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CENTRAL FIDELITY ANNOUNCES REDUCTION IN PRIME LENDING RATE

 RICHMOND, Va., Sept. 15 /PRNewswire/ -- Central Fidelity Bank (NASDAQ: CFSB) announced today a reduction in its prime lending rate from 6 percent to 5-3/4 percent effective immediately.
 "While interest rates in general have declined to their lowest levels in over twenty years, the prime rate has not been correspondingly reduced in over one year," said Lewis N. Miller, Jr., president, Central Fidelity Banks, Inc. "Since the banking industry has been negligent in providing sufficient incentives for small businesses to borrow and bolster our weak economy, Central Fidelity has earmarked $1 billion of liquid funds for loans to credit-worthy Virginia companies in need of cash funds to foster growth and to invigorate our Virginia economy."
 Central Fidelity Banks, Inc. is a Richmond, Va.-based bank holding company with assets of $9.1 billion and 230 offices.
 -0- 9/15/93
 /CONTACT: Peggy Cummings, investor/public relations manager, 804-697-7261/
 (CFSB)


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

IH-PB -- DC004 -- 2083 09/15/93 08:52 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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