	montrose holding to uire virginia federal virginia federal savings and loan association said it has signed a definitive agreement to be uired by montrose holding co an affiliate of montrose capital corp for mln dlrs virginia federal and montrose capital said the agreement provides for the conversion of virginia federal from a mutual to a stock association and the purchase of pct of its stock for mln dlrs by montrose according to the companies virginia federal has over mln dlrs in assets and operates branches in virginia virginia federal said the proceeds would enable it to provide increased mortgage and lending services and enable the company to compete more effectively in the virginia market the companies said the agreement is subject to federal home loan bank board approval expected later this year additionally the companies said the converted association would be managed by a board of directors consisting of the six current virginia federal directors and two representatives of montrose holding the senior management of virginia federal was expected to continue in office after the conversion the companies said reuter 
