VIRGINIA FIRST SAVINGS BANK ACQUIRES TRUSTBANK RETAIL BANKING BRANCH IN LYNCHBURG, VA.
VIRGINIA FIRST SAVINGS BANK ACQUIRES TRUSTBANK RETAIL BANKING BRANCH IN LYNCHBURG, VA. PETERSBURG, Va., March 20 /PRNewswire/ -- Charles A. Patton, President of Virginia First Savings Bank (NASDAQ-NMS: VFSB), this evening announced the Savings Bank had acquired the Lynchburg, Va., Trustbank (NASDAQ-NMS: TRBK) retail banking branch which has been in a conservatorship for more than a year. Friday evening at the close of business, "Our staff assumed control of the branch which will reopen as usual on Monday," Patton said. Patton continued: "The primary goal is to make this acquisition transparent to our new customers. Hours of operation and services provided will not be affected during the conversion process." Patton added: "This acquisition will add over $12,000,000 of deposits and 1,400 accounts to the Savings Bank, but more importantly will strengthen our retail franchise Lynchburg market where the Savings Bank, two weeks ago, acquired the CorEast branch on Timberlake Road along with four other CorEast offices located in Richmond, Appomattox and Rocky Mount." The acquisition of the Trustbank branch required prior approval of the Savings Bank's primary Federal Regulator, the Office of Thrift Supervision, and acknowledgement by the Savings Bank's deposit insurer, the Federal Deposit Insurance Corp. which will continue to insure the acquired CorEast deposits. Virginia First is a 104 year old financial institution headquartered in Petersburg, Va. The Savings Bank operates twenty-two retail banking branches and eleven mortgage origination offices in the states of Virginia and Maryland. -0- 3/20/92 /CONTACT: Paul W. Walk, Jr., Senior Vice President, Virginia First Savings Bank, 804-733-0333 or 804-748-5847/ (VFSB TRBK) CO: Virginia First Savings Bank; Trustbank Savings, F.S.B. ST: Virginia, Maryland IN: FIN SU: TNM
CM -- CH002 -- 0287 03/20/92 18:03 EST
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|Date:||Mar 20, 1992|
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