THIS DOCUMENT IS A COPY OF THE FORM 11-K FILED ON JUNE 30, 1994 PURSUANT TO A
RULE 201 TEMPORARY HARDSHIP EXEMPTION.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number
SIGNET BANKING CORPORATION
EMPLOYEE SAVINGS PLAN
SIGNET BANKING CORPORATION
7 North Eighth Street
P.O. Box 25970
Richmond, Virginia 23260
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrative Committee has duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
SIGNET BANKING CORPORATION
EMPLOYEE SAVINGS PLAN
Date: June 29, 1994 By: /s/ Robert L. Bryant
Robert L. Bryant
Administrative Committee
<PAGE>
Financial Statements
and Supplemental Schedules
Signet Banking Corporation
Employee Savings Plan
Years ended December 31, 1993 and 1992
with Report of Independent Auditors
<PAGE>
Signet Banking Corporation Employee Savings Plan
Financial Statements
and Supplemental Schedules
Years ended December 31, 1993 and 1992
Contents
Report of Independent Auditors .......................................... 1
Financial Statements
Statements of Net Assets Available for Plan Benefits .................... 2
Statements of Changes in Net Assets Available for Plan Benefits ......... 6
Notes to Financial Statements ........................................... 7
Supplemental Schedules
Investments ............................................................. 20
Transactions or Series of Transactions in Excess
of 5% of the Fair Value of Plan Assets ................................. 23
<PAGE>
Report of Independent Auditors
Administrative Committee of Signet Banking Corporation
Employee Savings Plan
We have audited the accompanying statements of net assets available for plan
benefits of Signet Banking Corporation Employee Savings Plan as of December 31,
1993 and 1992, and the related statements of changes in net assets available for
plan benefits for the three years in the period ended December 31, 1993. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan at
December 31, 1993 and 1992, and the changes in its net assets available for plan
benefits for each of the three years in the period ended December 31, 1993, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of
investments as of December 31, 1993 and transactions or series of transactions
in excess of 5% of the fair value of plan assets for the year then ended, are
presented for purposes of complying with the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, and are not a required part of the financial statements.
The supplemental schedules have been subjected to the auditing procedures
applied in our audit of the 1993 financial statements and, in our opinion, are
fairly stated in all material respects in relation to the 1993 financial
statements taken as a whole.
/s/Ernst & Young
April 28, 1994
<PAGE>
Signet Banking Corporation Employee Savings Plan
Statement of Net Assets Available for Plan Benefits
December 31, 1993
Fixed
Income Equity
Fund Fund
Assets
Investments:
Marketable securities:
Common stocks $27,867,600
Signet Banking Corporation
Common Stock
Signet Trust Company
Stable Value Fund 13,383,960
Signet Select Money Market Fund 13,657,190 1,642,028
27,041,150 29,509,628
Contributions receivable:
Employee 73,903 96,976
Employer 29,286 28,896
Loans receivable 2,096,704 1,832,198
Accrued income receivable 71,172 65,583
Cash 114,193 112,050
29,426,408 31,645,331
Liabilities
Due (from) to other funds (590,761) (699,871)
Net assets available for plan benefits $30,017,169 $32,345,202
<PAGE>
Company Money
Stock Paysop Market
Fund Fund Fund Total
$ 27,867,600
$ 61,794,952 $ 2,404,665 64,199,617
13,383,960
$ 8,565,855 23,865,073
61,794,952 2,404,665 8,565,855 129,316,250
134,230 33,968 339,077
42,391 13,899 114,472
1,373,135 268,528 5,570,565
1,250 400 1,842 140,247
1,056,259 3,708 52,110 1,338,320
64,402,217 2,408,773 8,936,202 136,818,931
1,880,449 (589,817)
$ 62,521,768 $ 2,408,773 $ 9,526,019 $136,818,931
See accompanying notes.
