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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): November 13, 1997
SIGNET BANKING CORPORATION
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Virginia 1-6505 54-6037910
(State or other jurisdiction of (Commission (IRS Employer Identification No.)
incorporation or organization) File Number)
7 North Eighth Street, Richmond, Virginia 23219
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 804 747-2000
------------
Not Applicable
Former name, former address and former fiscal year, if changed since last report
</TABLE>
ITEM 5. Other Events.
On November 13, 1997, First Union Corporation ("First Union")
announced that shareholders of Signet Banking Corporation approved the
previously announced proposed merger with First Union pursuant to the Agreement
and Plan of Mergers dated as of July 18, 1997. See Exhibit 1 for the news
release dated November 13, 1997.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
1. News release dated November 13, 1997.
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 thereunto duly authorized.
SIGNET BANKING CORPORATION
(Registrant)
Date: November 14, 1997 /s/ W. H. Catlett, Jr.
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W. H. Catlett, Jr.
Executive Vice President and Controller
Exhibit 1
Thursday
November 13, 1997
SIGNET SHAREHOLDERS APPROVE MERGER WITH FIRST UNION
CHARLOTTE - Shareholders of Signet Banking Corporation (NYSE:SBK) approved the
proposed merger with First Union Corporation (NYSE: FTU) today. The shareholders
met in Richmond, Va.
The combination of the two organizations will create a financial services
company with the leading market share in Virginia and $155 billion in assets.
The merger was first announced on July 21, 1997. Federal Reserve approval was
received Oct. 14, 1997 and approval from the Office of the Comptroller of the
Currency was received Nov. 10, 1997.
The merger is expected to be consummated on Nov. 28, 1997, subject to certain
conditions of closing. If the merger is consummated on such date, Signet
stockholders of record on that date would receive First Union's quarterly common
stock dividend of 32 cents per share payable on Dec. 15, 1997.
Signet Banking Corporation, with $11 billion in assets as of Sept. 30, 1997, is
headquartered in Richmond, Va.
First Union Corp. is a leading provider of financial services to more than 12
million retail and corporate customers throughout the East Coast and the nation.
It is the nation's sixth largest bank holding company with assets of $144
billion as of Sept. 30, 1997.
