VIRGINIA BEACH - Virginia Beach Federal Financial Corp. said its board has approved an employee stock ownership plan with an initial contribution of $300,000.

The plan calls for the thrift company, which has about $650 million in assets, to buy its common shares on the open market for the ESOP trust. The company also said it is about half finished with a program to repurchase up to 100,000 shares for a maximum of $500,000.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.