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VIRGINIA FIRST SAVINGS BANK ANNOUNCES ACQUISITIONS

 VIRGINIA FIRST SAVINGS BANK ANNOUNCES ACQUISITIONS
 PETERSBURG, Va., March 6 /PRNewswire/ -- Charles A. Patton,


President of Virginia First Savings Bank (NASDAQ-NMS: VFSB) this evening announced the Savings Bank had acquired five former CorEast Federal Savings Bank retail banking branches.
 Friday evening at the close of business, "Our staff assumed control of the branches which will reopen as usual on Monday," Patton said. "With exception of sign changes," Patton continued, "the primary goal is to make this acquisition transparent to our new customers. Hours of operation and services provided will not be affected." The five branches which will be owned and operated by Virginia First are located on Laburnum Avenue in Richmond, Midlothian Turnpike in Chesterfield County, History Junction in Appomattox, Timberlake Road in Lynchburg and College Street in Rocky Mount. Patton added, "This acquisition will add over $114,000,000 of deposits to the Savings Bank, but more importantly will strengthen our retail franchise in the Richmond market, add markets in Appomattox and Lynchburg, and expand our presence in Southwest Virginia.
 CorEast Federal Savings Bank has been in receivership for approximately one year. It is often the policy of acquiring institutions to close the offices of purchased branches and consolidate operation in nearby facilities. It is the intention of Virginia First to open all of the purchased facilities. Patton noted, "the value of the branch consists of both the existing customer and the ability to generate new business. Moving deposit accounts can disrupt continuity with account holders."
 The acquisition of the CorEast branches required prior approval of the Savings Bank's primary Federal Regulator, the Office of Thrift Supervision, and acknowledgement by the Savings Bank's deposit insurer, the Federal Deposit Insurance Corp. which will continue to insure the acquired CorEast deposits.
 Virginia First is a 104 year old financial institution headquartered in Petersburg, Virginia. The Savings Bank operates twenty-two retail banking branches and eleven mortgage origination offices in the states of Virginia and Maryland.
 -0- 3/6/92
 /CONTACT: Paul W. Walk, Jr., Senior Vice President, Virginia First Savings Bank, 804-733-0333 or 804-748-5847/
 (VFSB) CO: Virginia First Savings Bank; CorEast Federal Savings Bank ST: Virginia IN: FIN SU: TNM


JZ -- CH011 -- 6079 03/06/92 18:01 EST
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Publication:PR Newswire
Date:Mar 6, 1992
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