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    Washington Post.com: Post 200 -- Top 35 Financial Institutions

    Central Fidelity Banks Inc.
    list rank
    From the April 28, 1997, Washington Post


    '96 (in $ 000s) '95 (in $ 000s)
    Assets 10,500,000 10,800,000
    Net Income 112,702 105,370
    Rank Last Year: 6

    Description:
    Central Fidelity Banks Inc. is a holding company with a single bank, Central Fidelity Bank of Richmond, which has 50 branches in Northern Virginia and 245 offices in the state. Subsidiaries provide financial services, including mutual funds and annuities, mortgage banking, insurance and investment management.

    Business Resume:
    • Contact Info --
      1021 E. Cary St.
      Richmond, Va. 23219
      804-782-4000
    • Main Business --
      Banking
    • Founded --
      1911
    • Chairperson --
      Lewis N. Miller Jr. (CEO)
    • Employees --
      3,700
    • D.C.-Area Employees --
      435
    Developments:
    Central Fidelity's profit continued to improve, with the bank-holding company reporting a 7 percent increase in earnings, to $112.7 million, from $105.4 million the previous year. Net interest income for the year rose 10 percent, to $382.4 million, from $347.3 million.

    For the coming year the company's chairman, Lewis N. Miller Jr., said the bank will focus on increasing its noninterest income sources, such as fees associated with retail consumer investment services. For 1996 the company reported 7.8 percent growth in noninterest income, to $85.9 million, from $79.7 million for the previous year.

    Like many banks, Central has been moving away from more standard branches to alternative sites, such as retail stores. By mid-March, Central had opened 28 branches in Farm Fresh stores and another seven in Wal-Mart stores. The branches are heavily concentrated in eastern Virginia, including the Tidewater and Hampton Roads area. The bank plans to continue opening in-store branches throughout the year.

    Copyright 1997 The Washington Post

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