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                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, February 11, 1993                   TAG: 9302110091
SECTION: BUSINESS                    PAGE: C6   EDITION: METRO 
SOURCE: MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Medium

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DOMINION HOLDS REPORT

Dominion Bankshares Corp. said Wednesday it is delaying the report of its 1992 financial results until all documents related to sale of the company to First Union Corp. are complete.

Also still pending is approval of the deal by the State Corporation Commission, Virginia's chief corporate regulator. The City Council of Washington, D.C., has approved the banks' merger, as required under its municipal ordinances; and federal regulators also have issued approvals.

James Adams, chief financial officer at Dominion, said he hopes the Virginia SCC will approve the merger by the end of this week. Target date for the acquisition is March 1.

Kenneth Schrad, spokesman for the SCC, said the staff was working Wednesday on its review. He said members of the commission can sign off on the staff recommendation without actually holding a meeting.

But Schrad said he had no estimate of how long the process will take.

Adams said Dominion Bankshares will not release its 1992 financial results until all of the documentation related to the merger is final. That should come late this week or early next week, he said.

The merger agreement specifies that Dominion must take a reserve of at least $60 million to cover the costs of acquisition. But this charge will be made only when the merger is final.

First Union contracted to set aside its own reserve of $25 million in the fourth quarter, but actually created a reserve of $36 million and still reported 1992 earnings of $485 million.

Dominion also is expected to set aside additional earnings to cover the costs related to the merger. The final figure should be about $65.7 million.

Added to a loss of $35.7 million, or 95 cents a share, for the first three quarters of last year, Dominion is expected to report a loss of about $100 million for 1992.

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