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F&M NATIONAL CORPORATION REPORTS INCREASED EARNINGS AND ASSETS EXCEEDING $1 BILLION

 F&M NATIONAL CORPORATION REPORTS INCREASED EARNINGS
 AND ASSETS EXCEEDING $1 BILLION
 WINCHESTER, Va., July 9 /PRNewswire/ -- Net income for the first six months of 1992 for F&M National Corporation (NASDAQ-NMS: FMNT) was $6.79 million, or 64 cents per share, compared to $5.20 million, or 50 cents per share, for the first six months of 1991.
 Second quarter net income was $3.37 million, or 32 cents per share, compared to $2.34 million, or 22 cents per share, for the second quarter of last year.
 Return on average assets was 1.37 percent, and return on average equity was 14.46 percent.
 Total assets as of June 30 were $1.002 billion, up from $967.68 million compared to June 30 of last year. This is the first time F&M National Corporation has achieved $1 billion in assets.
 Over the past 12 months, deposits rose from $860.40 million to $882.45 million. Net loans increased to $604.52 million from $603.28 million over the same period.
 F&M National Corporation has eight bank affiliates. The Virginia banks are: F&M Bank-Winchester, Winchester; F&M Bank-Broadway, Broadway; F&M Bank-Central Virginia, Charlottesville; F&M Bank- Massanutten, Harrisonburg; and F&M Bank-Richmond, Richmond. The West Virginia banks are: F&M Bank-Blakeley, Ranson; F&M Bank-Martinsburg, Martinsburg; and Farmers and Merchants Bank of Keyser, Keyser.
 -0- 7/9/92
 /CONTACT: Miles R. Orndorff Jr., public relations director, F&M National Corporation, 703-665-4200/
 (FMNT) CO: F&M National Corporation ST: Virginia, West Virginia IN: FIN SU: ERN


MH -- DC003 -- 7753 07/09/92 09:37 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
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