________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Earliest Event Reported - September 22, 1999
FIRST VIRGINIA BANKS, INC.
(Exact name of registrant as specified in its charter)
Virginia 1 - 6580 54-0497561
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
6400 Arlington Boulevard Falls Church Virginia 22042
(Address of principal executive offices) (Zip Code)
(703) 241-3656
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
The exhibit index as required by item 601(a) of Regulation S-K is
included on page 3 of this report.
Item. 5. OTHER EVENTS
On September 22, 1999, the Board of Directors of First
Virginia Banks, Inc. ("First Virginia") authorized the purchase
of up to 6,000,000 shares of First Virginia Common Stock pursuant
to a new stock repurchase program. This new program replaces the
program authorized in October 1996 for 6,000,000 shares which had
a remaining unpurchased balance of 1,268,750 shares. Since 1994,
First Virginia has repurchased an average of 1,832,000 shares per
year. No timetable was set for the purchases; however, it is
expected that the shares will be acquired over the next few years
through open market purchases. As of June 30, 1999, First
Virginia had 50,134,693 shares of First Virginia Common Stock
outstanding.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. Description of Exhibit
1 Press Release dated September 22, 1999
SIGNATURE
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.
FIRST VIRGINIA BANKS, INC.
(Registrant)
Date: September 23, 1999 By: /s/ Barry J. Fitzpatrick
------------------------
Barry J. Fitzpatrick, Chairman,
President and Chief Executive
Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit Page
1 Press Release dated September 22, 1999 4
Exhibit 1.
September 22, 1998 CONTACT: Richard F. Bowman
FOR IMMEDIATE RELEASE (703) 241-3685
FIRST VIRGINIA ANNOUNCES NEW STOCK REPURCHASE
PROGRAM
The Board of Directors of First Virginia Banks, Inc. has
authorized the purchase of up to 6,000,000 shares of First Virginia
Banks, Inc. stock. This program replaces the program authorized in
October 1996 for 6,000,000 shares which had a remaining unpurchased
balance of 1,268,750 shares. Since 1994, the corporation has
repurchased an average of 1,832,000 shares per year. No timetable
has been set for the purchases; however, it is expected that the
shares will be acquired over the next few years through open market
purchases. As of June 30, 1999, First Virginia had 50,134,693
shares of common stock outstanding.
Barry J. Fitzpatrick, First Virginia's Chairman, President and
Chief Executive Officer, said, "First Virginia has continued its
tradition of being one of the most profitable and highly
capitalized financial companies in the nation. Earnings per share
for the first six months of 1999 increased 27%, and the equity to
asset ratio today is slightly over 11%." He noted that virtually
all ratios measuring financial performance such as return on
assets, net interest margin, efficiency ratio and asset quality
measurements have improved throughout 1999, and place the
corporation in the top tier of banks across the nation.
First Virginia is the largest independent banking company
headquartered in Virginia, and one of the 50 largest in the United
States. There are ten banks in the First Virginia group, including
six banks with 308 offices in Virginia, two banks with 58 offices
in Maryland and two banks with 27 offices in East Tennessee. First
Virginia also operates a mortgage subsidiary, First Virginia
Mortgage Company; a second-mortgage company, First General Mortgage
Company, with 10 offices in the mid-Atlantic and Southeastern
states; and a full-service insurance agency, First Virginia
Insurance Services, Inc. The corporation's common stock is traded
on the New York Stock Exchange under the symbol "FVB."
Falls Church, Virginia