<PAGE>
Signet Banking Corporation Employee Savings Plan
Statement of Net Assets Available for Plan Benefits
December 31, 1992
Fixed
Income Equity
Fund Fund
Assets
Investments:
Marketable securities:
Common stocks $25,333,625
Signet Banking Corporation
Common Stock
Signet Trust Company
Stable Value Fund $11,588,093
Signet Select Money Market Fund 13,099,457 2,646,626
Money market fund
24,687,550 27,980,251
Contributions receivable:
Employee 125
Employer (1,058) (1,414)
Loans receivable 2,010,456 1,699,084
Accrued income receivable 64,740 55,595
Cash 247,976 209,207
27,009,664 29,942,848
Liabilities
Payable to broker
Due (from) to other funds (21,402) (303,341)
(21,402) (303,341)
Net assets available for plan benefits $27,031,066 $30,246,189
<PAGE>
Company Money
Stock Paysop Market
Fund Fund Fund Total
$25,333,625
$ 36,154,440 $ 1,586,430 37,740,870
11,588,093
$ 8,423,495 24,169,578
209,848 4,427 214,275
36,364,288 1,590,857 8,423,495 99,046,441
63,702 63,827
24,161 (701) 20,988
825,499 189,974 4,725,013
474 22 120,831
81,922 100,508 639,613
37,360,046 1,590,879 8,713,276 104,616,713
209,827 209,827
203,437 121,306
413,264 121,306 209,827
$36,946,782 $ 1,590,879 $ 8,591,970 $104,406,886
See accompanying notes.
<PAGE>
Signet Banking Corporation Employee Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1993
Fixed
Income Equity
Fund Fund
Additions:
Contributions:
Employees $ 2,189,992 $ 2,685,541
Employer 935,285 1,114,823
Rollovers 83,298 321,694
Investment income:
Interest on Signet Trust Company
Stable Value Fund 799,429
Dividends on Signet Banking
Corporation Common Stock
Interest on Signet Select
Money Market Fund 390,898 56,972
Other interest and dividends 1,966 767,315
Loan interest 104,094 113,310
Gain on sale of marketable securities-net 1,807,024
4,504,962 6,866,679
Deductions:
Benefits paid to participants 1,576,702 1,281,875
Unrealized appreciation (depreciation)
in aggregate fair value of marketable
securities (1,960,215)
Transfers between funds 57,843 (1,525,576)
Net additions 2,986,103 2,099,013
Net assets available for plan benefits
at beginning of year 27,031,066 30,246,189
Net assets available for plan benefits
at end of year $30,017,169 $32,345,202
<PAGE>
Company Money
Stock Paysop Market
Fund Fund Fund Total
$ 2,803,434 $ 973,358 $ 8,652,325
1,187,275 427,072 3,664,455
260,869 103,127 768,988
799,429
1,334,592 $ 55,758 1,390,350
249,714 697,584
17,465 1,216 618 788,580
115,840 35,941 369,185
759,712 19,871 2,586,607
6,479,187 76,845 1,789,830 19,717,503
2,216,625 93,685 572,165 5,741,052
19,561,075 834,734 18,435,594
1,751,349 (283,616)
25,574,986 817,894 934,049 32,412,045
36,946,782 1,590,879 8,591,970 104,406,886
$62,521,768 $2,408,773 $9,526,019 $136,818,931
See accompanying notes.
