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FIRST VIRGINIA BANKS MEMBERS ACQUIRE COREAST DEPOSITS FROM RESOLUTION TRUST

 FIRST VIRGINIA BANKS MEMBERS ACQUIRE COREAST
 DEPOSITS FROM RESOLUTION TRUST
 FALLS CHURCH, Va., March 7 /PRNewswire/ -- Five commercial banks which are members of the First Virginia Banks, Inc. (NYSE: FVB) group have acquired from the Resolution Trust Corporation (RTC) approximately $281 million in deposits of 14 offices in their respective market areas which were operated by CorEast Federal Savings Bank, it was announced today. The RTC had operated CorEast since assuming control in February 1991.
 Twelve of the CorEast offices have been closed and the deposits and customer accounts transferred to nearby First Virginia member bank offices. The remaining two CorEast offices will reopen as First Virginia branches on March 9.
 First Virginia Bank-Southwest has acquired approximately $212 million from the Roanoke offices. Other First Virginia member banks acquiring CorEast deposits are First Virginia Bank-Piedmont approximately $41 million, First Virginia Bank-Franklin County approximately $4.6 million, First Virginia Bank of Augusta approximately $13.3 million, and First Virginia Bank-Highlands approximately $10 million. All balances were as of Feb. 26, 1992.
 First Virginia Banks, Inc. Chairman Robert H. Zalokar stated that the acquisition of the deposit accounts and customers will enhance First Virginia's share of the markets served by the five member banks. This is particularly true for First Virginia Bank-Southwest which will have the third largest share of the important Roanoke Valley market. Zalokar also noted that First Virginia's strong capital position allows the corporation to pursue such opportunities.
 All checks drawn on CorEast accounts at the offices whose deposits have been purchased by First Virginia member banks will be honored at the designated First Virginia branches. Deposits will continue to be federally insured and deposits will continue to earn interest at the rates contracted with CorEast until March 20, 1992. Signs have been posted in each of the closed CorEast offices directing CorEast customers to the nearby First Virginia offices which will handle their banking business. Many former CorEast employees of the closed branches have been employed by First Virginia to continue to serve their customers at each branch.
 The five member banks acquiring CorEast deposits are part of the First Virginia Banks, Inc. group, a statewide holding company headquartered in Falls Church, which has been described by some as "a super community bank." First Virginia Banks, Inc., is the oldest bank holding company headquartered in Virginia and has assets in excess of $6.1 billion. Its 20 member banks operate 315 banking offices; 16 of the banks and 264 of these offices are located in Virginia, two banks with 16 offices located in Tennessee, and two banks with 35 offices are located in Maryland. First Virginia Banks, Inc., has the strongest capital position and highest return on assets of any major banking company serving Virginia and also has the lowest ratios of non- performing assets and loan charge-offs of any of its major competitors.
 -0- 3/7/92 R
 /CONTACT: Richard F. Bowman, 703-241-4426, or at home, 703-754-0315, or Paul H. Geithner Jr., 703-241-3605, or at home, 703-278-8286, both of First Virginia Banks/
 (FVB) CO: First Virginia Banks, Inc. ST: Virginia IN: FIN SU: TNM


CK-CA -- NYSA007 -- 6183 03/09/92 07:48 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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