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CENTRAL FIDELITY RESTATES EARNINGS

 CENTRAL FIDELITY RESTATES EARNINGS
 RICHMOND, Va., July 22 /PRNewswire/ -- Central Fidelity Banks, Inc.


(NASDAQ-NMS: CFBS) announced the restatement of 1992 first and second quarter earnings as a result of a reclassification of certain securities in its investment portfolio which are accounted for at the lower of cost or market.
 The subsequent adjustment to the quarter ended March 31, 1992 reduced net income by $1.22 million or $.06 per share, and increased net income and earnings per share for the three months ended June 30, 1992 by the same amount. Consequently, the reclassification had no effect on the income statement for the Company for the six months ended June 30, 1992.
 On a restated basis, net income for the quarter ended March 31, 1992 was $15,752,000 or $.72 per share vs. $.68 in the first quarter of 1991, up 5.9 percent. Restated net income in the second quarter ended June 30, 1992 was $19,864,000 or $.91 per share, an increase of 28.2 percent compared with earnings per share of $.71 for the comparable period in 1991.
 The restatement was made as a result of the Company's revised accounting policy for investment securities which was adopted in accordance with guidelines suggested by the Securities and Exchange Commission.
 Central Fidelity Banks, Inc., is a Richmond based bank holding company with 252 branch offices throughout the state.
 -0- 7/22/92
 /CONTACT: William F. Shumadine, Jr., President, 804-697-6744, or Peggy Cummings, Public Relations Manager, 804-697-7261, both of Central Fidelity Banks, Inc./
 (CFBS) CO: Central Fidelity Banks, Inc. ST: Virginia IN: FIN SU: ERN


CM -- CH005 -- 2027 07/22/92 14:44 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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