<PAGE>
Signet Banking Corporation Employee Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1992
Fixed
Income Equity
Fund Fund
Additions:
Contributions:
Employees $ 1,969,655 $ 2,232,277
Employer 841,901 933,737
Rollovers 124,221 111,351
Investment income:
Interest on Signet Trust Company
Stable Value Fund 762,278
Dividends on Signet Banking
Corporation Common Stock
Interest on Signet Investment
Money Market Fund 249,853 62,092
Interest on Signet Select Money Market Fund 179,207 35,292
Other interest and dividends 1,445 657,706
Loan interest 121,285 123,974
Gain on sale of marketable securities-net 2,131,818
4,249,845 6,288,247
Deductions:
Benefits paid to participants 3,186,292 1,886,708
Other
3,186,292 1,886,708
Unrealized appreciation (depreciation) in
aggregate fair value of marketable
securities (1,767,886)
Transfers between funds 696,418 1,246,891
Net additions 1,759,971 3,880,544
Net assets available for plan benefits
at beginning of year 25,271,095 26,365,645
Net assets available for plan benefits
at end of year $27,031,066 $30,246,189
<PAGE>
Company Money
Stock Paysop Market
Fund Fund Fund Total
$ 1,576,604 $ 950,931 $ 6,729,467
683,303 413,393 2,872,334
107,021 51,368 393,961
762,278
735,960 $ 32,820 768,780
158,762 470,707
122,933 337,432
8,406 136 491 668,184
75,456 41,539 362,254
1,376,969 22,077 3,530,864
4,563,719 55,033 1,739,417 16,896,261
2,014,175 109,846 1,708,712 8,905,733
475 475
2,014,175 110,321 1,708,712 8,906,208
16,754,975 780,376 15,767,465
(2,835,958) 892,649
16,468,561 725,088 923,354 23,757,518
20,478,221 865,791 7,668,616 80,649,368
$36,946,782 $1,590,879 $8,591,970 $104,406,886
See accompanying notes.
<PAGE>
Signet Banking Corporation Employee Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1991
Fixed
Income Equity
Fund Fund
Additions:
Contributions:
Employees $ 1,965,057 $ 1,668,811
Employer 837,784 715,205
Rollovers 52,088 32,258
Investment income:
Interest on Signet Trust Company
Stable Value Fund 810,067
Dividends on Signet Banking
Corporation Common Stock
Interest on Signet Investment
Money Market Fund 688,179 81,365
Other interest and dividends 9,809 509,664
Loan interest 138,790 118,521
4,501,774 3,125,824
Deductions:
Benefits paid to participants 2,330,868 1,596,730
Loss on sale of marketable securities-net 176,415
2,330,868 1,773,145
Unrealized appreciation in aggregate fair
value of marketable securities 5,832,649
Transfers between funds (155,899) 377,980
Net additions 2,015,007 7,563,308
Net assets available for plan benefits
at beginning of year 23,256,088 18,802,337
Net assets available for plan benefits
at end of year $25,271,095 $26,365,645
<PAGE>
Company Money
Stock Paysop Market
Fund Fund Fund Total
$ 1,339,953 $1,013,338 $ 5,987,159
594,637 427,154 2,574,780
10,036 14,011 108,393
810,067
786,835 $ 37,420 824,255
406,819 1,176,363
13,495 1,017 1,507 535,492
61,229 52,652 371,192
2,806,185 38,437 1,915,481 12,387,701
796,828 54,912 951,542 5,730,880
90,231 7,653 274,299
887,059 62,565 951,542 6,005,179
10,639,144 482,329 16,954,122
(249,406) 27,325
12,308,864 458,201 991,264 23,336,644
8,169,357 407,590 6,677,352 57,312,724
$20,478,221 $865,791 $7,668,616 $80,649,368
See accompanying notes.
<PAGE>
Signet Banking Corporation Employee Savings Plan
Notes to Financial Statements
December 31, 1993
Note A--Significant Accounting Policies
The accounting records are maintained on the accrual basis.
Investments are stated at aggregate fair value. Securities traded on a national
securities exchange are valued at the last reported sales price on the last
business day of the plan year; securities traded in the over-the-counter market
and listed securities for which no sale was reported on that date are valued at
the last reported bid price.
For certain investments that do not have an established fair value, fair values
have been estimated based on yields currently available on comparable securities
of issuers with similar credit ratings.
The gain or loss on sale of marketable securities is the difference between the
proceeds received and the average cost of marketable securities sold.
Certain 1992 and 1991 amounts have been reclassified to conform to the 1993
presentation.
