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SEABOARD BANCORP, INC. ANNOUNCES COMPLETION OF FIRST PHASE OF COMBINED SUBSCRIPTION RIGHTS AND COMMUNITY OFFERING OF COMMON STOCK

 VIRGINIA BEACH, Va., March 30 /PRNewswire/ -- Clarence W. Keel, President and Chief Executive Officer of Seaboard Bancorp, Inc. (NASDAQ: SEAB), announced today completion of the first phase of the Company's combined subscription rights and community offering of common stock. By the close of business on March 29, 1993, Seaboard had received orders from shareholder exercising their subscription rights and community orders totaling 1,855,089 shares of common stock, which exceeds the $1,800,000 shares minimum set by the company. In accordance with the terms of the Offering, the Community Offering may continue until 5 p.m. April 13, or at an earlier date if the Offering is fully subscribed.
 On Feb. 12, 1993, the Securities and Exchange Commission declared effective Seaboard's registration statement for 3,564,736 shares of common stock to be offered in a Rights Offering and concurrent Community Offering. Each stockholder of the Corporation on Feb. 8, 1993 received a non-transferable right to subscribe for and purchase four additional shares of common stock in the Rights Offering for each whole share of common stock owned. The Corporation is concurrently offering shares not subscribed for in the Rights Offering to members of the general public in a Community Offering. The price per share for the common stock in the offering is $1.00.
 John B. Baines, Chairman of the Board of Seaboard Bancorp, Inc. also announced that Charles A. Mills, III, Senior Vice President of Anderson & Strudwick, Inc., Richmond, Va., has Been elected to the Board of Directors of the Holding Company and its subsidiary, Seaboard Savings Bank, F.S.B. subject to approval of the Office of Thrift Supervision.
 Mills, a resident of Virginia Beach, Va., was previously affiliated with Scott & Stringfellow Investment Corporation and was a director of Pioneer Federal Savings Bank, Chester, Va., from 1985-1987. Since March 1992 he has served as a director of Koger Equities, Jacksonville, Fla., an exchange linked real estate investment fund with a net worth of $250,000,000. In making the announcement, Baines stated, "Mr. Mills' broad-based experience in the financial arena will be a great asset to Seaboard."
 Mills related, "I am pleased to be associated with Seaboard and look forward to being a part of the company's future growth and success."
 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, Portsmouth, and Virginia Beach, Va., Seaboard offers mortgage loans, consumer credit, and various deposit accounts.
 -0- 3/30/93
 /CONTACT: Clarence W. Keel of Seaboard Bancorp, Inc., 804-490-3181/
 (SEAB)


CO: Seaboard Bancorp, Inc. ST: Virginia IN: FIN SU: OFR PER

MM -- CH002 -- 0935 03/30/93 10:12 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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