THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, September 7, 1995 TAG: 9509070468
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: (Staff)
LENGTH: Short : 21 lines
Essex Bancorp Inc., the Virginia Beach-based parent of Essex Savings Bank, said federal regulators approved its application to acquire Home Bancorp Inc. in Norfolk and its Home Savings Bank subsidiary. Essex said it expected to complete the transaction later this month. However, the thrift holding company cautioned that the combination with Home would not be immediately profitable. Essex, which had been seeking additional capital to avoid a takeover by regulators, reached an agreement on June 30 to acquire Home Bancorp. by CNB