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SIGNET BANKING CORPORATION ANNOUNCES DECLARATION BY SEC CONCERNING REGISTRATION STATEMENT

 SIGNET BANKING CORPORATION ANNOUNCES DECLARATION
 BY SEC CONCERNING REGISTRATION STATEMENT
 RICHMOND, Va., April 30 /PRNewswire/ -- Signet Banking Corporation (NYSE: SBK) announced today that the Securities and Exchange Commission has declared effective Signet's registration statement relating to the previously announced secondary offering of 4,175,819 shares of Signet's common stock owned by Corporacion Financiera Alba, S.A. The offering price to the public is $33 per share. The offering is being managed by Goldman, Sachs & Co. and Salomon Brothers Inc.
 The shares represent approximately 15.5 percent of Signet shares outstanding and were originally acquired in 1979 and subsequently by Banca March, S.A., a Spanish bank controlled by the March family. The shares were later transferred to Alba, an investment company, which is 62 percent owned by the March family. The offering constituted all of the shares owned by Alba. Closing of the offering, which is subject to customary conditions, is scheduled for May 7, 1992.
 In connection with the transaction, Signet has granted to the underwriters an option for 30 days to purchase up to 626,372 authorized but unissued shares of Signet common stock solely to cover over allotments, if any.
 Signet Banking Corporation is an $11.3 billion organization with 237 full-service banking offices throughout Virginia, Maryland and the District of Columbia. A major provider of corporate, commercial and real estate finance, Signet also offers credit card, home equity loans and consumer finance services through its branches.
 In addition, Signet is an active home loan provider and offers a full range of investment services including municipal bond, government and federal agency securities, money market sales and trading and foreign exchange services. Signet also provides an international operation concentrating on trade finance, and specialized services for discount brokerage, mutual funds, trust, leasing, asset based lending, cash management, insurance and investment banking.
 -0- 4/30/92
 /CONTACT: S. Joseph Ward, Public Relations Director, Signet Banking Corporation, 804-771-7210/
 (SBK) CO: Signet Banking Corporation ST: Virginia IN: FIN SU:


JZ -- CH006 -- 5079 04/30/92 15:38 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:338
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