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SEABOARD BANCORP, INC. ANNOUNCES SIX MONTHS OPERATING RESULTS

 SEABOARD BANCORP, INC. ANNOUNCES SIX MONTHS OPERATING RESULTS
 VIRGINIA BEACH, Va., July 27 /PRNewswire/ -- Clarence W. Keel, President and Chief Executive Officer of Seaboard Bancorp, Inc. (NASDAQ-NMS: SEAB), announced today the consolidated results of operations for the six months ended June 30, 1992. During this period the company earned a profit of $140,082 or $.16 per share. This compares to an operating loss of $1,419,735 or $1.59 per share for the comparable six months of 1991. Profit for the second quarter of 1992 was $75,038 compared to a profit of $65,044 for the first quarter of 1992 and losses of $1,302,039 for the second quarter of 1991.
 Total assets at June 30, 1992 were $94.1 million as compared to $107.0 million at June 30, 1991 and $101.5 million at Dec. 31, 1991. This decrease in assets was due primarily to a reduction of cash and cash equivalents and loans which was used to fund savings deposit outflows. This reduction in assets is in accordance with the Savings Bank's Business Plan of reducing assets in an attempt to meet current capital requirements.
 Net worth at June 30, 1992 was $3.6 million. The required levels of tangible, core and risk-based capital at June 30, 1992 were $1.4 million, $2.8 million and $5.4 million, respectively, while the actual levels were $3.6 million, $3.6 million and $4.4 million, respectively. The Savings Bank has failed to meet its risk-based capital requirement since Sept. 30, 1991. At Dec. 31, 1991, the Savings Bank failed to meet its risk-based capital requirement by $1.8 million. At June 30, 1992, the risk-based capital deficit had been reduced to $1.0 million. As a consequence of failing the risk-based capital requirement at Sept. 30, 1991, the Savings Bank filed a capital plan with the Office of Thrift Supervision delineating how management anticipated that capital compliance might be achieved. On March 9, 1992, the Savings Bank was notified by the OTS that the capital plan was denied. The OTS instructed the Savings Bank to resubmit a modified capital plan by May 8, 1992. Management filed the modified plan as directed and, as yet, has not received a response from the OTS.
 Seaboard Bancorp, Inc. is a thrift holding company based in Virginia Beach which owns Seaboard Savings Bank, F.S.B. Through its network of full-service branches in Chesapeake, Norfolk, Portsmouth, and Virginia Beach, Virginia, 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.
 -0- 7/27/92
 /CONTACT: Clarence W. Keel, President, Seaboard Bancorp, Inc., 804-490-3181/
 (SEAB) CO: Seaboard Bancorp, Inc. ST: Virginia IN: FIN SU: ERN


JZ -- CH010 -- 3672 07/27/92 16:37 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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