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VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES QUARTERLY DIVIDEND AND ADOPTION OF EMPLOYEE STOCK OWNERSHIP PLAN

 VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES QUARTERLY
 DIVIDEND AND ADOPTION OF EMPLOYEE STOCK OWNERSHIP PLAN
 VIRGINIA BEACH, Va., July 31 /PRNewswire/ -- At its regularly scheduled meeting yesterday, the Board of Directors of Virginia Beach Federal Financial Corporation (NASDAQ-NMS: VABF) declared a regular quarterly dividend of $0.04 per share, payable Aug. 28, 1992 to shareholders of record on August 15, 1992.
 In addition, the Board voted to adopt an Employee Stock Ownership Plan ("ESOP"), an employee benefit plan, and made an initial cash contribution to the ESOP of $300,000. In accordance with the ESOP, the contribution will be used to purchase stock in the open market from time-to-time to be held by the ESOP Trust. "The adoption of the ESOP and the initial contribution demonstrate the Board's intent to involve every employee in our mission of increasing shareholder value. The ESOP allows them to directly share in the rewards of their own efforts," commented John A.B. (Andy) Davies, Jr., President.
 The Corporation also reported that it had completed approximately one-half of its previously announced stock repurchase program. Earlier this year, the Corporation announced it would spend up to $500,000 to repurchase up to 100,000 shares of the Corporation's common stock in the open market.
 -0- 7/31/92
 /CONTACT: Dennis R. Stewart, Virginia Beach Federal Financial Corporation, 804-428-9331/
 (VABF) CO: Virginia Beach Federal Financial Corporation ST: Virginia IN: FIN SU: DIV


JZ -- CH011 -- 5728 07/31/92 15:43 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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