Note B--Description of the Plan
The Signet Banking Corporation Employee Savings Plan (the Plan) is a defined
contribution plan covering substantially all employees of Signet Banking
Corporation and subsidiaries (the "Corporation") and provides for pension,
disability, death and termination benefits. At December 31, 1993 and 1992 there
were approximately 4,424 and 3,967 participants, respectively, in the Plan. All
administrative costs of the Plan are absorbed by the Corporation. Signet Trust
Company is the trustee of Plan assets.
The following are some of the more significant provisions of the Plan:
Contributions - Participants may contribute to the Plan 1% to 15% of
their compensation. Such contributions may be before-tax dollars, or a
combination of before and after tax dollars. For every before-tax dollar
saved up to 6% of the participant's compensation, the Corporation will
match contributions 50 cents on the dollar. A participant's account
attributable to the matching contribution will become 100% vested after a
participant completes two years of service. In accordance with the Tax
Reform Act of 1986, the amount a participant could defer on a before-tax
basis during 1993 and 1992 was limited to $8,994 and $8,728,
respectively.
<PAGE>
Signet Banking Corporation Employee Savings Plan
Notes to Financial Statements (continued)
Note B--Description of the Plan (continued)
Investment - Participants may elect to have their contributions invested
in the Plan's Fixed Income Fund, Equity Fund, the Company Stock Fund or
the Money Market Fund. The underlying assets of these funds and the
Paysop Fund consists of the following:
Fixed Income Fund - Monies held by this fund are invested to maximize
current income through such investments as governmental or corporate
obligations, or participations therein, and any other evidence of
indebtedness or ownership on a fixed income basis.
Equity Fund - Monies held by this fund are invested to provide a total
return consisting of income and capital appreciation. Monies are
invested in a wide range of common stocks or other equity securities.
Company Stock Fund - Monies held by this fund are invested by the
Trustee in shares of the Corporation's Common Stock. The Trustee
shall also be permitted to invest in short-term temporary investments,
including pooled funds which bear interest at market rates.
Paysop Fund - Monies held by this fund are invested in shares of the
Corporation's Common Stock. The PAYSOP provision of the Plan has been
repealed in accordance with the Tax Reform Act of 1986.
Money Market Fund - Monies held by this fund are invested in Signet
Select Money Market Fund, a short-term money market fund which bears
interest at market rates.
Withdrawal - Paysop contributions may not be withdrawn prior to a
participant's termination of employment. Employer matching contributions
may be withdrawn by participants beginning two years after contribution.
The Plan provides for certain exceptions to the withdrawal policy for
hardship circumstances. Participants may withdraw their after-tax
savings twice a year in any month.
<PAGE>
Signet Banking Corporation Employee Savings Plan
Notes to Financial Statements (continued)
Note B--Description of the Plan (continued)
Loans - Participants may elect to borrow against the value of their
individual accounts for various purposes and maturities, with interest
rates based on the Corporation's prime lending rate. Funds are disbursed
and repayments credited based on each individual's account mix and
investment options. In the event of default or termination, any unpaid
loan balance is satisfied before account disbursement. Plan loans are
limited to the lesser of $50,000 or one-half of the total vested amount
in the participant's account excluding Paysop contributions (by
participant). The extended repayment period available for plan loans is
in accordance with the Tax Reform Act of 1986.
The Corporation has the right under the Plan to discontinue contributions at any
time and terminate the Plan. In the event of termination of the Plan, the
assets of the Plan will be revalued, and the participant's account balances will
be distributed to the participants of the Plan.
