Printer Friendly

SEABOARD ANNOUNCES PLANS FOR SALE OF BRANCH TO VIRGINIA BEACH FEDERAL

 SEABOARD ANNOUNCES PLANS FOR SALE OF BRANCH
 TO VIRGINIA BEACH FEDERAL
 VIRGINIA BEACH, Va., Sept. 29 /PRNewswire/ -- Seaboard Savings Bank and Virginia Beach Federal Savings Bank (NASDAQ-NMS: VABF) jointly announced today that they entered into an agreement by which Virginia Beach Federal will acquire the Shore Drive Office of Seaboard Savings Bank. The terms of the proposed transaction include the assumption by Virginia Beach Federal of certain deposits in zip codes contiguous to the office.
 Clarence W. Keel, President and Chief Executive Officer of Seaboard Savings Bank stated:
 "The sale of this office will further enhance Seaboard's
 financial position. The related downsizing and reduction in
 operating expenses from the streamlining of operations will
 assist Seaboard in attaining regulatory capital compliance. In
 May, we announced the closing of our Deep Creek and Norfolk
 offices which was completed on Aug. 14, 1992. After the sale
 of the Shore Drive office, we do not anticipate any further
 reduction in our branch network."
 John A. B. Davies, Jr., President, Virginia Beach Federal Savings Bank stated:
 "We are extremely pleased to be able to acquire the Shore Drive
 office of Seaboard. The staff at Virginia Beach Federal will
 continue to provide the high level of customer service that
 these customers have received from Seaboard and should expect
 from us."
 The proposed transaction is subject to receipt of regulatory approval from the applicable federal agencies. It is anticipated that the transaction, if approved, will be consummated in the first quarter of 1993.
 Seaboard Savings Bank, F.S.B. is a wholly owned subsidiary of Seaboard Bancorp, Inc. (NASDAQ: SEAB), a thrift holding company based in Virginia Beach, Va. Through its network of full-service branches in Chesapeake, Portsmouth, and Virginia Beach, Va., Seaboard offers mortgage loans, consumer credit, and various deposit accounts. The thrift holding company has approximately 775 stockholders and 891,184 shares of stock outstanding.
 Virginia Beach Federal Savings Bank is a 57 year old institution headquartered in Virginia Beach, Va., providing full financial services to customers in the Hampton Roads area of Virginia.
 -0- 9/29/92
 /CONTACT: Clarence W. Keel, Seaboard Savings Bank, FSB, 804-490-3181/
 (SEAB) (VABF) CO: Seaboard Savings Bank; Seaboard Bancorp, Inc.; Virginia Beach
 Federal Savings Bank ST: Virginia IN: FIN SU: TNM


SB -- CH003 -- 4312 09/29/92 10:38 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 29, 1992
Words:381
Previous Article:GMAC 1992-F CLASS A ASSET BACKED CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:GRUMMAN WINS ARMY CONTRACT TO BUILD INTERCOM SYSTEMS FOR COMBAT VEHICLES
Topics:


Related Articles
VIRGINIA FIRST SAVINGS BANK ANNOUNCES ACQUISITIONS
VIRGINIA BEACH FEDERAL SAVINGS BANK ANNOUNCES ACQUISITION OF BRANCH FROM SEABOARD SAVINGS BANK AND CONSUMMATES PURCHASE OF BRANCH FROM PIONEER...
CHASE FEDERAL BANK, MIAMI, AND ESSEX SAVINGS BANK ANNOUNCE SALE OF THREE BANKING OFFICES TO CHASE
CSF HOLDINGS' BANK COMPLETES SALE OF ALL OHIO BRANCHES & DEPOSITS; RESULTS IN AFTER TAX EARNINGS INCREASE OF APPROXIMATELY $8.4 MILLION
CHARTER FEDERAL SAVINGS BANK AND CO-OPERATIVE SAVINGS BANK JOINTLY ANNOUNCE DEFINITIVE AGREEMENT CONCERNING BRANCH ACQUISITION
CHARTER FEDERAL ANNOUNCES COMPLETION OF BRANCH SALE
FIRST AMERICAN CORPORATION TO ACQUIRE CHARTER FEDERAL
CSF HOLDINGS' CITIZENS FEDERAL BANK CONTRACTS TO SELL ALL VIRGINIA BRANCHES; SALE TO PRODUCE APPROXIMATELY $12 MILLION PRE-TAX PROFIT
ESSEX BANCORP, INC. ANNOUNCES AGREEMENT TO SELL BRANCHES AND OTHER SIGNIFICANT MATTERS
Essex Bancorp, Inc. Announces Branch Sale Closings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters