THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, May 12, 1995 TAG: 9505120557
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: (Staff)
LENGTH: Short : 23 lines
Essex Bancorp Inc. reported a net loss of $1.63 million, or $1.56 a share, for the quarter ended March 31 and said it still is trying to raise enough capital to meet the requirements of federal regulators. The Virginia Beach-based thrift holding company said its Essex Savings Bank subsidiary could be put into receivership unless it has the required amount of capital by June 30. Essex attributed the first-quarter loss to regulatory restrictions on its growth, reduced income from mortgage banking and continued provisions for loan losses. In the comparable three months of 1994, Essex reported a net loss of $781,000. by CNB