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

DATE: FRIDAY, January 14, 1994                   TAG: 9401140355
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Crestar Financial Corp. on Thursday reported record income of $140.5 million, or $3.68 a share, for 1993, up from the $79.8 million, or $2.32 a share, earned in 1992.

Income for the fourth quarter totaled $38.7 million, or $1.01 a share, compared with $27.9 million, or 78 cents a share, in the 1992 quarter.

"The successful implementations of our business strategies enabled the achievement of these record results, despite lackluster economic growth in our markets throughout most of 1993," said Chairman Richard Tilghman.

He described himself as optimistic about prospects for even better results in 1994.

Net income from interest was up 9 percent for the year. The bank said this was driven primarily by lower funding costs.

Loans at the end of the year stood at $7.3 billion, up from $7.1 billion at the end of the third quarter and from $6.6 billion at the end of the prior year.

For the first time since 1989, nonperforming assets dropped below $100 million. They were reduced 28 percent or $38 million during the quarter to $96.8 million, or 1.32 percent of loans and foreclosed properties.

Crestar had total assets of $13.3 billion and total deposits of $10.2 billion at the end of last year.

First Virginia Banks

First Virginia Banks Inc., Falls Church parent of First Virginia Bank-Southwest and Southwest Operations Center Inc. in Roanoke, has reported a 19 percent increase in earnings last year.

Annual income for 1993 was $116 million, or $3.57 a share, compared with $97 million, or $3.02 a share, the prior year, the banking company said Thursday.

Fourth-quarter earnings were $28.9 million, or 89 cents a share, up 9 percent from $26.5 million, or 82 cents.

Chairman Robert Zalokar attributed the higher profitability to a 25 percent increase in automobile lending and to an improvement in the economy.

Because of the high age of cars on the road and continuing economic recovery, Zalokar said, he is optimistic about 1994 results, too.

He said the demand for home equity loans had begun to increase and deposits are on the rise, as well. Zalokar said First Virginia had 9.4 percent of Virginia's bank deposits at mid-year 1993, compared with 9.3 percent the prior year and 7.5 percent at the end of 1990.

First Virginia had total assets of $7 billion, loans of $4 billion and deposits of $6 billion at year end.