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FIRST VIRGINIA INCREASES DIVIDEND FOR FOURTH CONSECUTIVE QUARTER

 FALLS CHURCH, Va., Feb. 24 /PRNewswire/ -- The board of directors of First Virginia Banks, Inc. (NYSE: FVB) today declared a quarterly dividend of $.27 per share on the corporation's common stock which represents the fourth consecutive quarter in which the dividend has been increased.
 This compares to the $.26 rate paid in the previous quarter and the $.2333 cent rate paid in the previous year's first quarter. The new annual rate of $1.08 per share represents an increase of 15.73 percent over the $.9332 rate in the previous year's first quarter. 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, "The corporation is experiencing strong installment loan demand for automobile financing, and we are hopeful that 1993 will be another excellent year." He noted that earnings had increased 40 percent in 1992 which had allowed the corporation to increase its dividend rate three times in the previous year. Furthermore, the corporation has increased its dividend at least twice per year for 11 consecutive years and has increased the dividend in each of the last 16 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 April 19, 1993, to stockholders of record as of the close of business March 31, 1993.
 -0- 2/24/93
 /CONTACT: Richard F. Bowman, VP and treasurer of First Virginia Banks, Inc., 703-241-3685/
 (FVB)


CO: First Virginia Banks, Inc. ST: Virginia IN: FIN SU: DIV

CK -- NY026 -- 9873 02/24/93 11:31 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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