FIRST VIRGINIA INCREASES DIVIDEND FOR 16TH CONSECUTIVE YEAR!
FALLS CHURCH, Va., May 26 /PRNewswire/ -- In a move based on continued superior performance, the board of directors of First Virginia Banks, Inc. (NYSE: FVB) declared a $.28 per share quarterly dividend on the corporation's common stock today. The current quarter's record increase follows a $.26 rate paid in the first quarter of 1993 and a $.2467 rate paid in the same quarter of 1992. The new annual rate of $1.12 per share represents a 13.5 percent increase over the $.9868 annual rate declared in the second quarter of 1992. All amounts have been adjusted to reflect the three-for-two stock split that was paid on the common stock on July 27, 1992. Robert H. Zalokar, the corporation's chairman and chief executive officer, stated that, "First Virginia had an excellent first quarter and we are confident that 1993 will be a record year once again. This confidence coupled with the corporation's continued excellent earnings and strong capitalization permitted the board of directors to raise this quarter's dividend." He noted that despite the weakness in the economy, the corporation's leadership position in automobile financing had permitted it to grow the loan portfolio 9 percent over the first quarter of 1992. Today's announcement regarding the common stock dividend represents the 16th consecutive year in which the dividend has been increased and the 11th consecutive year in which the dividend has been increased twice during the year. First Virginia has been on Moody's list of Dividend Achievers since 1986; this list recognizes those companies that have increased their dividend consistently over the years. At its regular meeting today, the corporation's board of directors also declared a quarterly cash dividend of 12-1/2 cents per share on its series A preferred stock, 17-1/2 cents per share on its series B and C preferred stock, and 20 cents per share on its series D preferred stock. Each of the dividends is payable July 19, 1993, to stockholders of record as of the close of business June 30, 1993. -0- 5/26/93 /CONTACT: Richard F. Bowman, vice president & treasurer of First Virginia Banks, Inc., 703-241-3685/ (FVB)
CO: First Virginia Banks, Inc. ST: Virginia IN: FIN SU: DIV
SM -- NY031 -- 2418 05/26/93 11:41 EDT
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|Date:||May 26, 1993|
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