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VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES ANNUAL MEETING OF STOCKHOLDERS AND REGULAR QUARTERLY DIVIDEND

 VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES ANNUAL
 MEETING OF STOCKHOLDERS AND REGULAR QUARTERLY DIVIDEND
 VIRGINIA BEACH, Va., April 30 /PRNewswire/ -- Virginia Beach Federal Financial Corporation (NASDAQ-NMS: VABF) announced that its 1992 annual stockholders meeting was held on April 29. At the meeting, Robert H. DeFord, Jr., Charles P. Fletcher, Rufus S. Kight, Jr., and George R.C. McGuire were elected as directors for three year terms.
 At the Corporation's Board meeting which immediately followed the annual stockholders meeting, the Board declared a regular quarterly dividend of $0.04 per share payable May 29, 1992 to shareholders of record on May 15, 1992.
 At the annual meeting the Corporation's president, John A.B. (Andy) Davies, Jr., discussed the highlights of the Corporation's activities during 1991 and the first quarter of 1992 including previously announced net earnings of $4,846,000 or $0.97 per share for 1991, and $535,000 or $0.11 per share for the first quarter of 1992. Andy Davies also indicated that it is the board's current intent to maintain the Corporation's dividend at the current level throughout 1992, subject to normal regulatory considerations and results of operations for the remainder of the year. The Corporation presently has over $2,400,000 in funds available for dividends and other corporate purposes. In response to a shareholder question, Mr. Davies indicated that the Corporation is evaluating several alternatives for enhancing shareholder value, including a stock repurchase program.
 Virginia Beach Federal Financial Corporation is the parent company of Virginia Beach Federal Savings Bank. The Financial Corporation has no other activities. The bank, headquartered in Virginia Beach, Virginia, is a 57-year old institution providing full financial services to customers in the Hampton Roads area of Virginia
 -0- 4/30/92
 /CONTACT: Dennis R. Stewart, Virginia Beach Federal Financial Corporation, 804-428-9331/
 (VABF) CO: Virginia Beach Federal Financial Corporation ST: Virginia IN: FIN SU: DIV


DF -- CH003 -- 4996 04/30/92 13:32 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
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