all sources (including contributions)2022-12-31$238,632
Total loss/gain on sale of assets2022-12-31$0
Total of all expenses incurred2022-12-31$1,084,007
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2022-12-31$1,058,138
Total contributions o plan (from employers,participants, others, non cash contrinutions)2022-12-31$1,394,815
Value of total assets at end of year2022-12-31$7,160,042
Value of total assets at beginning of year2022-12-31$8,005,417
Total of administrative expenses incurred including professional, contract, advisory and management fees2022-12-31$25,869
Total interest from all sources2022-12-31$1,113
Total dividends received (eg from common stock, registered investment company shares)2022-12-31$257,698
Total dividends received from registered investment company shares (eg mutual funds)2022-12-31$257,698
Was this plan covered by a fidelity bond2022-12-31Yes
Value of fidelity bond cover2022-12-31$500,000
If this is an individual account plan, was there a blackout period2022-12-31No
Were there any nonexempt tranactions with any party-in-interest2022-12-31No
Contributions received from participants2022-12-31$976,501
Participant contributions at end of year2022-12-31$48,477
Participant contributions at beginning of year2022-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2022-12-31$94,897
Administrative expenses (other) incurred2022-12-31$25,869
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Value of net income/loss2022-12-31$-845,375
Value of net assets at end of year (total assets less liabilities)2022-12-31$7,160,042
Value of net assets at beginning of year (total assets less liabilities)2022-12-31$8,005,417
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2022-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2022-12-31No
Were any leases to which the plan was party in default or uncollectible2022-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2022-12-31$6,304,423
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2022-12-31$7,030,607
Interest on participant loans2022-12-31$1,113
Value of interest in common/collective trusts at end of year2022-12-31$267,748
Value of interest in common/collective trusts at beginning of year2022-12-31$396,707
Net investment gain/loss from registered investment companies (e.g. mutual funds)2022-12-31$-1,466,345
Net investment gain or loss from common/collective trusts2022-12-31$7,614
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2022-12-31No
Was there a failure to transmit to the plan any participant contributions2022-12-31No
Has the plan failed to provide any benefit when due under the plan2022-12-31No
Assets. Invements in employer securities at end of year2022-12-31$539,394
Assets. Invements in employer securities at beginning of year2022-12-31$578,103
Contributions received in cash from employer2022-12-31$323,417
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2022-12-31$1,058,138
Did the plan have assets held for investment2022-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2022-12-31No
Opinion of an independent qualified public accountant for this plan2022-12-31Unqualified
Accountancy firm name2022-12-31CROWE LLP
Accountancy firm EIN2022-12-31350921680
2021 : FREEDOM BANK OF VIRGINIA 401(K) PLAN 2021 401k financial data
Total income from all sources2021-12-31$2,458,570
Expenses. Total of all expenses incurred2021-12-31$1,202,741
Benefits paid (including direct rollovers)2021-12-31$1,157,724
Total plan assets at end of year2021-12-31$8,005,417
Total plan assets at beginning of year2021-12-31$6,749,588
Value of fidelity bond covering the plan2021-12-31$500,000
Total contributions received or receivable from participants2021-12-31$948,503
Expenses. Other expenses not covered elsewhere2021-12-31$45,017
Contributions received from other sources (not participants or employers)2021-12-31$83,708
Other income received2021-12-31$1,114,702
Net income (gross income less expenses)2021-12-31$1,255,829
Net plan assets at end of year (total assets less liabilities)2021-12-31$8,005,417
Net plan assets at beginning of year (total assets less liabilities)2021-12-31$6,749,588
Assets. Value of employer securities2021-12-31$578,103
Total contributions received or receivable from employer(s)2021-12-31$311,657
2020 : FREEDOM BANK OF VIRGINIA 401(K) PLAN 2020 401k financial data
Total income from all sources2020-12-31$1,876,075
Expenses. Total of all expenses incurred2020-12-31$1,960,642
Benefits paid (including direct rollovers)2020-12-31$1,943,179
Total plan assets at end of year2020-12-31$6,749,588
Total plan assets at beginning of year2020-12-31$6,834,155
Value of fidelity bond covering the plan2020-12-31$500,000
Total contributions received or receivable from participants2020-12-31$824,655
Expenses. Other expenses not covered elsewhere2020-12-31$17,463
Contributions received from other sources (not participants or employers)2020-12-31$178,099
