EXHIBIT 23.1


                         CONSENT OF INDEPENDENT AUDITORS

The Board of Directors
Virginia Beach Federal Financial Corporation:

We consent to incorporation by reference in Registration  Statement No. 33-46154
on Form  S-8,  in  Registration  Statement  No.  33-76678  on Form  S-8,  and in
Registration  Statement  No.  333-22399  on Form S-3 of Virginia  Beach  Federal
Financial  Corporation  of our report dated  January 31,  1997,  relating to the
consolidated   statement  of  financial  condition  of  Virginia  Beach  Federal
Financial  Corporation  and subsidiary as of December 31, 1996 and 1995, and the
related  consolidated  statements  of  operations,  cash  flows and  changes  in
stockholders'  equity for the years then ended, which report appears in December
31,  1996,  annual  report  on Form 10-K of  Virginia  Beach  Federal  Financial
Corporation.

/s/ KPMG Peat Marwick, LLP

Richmond, Virginia
March 26, 1997