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SEABOARD BANCORP, INC. ANNOUNCES THE RESIGNATION OF ITS PRESIDENT

 VIRGINIA BEACH, Va., Oct. 21 /PRNewswire/ -- James L. Harrell III, chairman of the Board of Directors of Seaboard Bancorp, Inc. (NASDAQ: SEAB) and its subsidiary, Seaboard Savings Bank, FSB located in Virginia Beach, Va., announced that, on behalf of the board of directors, he has accepted the resignation of its President, Clarence W. Keel. Keel, who served the bank as president and chief executive officer for fifteen years, will pursue other career interests.
 Harrell, in accepting Keel's resignation, commended him for his years of service to the bank and went on to say, "Although Mr. Keel will be missed, Seaboard is a strong institution with a bright future and the board and our employees are dedicated to the bank's success."
 P. Douglas Richard, the bank's executive vice president, will assume the role of acting president while a search committee comprised of board members begins the process of securing a new president and chief executive officer.
 Seaboard Bancorp, Inc. is a thrift holding company based in Virginia Beach, Va., 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- 10/21/93
 /CONTACT: P. Douglas Richard of Seaboard Bancorp, 804-490-3181/
 (SEAB)


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

MM -- CH018 -- 5440 10/21/93 16:41 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
Words:249
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