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): March 5, 1997
Central Fidelity Banks, Inc.
(Exact name of registrant as specified in its charter)
Virginia 0-8829 54-
1091649
(State or other (Commission
(IRS Employer
jurisdiction of File Number)
Identification
incorporation)
Number)
1021 East Cary Street, Richmond, Virginia 23219
(Address of principal executive offices)
Registrant's telephone number, including area code: (804) 782-4000
This document contains 5 pages.
Item 5. Other Events
On March 6, 1997 the Registrant issued a Press Release announcing the
expansion of a program to repurchase shares of its common stock. The
repurchase of an additional 3,000,000 shares has been authorized in
addition to the approximately 400,000 shares not yet acquired but
authorized in January, 1996.
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: March 7, 1997
/s/ James F. Campbell
James F. Campbell
Senior Vice President & Controller
EXHIBIT INDEX
Exhibit 99. Press Release dated March 6, 1997 announcing the expansion of
a program to repurchase shares of common stock.
Exhibit 99
News Release Central Fidelity
Central Fidelity Banks, Inc. For Release:
IMMEDIATELY
Post Office Box 27602
Richmond, Virginia 23261-7602 Information Contact:
William N. Stoyko
Corporate Secretary
(804) 697-7145
Susan Lawrence
Mistr
Public Relations
Director
(804) 697-7261
March 6, 1997
CENTRAL FIDELITY EXPANDS REPURCHASE PROGRAM
FOR ADDITIONAL 3,000,000 SHARES
Richmond, VA The Board of Directors of Central Fidelity Banks, Inc.
(NASDAQ-CFBS) has granted authority for the Corporation to purchase up to
an additional 3,000,000 shares of its common stock under a repurchase
program that commenced in January of 1996. To date, the Company has
repurchased the equivalent of approximately 2,600,000 shares under the
original authorization after giving effect to a 3-for-2 stock split which
occurred on June 14, 1996. The newly authorized 3,000,000 shares
together with the 400,000 shares remaining under the original
authorization represent approximately 5.8% of the outstanding shares.
Management of Central Fidelity stated that purchases will be made
periodically in either open-market or private transactions, or both. The
repurchased shares may be used for general corporate purposes, including
reissuance under various stock option and benefit plans of the
Corporation. The number of shares actually acquired will depend on
subsequent developments and corporate needs. When and if commenced, the
purchases may be discontinued or interrupted at any time.
Although the authorization has no time limitation, management anticipates
that this extension to the repurchase program will be accomplished over
the next 18 to 24 months.
Central Fidelity presently has approximately 58.6 million shares of
common stock outstanding.
Central Fidelity Banks, Inc. is a Richmond, Virginia-based bank holding
company with assets of $10.54 billion and 245 offices.
