SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 7, 1995
Central Fidelity Banks, Inc_
(Exact name of registrant as specified in charter)
Virginia 54-1091649
(State or other jurisdiction of (I.R.S. Employer
ncorporation or organization) Identification No.)
1021 East Cary Street, Richmond, Virginia 23219_
(Address of principal executive offices) Zip Code)
(804) 782-4000
(Registrant's telephone number, including area code)
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Item 5. Other Events
Central Fidelity Banks, Inc., announced today that it will acquire the
Virginia branches and assume the Virginia deposits of Household Bank, f.s.b.
("Household"), a subsidiary of Household International, headquartered
in Chicago, Illinois. An immaterial amount of Household's Virginia
loans will also be acquired in the transaction.
This transaction includes approximately $465 million in deposits
(as of January 31, 1995) and 14 offices located in Northern Virginia
in the City of Alexandria and Arlington and Fairfax Counties.
The transaction is expected to be consummated in early June 1995.
Central Fidelity will pay Household a premium of 8% on all deposits
acquired as of the closing date of the transaction. It is expected that
this transaction will not have a material impact on Central Fidelity's
1995 operating results.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Central Fidelity Banks, Inc.
(Registrant)
Date: February 7, 1995 /s/ James F. Campbell
James F. Campbell
Senior Vice President & Controller
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Exhibit 28
News Release Central Fidelity
Central Fidelity Banks, Inc. For Release: Immediately
Post Office Box 27602
Richmond, Virginia 23261-7602 Information Contact:Charles W. Tysinger
Chief Financial Officer
(804) 697-7038
Susan Lawrence Mistr
Public Relations Manager
(804) 697-7261
February 7, 1995
CENTRAL FIDELITY ACQUIRES VIRGINIA DEPOSITS
AND BRANCHES OF HOUSEHOLD BANK
Richmond, VA -- Central Fidelity Banks, Inc., (NASDAQ-CFBS)
announced today that it will acquire the Virginia branches
and deposits of Household Bank, a subsidiary of Household
International.
This transaction includes approximately $465 million in deposits
(as of January 31, 1995) and 14 offices located in Northern Virginia
in Arlington, Alexandria and Fairfax county. The transfer of accounts
is scheduled for early June.
Central Fidelity will pay Household a market premium on all deposits
acquired. This transaction is expected to have a positive impact
on Central Fidelity's 1995 operating results.
"This expansion is part of our core operating philosophy to remain
a Virginia-only independent bank," said Central Fidelity Chairman
and Chief Executive Officer Lewis N. Miller, Jr. "Our strategy is to
grow within Virginia's borders. With this acquisition we will increase
the number of offices we now have servicing Northern Virginia to 50
offices. We look forward to serving all of Household's customers."
Central Fidelity Banks, Inc. is Virginia's third largest bank holding
company with $10 billion in assets and 230 offices throughout the state.