Other income received2020-12-31$624,510
Net income (gross income less expenses)2020-12-31$-84,567
Net plan assets at end of year (total assets less liabilities)2020-12-31$6,749,588
Net plan assets at beginning of year (total assets less liabilities)2020-12-31$6,834,155
Assets. Value of employer securities2020-12-31$440,234
Total contributions received or receivable from employer(s)2020-12-31$248,811
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2020-12-31$0
2019 : FREEDOM BANK OF VIRGINIA 401(K) PLAN 2019 401k financial data
Total income from all sources2019-12-31$2,010,677
Expenses. Total of all expenses incurred2019-12-31$1,383,136
Benefits paid (including direct rollovers)2019-12-31$1,369,660
Total plan assets at end of year2019-12-31$6,834,155
Total plan assets at beginning of year2019-12-31$6,206,614
Value of fidelity bond covering the plan2019-12-31$500,000
Total contributions received or receivable from participants2019-12-31$632,288
Contributions received from other sources (not participants or employers)2019-12-31$105,221
Other income received2019-12-31$1,110,563
Net income (gross income less expenses)2019-12-31$627,541
Net plan assets at end of year (total assets less liabilities)2019-12-31$6,834,155
Net plan assets at beginning of year (total assets less liabilities)2019-12-31$6,206,614
Assets. Value of employer securities2019-12-31$604,529
Total contributions received or receivable from employer(s)2019-12-31$162,605
Expenses. Administrative service providers (salaries,fees and commissions)2019-12-31$13,476
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2019-12-31$0
2018 : FREEDOM BANK OF VIRGINIA 401(K) PLAN 2018 401k financial data
Total plan liabilities at beginning of year2018-12-31$0
Total income from all sources2018-12-31$958,855
Expenses. Total of all expenses incurred2018-12-31$866,559
Benefits paid (including direct rollovers)2018-12-31$853,247
Total plan assets at end of year2018-12-31$6,206,614
Total plan assets at beginning of year2018-12-31$6,114,318
Value of fidelity bond covering the plan2018-12-31$500,000
Total contributions received or receivable from participants2018-12-31$624,828
Contributions received from other sources (not participants or employers)2018-12-31$575,100
Other income received2018-12-31$-476,488
Net income (gross income less expenses)2018-12-31$92,296
Net plan assets at end of year (total assets less liabilities)2018-12-31$6,206,614
Net plan assets at beginning of year (total assets less liabilities)2018-12-31$6,114,318
Assets. Value of employer securities2018-12-31$668,894
Total contributions received or receivable from employer(s)2018-12-31$235,415
Expenses. Administrative service providers (salaries,fees and commissions)2018-12-31$13,312
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2018-12-31$0
2017 : FREEDOM BANK OF VIRGINIA 401(K) PLAN 2017 401k financial data
Total plan liabilities at end of year2017-12-31$0
Total plan liabilities at beginning of year2017-12-31$0
Total income from all sources2017-12-31$1,676,321
Expenses. Total of all expenses incurred2017-12-31$40,159
Benefits paid (including direct rollovers)2017-12-31$29,442
Total plan assets at end of year2017-12-31$6,114,318
Total plan assets at beginning of year2017-12-31$4,478,156
Value of fidelity bond covering the plan2017-12-31$500,000
Total contributions received or receivable from participants2017-12-31$614,526
Contributions received from other sources (not participants or employers)2017-12-31$5,932
Other income received2017-12-31$829,492
Net income (gross income less expenses)2017-12-31$1,636,162
Net plan assets at end of year (total assets less liabilities)2017-12-31$6,114,318
Net plan assets at beginning of year (total assets less liabilities)2017-12-31$4,478,156
Assets. Value of employer securities2017-12-31$819,247
Total contributions received or receivable from employer(s)2017-12-31$226,371
Expenses. Administrative service providers (salaries,fees and commissions)2017-12-31$10,717
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2017-12-31$0
2016 : FREEDOM BANK OF VIRGINIA 401(K) PLAN 2016 401k financial data
Total income from all sources2016-12-31$1,162,585
Expenses. Total of all expenses incurred2016-12-31$88,232
Benefits paid (including direct rollovers)2016-12-31$78,809
Total plan assets at end of year2016-12-31$4,478,156
Total plan assets at beginning of year2016-12-31$3,403,803
Value of fidelity bond covering the plan2016-12-31$500,000
Total contributions received or receivable from participants2016-12-31$574,757
Contributions received from other sources (not participants or employers)2016-12-31$62,062
Other income received2016-12-31$339,469
Net income (gross income less expenses)2016-12-31$1,074,353
Net plan assets at end of year (total assets less liabilities)2016-12-31$4,478,156
Net plan assets at beginning of year (total assets less liabilities)2016-12-31$3,403,803
