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SIGNET ANNOUNCES STOCK SPLIT

 RICHMOND, Va., June 23 /PRNewswire/ -- The board of directors of Signet Banking Corp. (NYSE: SBK) today declared a two-for-one stock split in the form of a 100 percent stock dividend. The dividend will be distributed on July 27, 1993, to stockholders of record at the close of business on July 6, 1993.
 The declaration of the stock dividend follows a 33 percent increase in the regular cash dividend rate that was announced on April 28, 1993. The annual cash dividend rate of $1.60 per common share will be adjusted to $.80 to reflect the change in the number of shares outstanding.
 "The action is expected to enhance the liquidity and broaden the distribution of our shares," said Robert M. Freeman, chairman and chief executive officer. "The split should make Signet stock more accessible to smaller investors and encourage individual ownership."
 The corporation's stock is listed on the New York Stock Exchange and trades under the symbol SBK. Currently, there are approximately 28.1 million shares outstanding. No action is required of stockholders to receive the stock split.
 Signet Banking Corp. is an $11.5 billion organization with 237 full- service banking offices throughout Virginia, Maryland and the District of Columbia. It offers investment services including municipal bond, government, federal agency and money market sales and trading, foreign exchange trading and discount brokerage, an international operation concentrating on trade finance, and specialized services for trust, leasing, asset-based lending, cash management, real estate, insurance, consumer financing and investment banking.
 -0- 6/23/93
 /CONTACT: Teri A. Temples, Public Relations Director, Signet Banking Corp., 804-771-7210/
 (SBK)


CO: Signet Banking Corp. ST: Virginia IN: FIN SU:

DC -- DC011 -- 5011 06/23/93 12:35 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
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