PRESS RELEASE



                    [FFVA Financial Corporation Letterhead]

                                 PRESS RELEASE


June 3, 1996                                     Contact: James L. Davidson, Jr.
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For Immediate Release                                    President & CEO
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                                                         (804) 845-2371
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     Lynchburg, Virginia -- June 3, 1996 -- FFVA Financial Corporation (NASDAQ -
FFFC),  the holding  company of First  Federal  Savings Bank of  Lynchburg,  has
announced its  intention to  repurchase  up to 10% of the Company's  outstanding
shares of common stock. Mr. James L. Davidson, Jr., President,  said the Company
has been  authorized  by its  Board of  Directors  to  initiate  the  repurchase
program.  He further stated that the Company's  request to repurchase the shares
had been approved by the Office of Thrift Supervision.

     The Company plans to repurchase  shares of its common stock in  open-market
transactions,  subject to availability of stock. Such repurchased shares will be
retired.

     The Company  completed its offering of common stock in connection  with the
conversion of First Federal Savings Bank of Lynchburg from a federally chartered
mutual savings bank to a federally  chartered  stock savings bank on October 12,
1994. Three similar  repurchase  programs have been completed,  resulting in the
retirement of approximately 14% of the shares of common stock originally issued.


                                 (804) 845-2371
                                925 Main Street
                           Lynchburg, Virginia 24505