EXHIBIT (23.1)
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                        CONSENT OF INDEPENDENT AUDITORS
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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 30,  1998,  relating to the
consolidated   statement  of  financial  condition  of  Virginia  Beach  Federal
Financial  Corporation  and subsidiary as of December 31, 1997 and 1996, and the
related  consolidated  statements  of  operations,  cash  flows and  changes  in
stockholders'  equity  for the years then  ended,  which  report  appears in the
December 31, 1997 annual report on Form 10-K of Virginia Beach Federal Financial
Corporation.





KPMG PEAT MARWICK LLP
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Richmond, Virginia
March 25, 1998