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RESOURCE BANK ANNOUNCES AFFILIATION

 VIRGINIA BEACH, Va., May 28 /PRNewswire/ -- Chris E. Beale, president of Southern Equity Mortgage Corp., Richmond, Va., and Lawrence N. Smith, president of Resource Bank, Virginia Beach, announce the affiliation of their two companies. As of June 1, 1993, Southern Equity Mortgage will become a wholly owned subsidiary of the Resource Bank.
 Southern Equity Mortgage underwrites and sells single-family mortgages in the national markets and anticipates mortgage loan volume in excess of $50 million for the year ending 1993. The affiliation with a well-capitalized bank will enhance the company's ability to develop a greater breadth of loan products and increased volume through expansion into Virginia Beach.
 The two principals stated: "The Resource Bank has a need to develop single-family residential mortgage loans to low- and moderate-income families as well as developing markets for business loans. This affiliation will give the Resource Bank the experienced management team to accomplish this goal. The mortgage company will sell all the loan volume into the secondary markets to generate current fee income." It is anticipated the mortgage company will contribute to the profitability of the bank in the third quarter. Resource Bank's total assets stood at $35,546,617 as of the date of the bank's annual meeting.
 -0- 5/28/93
 /CONTACT: Debra C. Dyckman, senior vice president, Resource Bank, 804-431-2424/


CO: Resource Bank; Southern Equity Mortgage Corp. ST: Virginia IN: FIN SU:

TW-IH -- DC022 -- 3432 05/28/93 14:11 EDT
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Publication:PR Newswire
Date:May 28, 1993
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