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CENTRAL FIDELITY ANNOUNCES $600 MILLION BANK NOTE PROGRAM

 RICHMOND, Va., Feb. 8 /PRNewswire/ -- Central Fidelity Bank announced today the establishment of a $600 million bank note program. The program will enable Central Fidelity Bank to issue bank notes with maturities from 30 days to 30 years from date of issuance up to an aggregate outstanding balance of $600 million to institutional investors. Central Fidelity is expected to commence the program with an issuance of $200-$250 million over the next two weeks. Proceeds from the issuance of bank notes will be used for general corporate purposes.
 Agents for the program are Goldman, Sachs & Co.; The First Boston Corporation; Keefe, Bruyette & Woods, Inc.; Craigie Incorporated; Davenport & Co. of Virginia, Inc.; Scott & Stringfellow Investment Corp.; and Wheat First Butcher & Singer Capital Markets.
 Central Fidelity Bank, a wholly owned subsidiary of Central Fidelity Banks, Inc. (NASDAQ-NMS: CFBS), is the third largest bank in Virginia in terms of market share of core deposits. Central Fidelity operates 230 branches throughout Virginia and provides a wide variety of financial services to a broad customer base of individuals, corporations, institutions and governments.
 -0- 2/8/93
 /CONTACT: John T. Percy Jr., corporate executive vice president, 804-697-6772, or Peggy Cummings, public relations manager, 804-697-7261, both of Central Fidelity Bank/
 (CFBS)


CO: Central Fidelity Bank; Central Fidelity Banks, Inc. ST: Virginia IN: FIN SU:

DC -- DC027 -- 4222 02/08/93 15:28 EST
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Publication:PR Newswire
Date:Feb 8, 1993
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