<PAGE>
Signet Banking Corporation Employee Savings Plan
Notes to Financial Statements (continued)
Note C--Investments
The Plan's investments are held in a trust fund administered by Signet Trust
Company. During 1993 and 1992, the Plan's investments (including investments
bought and sold as well as held during the year) appreciated in fair value by
$21,022,201 and $19,298,329, respectively, as follows:
Net Appreciation
in Fair Value Fair Value at
During Year End of Year
Year Ended December 31, 1993
Fair Value as determined by
quoted market value:
Common stocks $21,022,201 $ 92,067,217
Fair Value estimated by the
Administrative Committee:
Common trust fund 13,383,960
Signet Select Money Market Fund 23,865,073
37,249,033
$21,022,201 $129,316,250
Year Ended December 31, 1992
Fair Value as determined by
quoted market value:
Common stocks $19,298,329 $ 63,074,495
Fair Value estimated by the
Administrative Committee:
Common trust fund 11,588,093
Signet Select Money Market Fund 24,169,578
Money market fund 214,275
35,971,946
$19,298,329 $ 99,046,441
<PAGE>
Signet Banking Corporation Employee Savings Plan
Notes to Financial Statements (continued)
Note C--Investments (continued)
The fair value of individual investments that represent 5% or more of the Plan's
net assets are as follows:
December 31
1993 1992
Signet Trust Company Stable Value Fund $13,383,960 $11,588,093
Signet Banking Corporation Common Stock 64,199,617 37,740,870
Signet Select Money Market Fund 23,865,073 24,169,578
The net realized gain (loss) on disposition of investments was computed as
follows:
Amount Net Realized
Realized Cost Gain (Loss)
Year Ended December 31, 1993
Other Investments:
Equity Fund $18,238,140 $16,431,116 $1,807,024
Signet Banking Corporation
Common Stock:
Company Stock Fund 1,276,527 516,815 759,712
Paysop Fund 36,369 16,498 19,871
$19,551,036 $16,964,429 $2,586,607
Year Ended December 31, 1992
Other Investments:
Equity Fund $12,250,250 $10,118,432 $2,131,818
Signet Banking Corporation
Common Stock:
Company Stock Fund 3,759,324 2,382,356 1,376,968
Paysop Fund 76,753 54,675 22,078
$16,086,327 $12,555,463 $3,530,864
Year Ended December 31, 1991
Other Investments:
Equity Fund $11,744,661 $11,921,077 $ (176,416)
Signet Banking Corporation
Common Stock:
Company Stock Fund 374,825 465,055 (90,230)
Paysop Fund 9,110 16,763 (7,653)
$12,128,596 $12,402,895 $ (274,299)
<PAGE>
Signet Banking Corporation Employee Savings Plan
Notes to Financial Statements (continued)
Note C--Investments (continued)
The basis used to calculate realized gains on investments differs from the
revalued cost basis required by the Department of Labor in the filing of the
Plan's tax return under Form 5500. The realized gain amount under the revalued
cost basis is the difference between the market value at the date of the
distribution and the current value at the beginning of the plan year.
Plan investments are valued at approximate market value. The net unrealized
appreciation (depreciation) of investments included in the plan equity is as
follows:
Balance at Change Balance at
Beginning for the End of
of Year Year Year
Year Ended December 31, 1993
Equity Fund $ 6,128,399 $(1,960,215) $ 4,168,184
Company Stock Fund 19,014,152 19,561,075 38,575,227
Paysop Fund 697,759 834,734 1,532,493
$25,840,310 $18,435,594 $44,275,904
Year Ended December 31, 1992
Equity Fund $ 7,896,285 $(1,767,886) $ 6,128,399
Company Stock Fund 2,259,177 16,754,975 19,014,152
Paysop Fund (82,617) 780,376 697,759
$10,072,845 $15,767,465 $25,840,310
Year Ended December 31, 1991
Equity Fund $ 2,063,636 $ 5,832,649 $ 7,896,285
Company Stock Fund (8,379,967) 10,639,144 2,259,177
Paysop Fund (564,946) 482,329 (82,617)
$(6,881,277) $16,954,122 $10,072,845
<PAGE>
Signet Banking Corporation Employee Savings Plan
Notes to Financial Statements (continued)
Note D--Participant Data
For valuation purposes, the Plan allocates the fair value of investments,
contributions receivable, cash and accrued income receivable, net of amounts
payable to broker, to participants' accounts.
