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CENTRAL FIDELITY ANNOUNCES 3-FOR-2 STOCK SPLIT AND DIVIDEND INCREASE

 RICHMOND, Va., Jan. 13 /PRNewswire/ -- The board of directors of Central Fidelity Banks, Inc. (NASDAQ-NMS: CFBS), approved today a 3-for-2 stock split and an increase of 21 percent in the quarterly cash dividend to 25 cents per share for a new annual rate of $1 per share. On a pre-split basis, the increase in the cash dividend equates to 26 cents per share, or an annual rate of $1.50. The record date for the split will be Jan. 29, 1993, and certificates therefore will be distributed Feb. 22, 1993. The cash dividend will be paid on April 1, 1993, to shareholders of record March 19, 1993.
 The cash dividend will be paid on April 1, 1993, to shareholders of record March 19, 1993.
 This action represents Central Fidelity's 19th increase in the cash dividend payout during the past 14 years.
 Carroll L. Saine, chairman of the board and chief executive officer, commented on the bank's performance: "Central Fidelity is the only major bank in the Southeast United States to achieve 18 consecutive years of earnings increases, and that record represents the third longest streak in the nation. We believe consistency over many years during any economic cycle is the true measure of performance."
 Central Fidelity Banks, Inc., is a Richmond-based bank holding company with $8.7 billion in assets.
 -0- 1/13/93
 /CONTACT: William F. Shumadine Jr., president, 804-697-6744, or Peggy Cummings, public relations manager, 804-697-7261, both of Central Fidelity Banks/
 (CFBS)


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

MH -- DC011 -- 4423 01/13/93 13:14 EST
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Publication:PR Newswire
Date:Jan 13, 1993
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