First Virginia Banks Inc.

	'96 (in $ 000s)	'95 (in $ 000s)
Assets	8,236,056	8,221,536
Net Income	116,341	111,599
Rank Last Year: 7

Description:
First Virginia Banks is a holding company that owns 17 banks that operate 355 branches, including 273 offices in Virginia, 57 in Maryland and 25 in East Tennessee. First Virginia has subsidiaries that handle mortgage banking, insurance and consumer automobile loans.

Business Resume: Contact Info -- 6400 Arlington Blvd. Falls Church, Va. 22042 703-241-4000 Main Business -- Banking Founded -- 1949 Chairperson -- Barry J. Fitzpatrick (CEO) President -- Barry J. Fitzpatrick Employees -- 4,895 D.C.-Area Employees -- 2,446

Developments:
First Virginia joined many of its banking brethren in the acquisition game last year. Last fall the company announced it had agreed to acquire Premier Bankshares Corp., the largest bank holding company in Southwest Virginia, for $160.4 million in stock. The deal, which is still subject to regulatory approval, will significantly expand the company's market share in Virginia. After the merger, the company will rank first or second in nine Virginia communities. The bank expects to complete the merger next month.

Premier, based in Bluefield, has $761 million in assets and 36 branches. The three Premier banks will merge into existing First Virginia banks, and all Premier directors will become members of the boards of the merged banks.

Once the acquisition is completed, about 35 percent of First Virginia's franchise will be in small, rural markets. Although these communities have lower median household incomes than the state as a whole, First Virginia's strategy is to develop a strong and dominant franchise in markets with few banking competitors.