The approximate number of participants in each fund was as follows:
December 31
1993 1992
Fixed Income Fund 2,638 2,522
Equity Fund 2,514 2,322
Company Stock Fund 2,868 2,096
Paysop Fund 2,496 2,620
Money Market Fund 1,375 1,311
The total number of participants in the Plan was less than the sum of the number
of participants shown above because many were participating in more than one
fund.
Note E--Reconciliation to Form 5500
Amounts allocated to accounts of participants who have elected to withdraw from
the Plan but have not yet been paid were $800,596 and $865,801 at December 31,
1993 and 1992, respectively. The reconciliation of the benefits information for
Form 5500 and generally accepted accounting principles (GAAP) reporting purposes
is as follows:
Benefits paid Benefits Payable
for the Year Ended as of
December 31, 1993 December 31, 1993
As reported on Form 5500 $ 5,675,847 $ 800,596
Benefits accrual at
December 31, 1993 (800,596) (800,596)
Benefits accrual at
December 31, 1992 865,801 -
GAAP basis $ 5,741,052 $ -
<PAGE>
Signet Banking Corporation Employee Savings Plan
Notes to Financial Statements (continued)
Note F--Income Tax Status
The Plan qualifies under Section 401(a) of the Internal Revenue Code (IRC) and
is, therefore, not subject to tax under IRC Section 501(a). Once qualified, the
Plan is required to operate in conformity with the IRC to maintain its
qualification. The Administrative Committee is not aware of any course of
action or events that have occurred that might adversely affect the Plan's
qualified status.
Note G--Parties-In-Interest Transactions
During 1993 and 1992 the Plan earned $2,887,363 and $2,339,197, respectively, on
investments with Signet Bank/Virginia, Signet Trust Company and Signet Banking
Corporation, employer companies. The amount invested with Signet Trust Company
was $37,249,033 at December 31, 1993 and $35,757,671 at December 31, 1992. The
Plan owned 1,847,471 shares of Signet Banking Corporation Common Stock with a
fair value of $64,199,617 at December 31, 1993 and 838,686 shares with a fair
value of $37,740,870 at December 31, 1992.
In the normal course of events Signet Trust Company, the Trustee, will receive
contributions and disburse funds on behalf of the participants of the Plan.
<PAGE>
Supplemental Schedules
<PAGE>
Signet Banking Corporation Employee Savings Plan
Investments
December 31, 1993
Number of
Shares or
Principal Fair
Amount Cost Value
Fixed Income Fund
Common Trust Fund
Signet Trust Company
Stable Value Fund 13,383,960 $13,383,960 $13,383,960
Money Market Fund
Signet Select Money
Market Fund, 2.72% $13,657,190 13,657,190 13,657,190
Total Fixed Income Fund 27,041,150 27,041,150
Equity Fund
Common Stocks
Abbott Laboratories 19,500 77,988 577,688
Allegheny Power Systems, Inc. 20,000 457,050 530,000
Allied Signal Inc. 7,600 549,708 600,400
American Home Products Corp. 10,000 755,800 647,500
Amgen Inc. 10,250 451,000 507,375
Atlantic Richfield Company 3,000 343,329 315,750
Bausch & Lomb 11,700 547,911 599,625
CSX Corporation 6,000 417,576 491,250
Chevron Corporation 5,000 216,361 435,625
Chrysler Corporation 8,000 343,640 426,000
Circuit City Stores Inc. 20,000 234,193 435,000
Corestates Financial Corp. 17,000 498,942 444,125
Crestar Financial Corp. 14,500 538,312 607,187
Crown Cork & Seal Inc. 14,200 502,609 594,625
Dean Witter Discover & Co. 10,000 424,550 346,250
Dresser Industries Inc. 20,000 451,600 415,000
