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CENTRAL FIDELITY ANNOUNCES NEW MORTGAGE SUBSIDIARY

 CENTRAL FIDELITY ANNOUNCES NEW MORTGAGE SUBSIDIARY
 RICHMOND, Va., March 11 /PRNewswire/ -- Central Fidelity


(NASDAQ: CFBS) Chairman and Chief Executive Officer Carroll L. Saine today announced the formation of Central Fidelity Mortgage Corporation which will serve as a wholly owned subsidiary of the Virginia-based bank. Bryant W. Baird, Jr. has been named President of the mortgage corporation.
 "The formation of Central Fidelity Mortgage Corporation with Bryant Baird as president will provide us with the structure and expertise to become a major force in mortgage banking in Virginia," said Saine. "The primary emphasis of the corporation will be to provide financing for residential properties throughout the state."
 Baird joins Central Fidelity with more than 35 years experience in finance, real estate development and mortgage banking. For the 11 years preceding his appointment at Central Fidelity, Baird was president and chief executive officer of the C&S/Sovran Mortgage Corporation.
 A native of Brunswick County, Baird graduated from the University of Richmond.
 Central Fidelity Banks, Inc. is Virginia's fifth largest bank holding company with $6.8 billion in assets and 204 offices throughout the state. The bank recently concluded its 17th consecutive year of increased earnings.
 -0- 3/11/92 R
 /CONTACT: Peggy Cummings, Public Relations Manager, Central Fidelity Banks, Inc., 804-697-7261/
 (CFBS) CO: Central Fidelity Banks, Inc. ST: Virginia IN: FIN SU:


DF -- CH008 -- 7423 03/11/92 15:57 EST
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Publication:PR Newswire
Date:Mar 11, 1992
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