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DOMINION REDEEMS DEBENTURES

 ROANOKE, Va., Feb. 8 /PRNewswire/ -- Dominion Bankshares Corporation (NASDAQ-NMS: DMBK) today announced that it has elected to redeem all of its outstanding 7-3/4 percent Debentures due 1996 on March 8, 1993. The principal amount of the Debentures to be redeemed is $8,461,000. Holders of the Debentures are entitled to receive the redemption price of 100 percent of the principal amount of the Debentures plus accrued interest to March 8, 1993, for a total redemption of $1,024.33 per $1,000 principal amount outstanding. Notice of redemption was mailed to holders of the Debentures on Feb. 5, 1993. The redemption is being undertaken in connection with the pending merger of Dominion with and into First Union Corporation of Virginia, a wholly owned subsidiary of First Union Corporation (NYSE: FTU). Subject to satisfaction of the conditions of closing, it is currently anticipated that the merger will be consummated on March 1, 1993.
 Dominion Bankshares is a multibank holding company with offices throughout Virginia and in Tennessee, Maryland and Washington, D.C.
 -0- 2/8/93
 /CONTACT: Dominion Bankshares, Investor Relations, 703-563-7718/
 (DMBK FTU)


CO: Dominion Bankshares Corporation ST: Virginia IN: FIN SU:

MH-TW -- DC005 -- 3963 02/08/93 09:53 EST
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Publication:PR Newswire
Date:Feb 8, 1993
Words:203
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