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FIRST VIRGINIA BANKS DECLARES 3-FOR-2 STOCK SPLIT

 FIRST VIRGINIA BANKS DECLARES 3-FOR-2 STOCK SPLIT
 FALLS CHURCH, Va., June 17 /PRNewswire/ -- The board of directors of


First Virginia Banks, Inc. (NYSE: FVB) today declared a three-for-two stock split of the corporation's common stock. The split will be accounted for as a share dividend and will be paid on July 27, 1992, to shareholders or record at the close of business on July 6.
 First Virginia Board Chairman Robert H. Zalokar stated that the split was advisable to broaden ownership of First Virginia stock and achieve a more popular price level. He noted that the price of First Virginia common stock has doubled over the past 18 months, reached a high of $46 per share on June 2 and has averaged approximately $43.70 over the past six weeks. The stock split will increase the number of First Virginia common shares outstanding to approximately 33,124,000; there are 60 million shares authorized.
 As a result of the stock split all First Virginia common stock shareholders will receive one additional share for each two shares they now hold. Zalokar stated that shares held before the split are still valid and no action is required on the part of shareholders. He further stated that the additional shares, plus cash for fractional shares, will be mailed to shareholders on July 27. The cash for the fractional shares will be based on the adjusted value of a whole share of First Virginia common stock on the record date, which is two-thirds of the closing price of the common stock on the New York Stock Exchange on such date.
 Shareholders who participate in the company's dividend reinvestment and stock purchase plan will no receive a stock split certificate for shares held in the plan. Instead, on July 27 they will be mailed a statement reflecting the addition of the stock split shares plus any fractional shares. He further noted that for income tax purposes no income gain or loss will be recognized by shareholders upon receipt of additional shares as a result of the stock dividend.
 First Virginia Banks, Inc. is the oldest and fifth largest bank holding company headquartered in Virginia and has approximately 18,000 shareholder accounts in all 50 states and several foreign countries. First Virginia common stock is listed on the New York and Philadelphia stock exchanges. First Virginia Banks, Inc. owns all stock of 20 commercial banks which operate 318 offices in Virginia, Maryland and east Tennessee, and also owns mortgage banking and insurance subsidiaries.
 -0- 6/17/92
 /CONTACT: Harry W. Allen of First Virginia Banks, 703-241-3657/
 (FVB) CO: First Virginia Banks Inc. ST: Virginia IN: FIN SU:


CK-TS -- NY045 -- 1084 06/17/92 12:23 EDT
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Publication:PR Newswire
Date:Jun 17, 1992
Words:450
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