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FIRST VIRGINIA INCREASES DIVIDEND FOR SECOND TIME IN 1993

 FALLS CHURCH, Va., Nov. 17 /PRNewswire/ -- The board of directors of First Virginia Banks, Inc. (NYSE: FVB), has declared a quarterly dividend of $.31 per share on the corporation's common stock. This is a 10.7 percent increase over the prior quarterly rate of $.28 per share and is a 19.2 percent increase in the rate declared in the prior year's fourth quarter. This is the second time the corporation has increased its dividend in 1993, and this marks the 12th consecutive year in which the corporation has increased its dividend twice in one year. It is also the 17th consecutive year in which the corporation has increased its dividend.
 Robert H. Zalokar, the corporation's chairman and chief executive officer, stated: "First Virginia will report record earnings once again in 1993. The corporation's solid fundamentals in the areas of asset quality and capital position are responsible for our excellent financial condition. The board of directors is pleased to share these results with all of the corporation's stockholders." He noted that once again the corporation had been rated the highest of the 200 largest banks in the nation for "relative financial strength" by A.G. Edwards & Sons. He also reported that Moody's had recently given the long and short-term deposits of the corporation's lead bank Aa3 and Prime 1 ratings -- the highest of any bank headquartered in Virginia, Maryland or Tennessee.
 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 Jan. 10, 1994, to stockholders of record as of the close of business Dec. 31, 1993.
 -0- 11/17/93
 /CONTACT: Richard F. Bowman of First Virginia Banks, Inc., 703-241-3685/
 (FVB)


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

TW -- NY053 -- 5460 11/17/93 11:56 EST
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Publication:PR Newswire
Date:Nov 17, 1993
Words:340
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