Eastman Kodak Company 8,200 500,856 461,250
Ethyl Corporation 27,500 518,445 481,250
Exxon Corporation 9,500 593,323 599,688
Federal National Mortgage
Association 12,500 686,341 981,250
First Colony Corp. 18,699 534,997 474,487
Ford Motor Company 8,000 502,640 516,000
<PAGE>
Signet Banking Corporation Employee Savings Plan
Investments--Continued
Number of
Shares or
Principal Fair
Amount Cost Value
Equity Fund
Common Stocks (continued)
GTE Corporation 15,000 $ 301,477 $ 525,000
General Electric Company 9,500 393,698 996,312
Home Depot, Inc. (The) 13,000 155,869 513,500
Intel Corporation 7,000 421,750 434,000
Kansas City Southern Industries 9,000 414,720 463,500
Kimberly-Clark Corporation 13,500 767,875 700,313
McCormick & Company (non-voting) 18,000 483,858 443,250
Mobil Corporation 10,000 459,385 791,250
Nicor 18,000 550,440 504,000
Norfolk Southern Corporation 7,000 314,310 493,500
Pepsico Inc. 30,000 1,036,785 1,226,250
Philip Morris Companies, Inc. 9,000 502,920 500,625
Pitney Bowes Inc. 15,000 629,803 620,625
Schering-Plough Corporation 8,500 92,222 582,250
Sears, Roebuck & Company 15,000 684,319 793,125
Southern Company 11,000 500,005 485,375
Southtrust Corporation 29,250 593,375 555,750
Southwestern Bell Corp. 14,200 524,165 589,300
Sprint Corporation 13,750 502,975 477,813
Texaco Inc. 7,000 428,560 453,250
Texas Instruments Inc. 8,500 568,217 539,750
3-Com Corporation 12,000 352,520 564,000
Toll Brothers Inc. 41,000 611,239 702,125
Toys R Us 14,500 543,097 592,687
Wendy's International, Inc. 36,200 536,846 628,975
Willamette Industries Inc. 11,500 554,875 569,250
York International Corp. 18,000 626,940 634,500
23,699,416 27,867,600
Money Market Fund
Signet Select Money Market
Fund, 2.72% $ 1,642,028 1,642,028 1,642,028
Total Equity Fund 25,341,444 29,509,628
<PAGE>
Signet Banking Corporation Employee Savings Plan
Investments--Continued
Number of
Shares or
Principal Fair
Amount Cost Value
Company Stock Fund
Common Stock
Signet Banking Corporation 1,778,272 $23,219,725 $ 61,794,952
Paysop Fund
Common Stock
Signet Banking Corporation 69,199 872,172 2,404,665
Money Market Fund
Signet Select Money Market
Fund, 2.72% $8,565,855 8,565,855 8,565,855
Total Investments $85,040,346 $129,316,250
<PAGE>
Signet Banking Corporation Employee Savings Plan
Transactions or Series of Transactions in Excess of
5% of the Fair Value of Plan Assets
Year ended December 31, 1993
Total Total Number of
Number Shares or
of Principal
Purchases Amount Purchased
Common Stocks
Signet Banking Corporation 15 179,004
Money Market Funds
Signet Select Money Market Fund 277 $22,746,296
Nations Money Market Fund 115 9,455,880
<PAGE>
Total Number
Total Total of Shares or
Dollar Number of Principal Total Dollar
Value of Sales or Amount Sold Value of Sales
Purchases Maturities or Matured or Maturities Gain
$ 6,806,078 7 18,552 890,269 $ 539,281
22,746,296 123 $23,050,801 23,050,801
9,455,880 39 9,670,155 9,670,155
Consent of Ernst & Young
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-10637) pertaining to the Employee Savings Plan of Signet Banking
Corporation and in the related Prospectus of our report dated April 28, 1994,
with respect to the financial statements and schedules of the Signet Banking
Corporation Employee Savings Plan included in this Annual Report (Form 11-K) for
the year ended December 31, 1993.
Ernst & Young
Richmond, Virginia
June 29, 1994
