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SEABOARD BANCORP, INC. ANNOUNCES ELECTION OF NEW CHAIRMAN OF BOARD AND NEW DIRECTORS

 VIRGINIA BEACH, Va., Sept. 1 /PRNewswire/ -- Clarence W. Keel, President and Chief Executive Officer of Seaboard Bancorp, Inc. (NASDAQ: SEAB), announced today that due to health reasons, John B. Baines had resigned as Director and Chairman of the Board of the Holding Company and its subsidiary Seaboard Savings Bank, FSB. Baines was a founding Director of Seaboard and was its President until April 1980 when he was elected Chairman of the Board. In honor of his many years of outstanding leadership and guidance, the Board of Directors elected Baines as Chairman Emeritus. Keel indicated, "We will miss Mr. Baines' steady leadership; however, we are pleased that in his new role as Chairman Emeritus, we will continue to benefit from his advice and counsel."
 Seaboard also announced that James L. Harrell, III was elected to succeed Baines as Chairman of the Board of the Holding Company and its Savings Bank subsidiary. Harrell is President of Harrell & Harrell, Inc., Norfolk, Va., and Vice Chairman of Camellia Food Stores, Inc. Harrell, a founding Director of Seaboard, has served as Treasurer of the Corporation and Chairman of its Audit and Loan Committees.
 Keel also announced that at its Board of Directors' meeting last month the Board elected four new Directors, Peter C. Einselen, Henry R. Miller, III, James W. Paxton and Richard B. Thurmond, to the Board of the Holding Company and its subsidiary Seaboard Savings Bank subject to the approval of the Office of Thrift Supervision.
 Peter C. Einselen, a resident of Hampton, Va., was previously affiliated with Scott & Stringfellow Investment Corporation and is currently Senior Vice President and a Director of Anderson & Strudwick, Inc., Richmond, Va.
 James W. Paxton, a resident of Norfolk, Va., was previously associated with Beverly Enterprises and since 1991 has been the President of The Paxton Group, Norfolk, Va., an executive search company specializing in health care professionals.
 Henry R. Miller, III, a resident of Richmond, Va., recently retired after 27 years with Westvaco Corp. as the National Accounts Manager of Sales.
 Richard B. Thurmond, a resident of Virginia Beach, Va., has been affiliated with William E. Wood & Associates since 1980, and since 1990 has served as President of the Virginia Beach based real estate company.
 In making the announcements Harrell stated: "The broad based experience of the new directors will be extremely beneficial to Seaboard as we complete the restructuring afforded through the recent successful Stock Offering. Their valuable insight and guidance will be beneficial to our business development in the years ahead."
 Seaboard Bancorp, Inc. is a thrift holding company based in Virginia Beach which owns Seaboard Savings Bank, FSB. Through its network of full-service branches in Chesapeake, Portsmouth, and Virginia Beach, Va., Seaboard offers mortgage loans, consumer credit, and various deposit accounts. At June 30, 1993, the thrift holding company had approximately 820 stockholders and 4,990,630 shares of stock outstanding.
 -0- 9/1/93
 /CONTACT: Clarence W. Keel of Seaboard Bancorp, 804-490-3181/
 (SEAB)


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

SB -- CH003 -- 7991 09/01/93 13:22 EDT
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Publication:PR Newswire
Date:Sep 1, 1993
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