Virginia Thrift Forms A Holding Company
VIRGINIA BEACH - Virginia Beach Federal Savings Bank said its reorganization into a holding-company structure became effective June 28.
The thrift, which has seven offices and $700 million in assets, became a wholly owned subsidiary of Virginia Beach Federal Financial Corp. following a plan approved at the company's annual meeting in April.
All outstanding shares of Virginia Beach Federal were automatically converted into shares of the holding company. The conversion "will not change daily operations [but] can facilitate long-term diversification into a broader range of activities," said Dennis R. Stewart, senior vice president and chief financial officer.