Assets. Value of employer securities2016-12-31$472,887
Total contributions received or receivable from employer(s)2016-12-31$186,297
Expenses. Administrative service providers (salaries,fees and commissions)2016-12-31$9,423
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2016-12-31$0
2015 : FREEDOM BANK OF VIRGINIA 401(K) PLAN 2015 401k financial data
Total income from all sources2015-12-31$904,029
Expenses. Total of all expenses incurred2015-12-31$33,441
Benefits paid (including direct rollovers)2015-12-31$24,994
Total plan assets at end of year2015-12-31$3,403,803
Total plan assets at beginning of year2015-12-31$2,533,215
Value of fidelity bond covering the plan2015-12-31$500,000
Total contributions received or receivable from participants2015-12-31$490,652
Contributions received from other sources (not participants or employers)2015-12-31$332,778
Other income received2015-12-31$-51,693
Net income (gross income less expenses)2015-12-31$870,588
Net plan assets at end of year (total assets less liabilities)2015-12-31$3,403,803
Net plan assets at beginning of year (total assets less liabilities)2015-12-31$2,533,215
Assets. Value of employer securities2015-12-31$169,219
Total contributions received or receivable from employer(s)2015-12-31$132,292
Expenses. Administrative service providers (salaries,fees and commissions)2015-12-31$8,447
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2015-12-31$0

Form 5500 Responses for FREEDOM BANK OF VIRGINIA 401(K) PLAN

2022: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01Submission has been amendedYes
2022-01-01This submission is the final filingNo
2022-01-01This return/report is a short plan year return/report (less than 12 months)No
2022-01-01Plan is a collectively bargained planNo
2022-01-01Plan funding arrangement – TrustYes
2022-01-01Plan benefit arrangement - TrustYes
2021: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
2021-01-01Submission has been amendedNo
2021-01-01This submission is the final filingNo
2021-01-01This return/report is a short plan year return/report (less than 12 months)No
2021-01-01Plan is a collectively bargained planNo
2021-01-01Plan funding arrangement – TrustYes
2021-01-01Plan benefit arrangement - TrustYes
2020: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01Submission has been amendedNo
2020-01-01This submission is the final filingNo
2020-01-01This return/report is a short plan year return/report (less than 12 months)No
2020-01-01Plan is a collectively bargained planNo
2020-01-01Plan funding arrangement – TrustYes
2020-01-01Plan benefit arrangement - TrustYes
2019: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2019 form 5500 responses
2019-01-01Type of plan entitySingle employer plan
2019-01-01Submission has been amendedNo
2019-01-01This submission is the final filingNo
2019-01-01This return/report is a short plan year return/report (less than 12 months)No
2019-01-01Plan is a collectively bargained planNo
2019-01-01Plan funding arrangement – TrustYes
2019-01-01Plan benefit arrangement - TrustYes
2018: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2018 form 5500 responses
2018-01-01Type of plan entitySingle employer plan
2018-01-01Submission has been amendedNo
2018-01-01This submission is the final filingNo
2018-01-01This return/report is a short plan year return/report (less than 12 months)No
2018-01-01Plan is a collectively bargained planNo
2018-01-01Plan funding arrangement – TrustYes
2018-01-01Plan benefit arrangement - TrustYes
2017: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2017 form 5500 responses
2017-01-01Type of plan entitySingle employer plan
2017-01-01Submission has been amendedNo
2017-01-01This submission is the final filingNo
2017-01-01This return/report is a short plan year return/report (less than 12 months)No
2017-01-01Plan is a collectively bargained planNo
2017-01-01Plan funding arrangement – TrustYes
2017-01-01Plan benefit arrangement - TrustYes
2016: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2016 form 5500 responses
2016-01-01Type of plan entitySingle employer plan
2016-01-01Submission has been amendedNo
2016-01-01This submission is the final filingNo
2016-01-01This return/report is a short plan year return/report (less than 12 months)No
2016-01-01Plan is a collectively bargained planNo
2016-01-01Plan funding arrangement – TrustYes
2016-01-01Plan benefit arrangement - TrustYes
2015: FREEDOM BANK OF VIRGINIA 401(K) PLAN 2015 form 5500 responses
2015-01-01Type of plan entitySingle employer plan
2015-01-01Submission has been amendedNo
2015-01-01This submission is the final filingNo
2015-01-01This return/report is a short plan year return/report (less than 12 months)No
2015-01-01Plan is a collectively bargained planNo
2015-01-01Plan funding arrangement – TrustYes
2015-01-01Plan benefit arrangement - TrustYes

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