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CENTRAL FIDELITY HIGHLIGHTS YEAR OF ACHIEVEMENTS; REAFFIRMS VIRGINIA STRATEGY AND CREATES SHARED OFFICE OF THE CEO

 RICHMOND, Va., May 12 /PRNewswire/ -- Shareholders at Central Fidelity Banks, Inc. (NASDAQ-NMS: CFBS), Annual Meeting today were updated with a number of significant achievements culminating in 18 consecutive years of increased earnings per share. The Board of Directors approved the creation of the shared Office of the Chief Executive Officer and application for a national bank charter through the Office of the Comptroller of the Currency.
 The highlights of 1992 included increased deposit market share, acquisition of Investors Savings Bank, top efficiency ratio among Southeast banks, creation of Central Fidelity Mortgage Corporation, significantly improved capital ratios and introduction of the CFB MarketWatch family of funds.
 Carroll L. Saine, Chairman of the Board and Chief Executive Officer, reaffirmed Central Fidelity's commitment to remain an independent bank. At Saine's request, the Board of Directors announced the creation of a shared Office of Chief Executive Officer to be equally managed by Chairman Carroll L. Saine and President Lewis N. Miller Jr., effective immediately.
 Mr. Miller joined Central Fidelity in 1972 and was elected president of the holding company in 1984. He is a graduate of Washington and Lee University and received his MBA from University of Virginia.
 Mr. Miller will focus primarily on line operations while Mr. Saine will devote his time to corporate direction and staff functions.
 Commenting on the new Office of the Chief Executive Officer, Saine said, "Working together as a team, we both commit to do everything possible to enhance the future success and continued independence of Central Fidelity Banks, Inc."
 In other actions, the Board of Directors approved the application for a national bank charter in lieu of a state charter in order for Central Fidelity Bank to be regulated under the surveillance of the Office of the Comptroller of the Currency rather than the Federal Reserve Bank.
 Central Fidelity Banks, Inc. is a Richmond, Virginia based bank holding company with 230 offices and $8.7 billion in assets.
 -0- 5/12/93
 /CONTACT: Peggy Cummings, Manager, Investor/Public Relations, Central Fidelity Banks, Inc., 804-697-7261/
 (CFBS)


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

IH-TW -- DC021 -- 7732 05/12/93 16:20 EDT
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Publication:PR Newswire
Date:May 12, 1993
Words:357
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