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VIRGINIA BEACH FEDERAL SAVINGS BANK ANNOUNCES ACQUISITION OF BRANCH FROM SEABOARD SAVINGS BANK AND CONSUMMATES PURCHASE OF BRANCH FROM PIONEER FEDERAL SAVINGS BANK

 VIRGINIA BEACH FEDERAL SAVINGS BANK ANNOUNCES ACQUISITION
 OF BRANCH FROM SEABOARD SAVINGS BANK
 AND CONSUMMATES PURCHASE OF BRANCH FROM PIONEER FEDERAL SAVINGS BANK
 VIRGINIA BEACH, Va., Sept. 29 /PRNewswire/ -- Virginia Beach Federal Savings Bank (NASDAQ-NMS: VABF) announced today that it had entered into a definitive agreement to acquire from Seaboard Savings Bank (NASDAQ: SEAB) its branch office at 2943 Shore Drive in Virginia Beach, Va. The deposits to be acquired are those whose accountholders reside in the zip code areas which are contiguous to the branch, and total approximately $6.5 million.
 In addition, Virginia Beach Federal announced that it had completed the previously announced purchase of a branch at 3037 Shore Drive in Virginia Beach from Pioneer Federal Savings Bank (NASDAQ-NMS: PFBK). The deposits acquired were approximately $27.5 million.
 Commenting on the combined Pioneer and Seaboard purchases, John M. Chattleton, Virginia Beach Federal's new Executive Vice President of Retail Administration, stated that "the purchases of the Seaboard and Pioneer offices are another step toward Virginia Beach Federal's goal of focusing on the local retail community banking customer. The combination of these branches will greatly improve our market share in the Shore Drive corridor within Virginia Beach."
 The Seaboard branch purchase is subject to regulatory approval and is expected to close in early 1993. Shortly thereafter, Virginia Beach Federal intends to close this office and serve the Seaboard customers from the nearby, larger facility acquired from Pioneer.
 Virginia Beach Federal Savings Bank is a 57 year old institution headquartered in Virginia Beach, Va., providing full financial services to customers in the Hampton Roads area of Virginia.
 -0- 9/29/92
 /CONTACT: Dennis R. Stewart, Virginia Beach Federal Savings Bank, 804-428-9331/
 (VABF SEAB PFBK) CO: Virginia Beach Federal Savings Bank; Seaboard Savings Bank;
 Pioneer Federal Savings Bank ST: Virginia IN: FIN SU: TNM


CM -- CH004 -- 4356 09/29/92 11:38 EDT
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Publication:PR Newswire
Date:Sep 29, 1992
Words:312
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