The return on equity for Bank of Virginia Co. was incorrectly reported in Washington Business Monday. According to corrected information supplied by the bank, it should have been 18.26 percent.


1 Commercial Place Norfolk, Va. 23510 ASSETS: $9.7 billion PROFITS: $92.6 million EARNINGS PER SHARE: $3.45 DIVIDEND: $1.20 DEPOSITS: $7.2 billion STOCKHOLDERS' EQUITY: $555.4 million RETURN ON EQUITY: 17.3 percent EXCHANGE: OTC EMPLOYES: 8,326 TOP EXECUTIVES: C. A. Cutchins III, chairman; C. Coleman McGehee, president. FOUNDED: 1971

DESCRIPTION: Sovran, the largest bank-holding company in the region, is the offspring of the 1983 combination of Virginia National Bankshares Inc. and First & Merchants Corp. The parent company has affiliates that engage in mortgage banking, second mortgages, leasing, consumer finance, credit insurance and futures.

DEVELOPMENTS: In the last three months, Sovran completed the acquisition of Suburban Bancorp of Bethesda and D.C. National Bancorp, making it the first holding company in the region to take full advantage of interstate banking laws passed by the District, Virginia and Maryland during the last year. The mergers bring the bank-holding company's assets to more than $13 billion.

Sovran will spend 1986 and much of next year consolidating its operations and marketing its expanding services in an effort to win a greater share of the lucrative metropolitan market. In 1984, the holding company saved $6 million by streamlining its operations.

The company continued to show strong growth, with profits increasing 14.9 percent in 1985. In 1984, they grew 22.5 percent.

Although competition is squeezing profit margins in the industry, Sovran expects to maintain growth by continuing its strategy of aggressive acquisition and marketing. #3. MARYLAND NATIONAL CORP.

10 Light St. Baltimore, Md. 21202 ASSETS: $7.8 billion PROFITS: $73 million EARNINGS PER SHARE: $3.86 DIVIDEND: 95 cents DEPOSITS: $5.2 billion STOCKHOLDERS' EQUITY: $464.7 million RETURN ON EQUITY: 17.4 percent EXCHANGE: OTC EMPLOYES: 5,619 TOP EXECUTIVES: Alan P. Hoblitzell Jr., chairman, president and chief executive officer; Harry F. Wright Jr., executive vice president and chief financial officer. FOUNDED: 1933

DESCRIPTION: Maryland National Corp. is a bank-holding company whose major asset is Maryland National Bank, the biggest banking institution in Maryland. Maryland Bank, N.A., based in Delaware, is its credit-card issuing bank. Maryland National is the fifth-biggest bank-card issuer in the nation. Maryland Affiliates Corp., its other major subsidiary, controls a number of companies, including a consumer finance firm, an asset-based lending subsidiary, a leasing company and a mortgage company.

DEVELOPMENTS: While many of the biggest banks in Maryland, Virginia and the District were merging with one another -- the result of legislation in each of the three jursidictions permitting regional bank consolidations -- Maryland National so far has not joined the crowd. But the bank company is expected to find a good-sized merger partner within the next six to nine months, and surely before July 1, 1987, when big money-center banks will be permitted to enter the Maryland market.

Company officials have said that they would like to merge with a bank company of equal dominance in its market. Because Maryland National considers itself the dominant bank in the Washington-Baltimore corridor, a bank executive concedes a merger is likely to occur with a Virginia institution. Maryland National has more branches in Montgomery and Prince George's counties than any other institution. The company's financial posture improved sharply last year. It now is among the top banks in its peer group in terms of return on assets and return on equity. #2. UNITED VIRGINIA BANKSHARES INC.

919 E. Main St. Richmond, Va. 23261 ASSETS: $8.1 billion PROFITS: $67.6 million EARNINGS PER SHARE: $5.20 DIVIDEND: $1.64 DEPOSITS: $6 billion STOCKHOLDERS' EQUITY: $504 million RETURN ON EQUITY: 16.7 percent EXCHANGE: OTC EMPLOYES: 5,900 TOP EXECUTIVE: Richard G. Tilghman, president and chief executive officer. FOUNDED: 1963

DESCRIPTION: United Virginia Bankshares is the second-largest bank-holding company in Virginia. It has 189 branches in Virginia and 16 in the District. Mortgage loans and investment advisory services are offered through two of the bank-holding company's subsidiaries, United Virginia Mortgage Corp. and Capitoline Investment Services Inc.

DEVELOPMENTS: Despite narrowing interest spreads, United Virginia Bankshares reported an 18 percent jump in net earnings for the fiscal year ended Dec. 31. The holding company moved aggressively into interstate banking last year with the acquisition in December of NS&T Bankshares of Washington and the announcement of the pending acquisition before midyear of Bethesda Bancorp, parent of the Bank of Bethesda, which has 13 branches in Montgomery County. The two acquisitions will give United Bankshares a total of 218 branches and 116 automated teller machines.

The bank reported that noninterest operating income increased 24 percent in 1985 to more than $107 million. Most of this revenue was generated by service charges on loans, fees for trust management and investment advisory income.

Responding to opportunities resulting from bank deregulation, the holding company last year began offering automobile, homeowners and life insurance and introduced UVB Premier VISA Card to 20,000 preferred customers. The new credit card already has become an important source of revenue for the bank, with customer balances exceeding $42 million.

In February, UVB's board of directors authorized a 2-for-1 split of the holding company's stock in the form of a dividend, effective May 23 subject to stockholder approval. #4. BANK OF VIRGINIA CO.

7 North Eighth St. Richmond, Va. 23219 ASSETS: $7.7 billion PROFITS: $71.1 million EARNINGS PER SHARE: $3.05 DIVIDEND: $1.09 DEPOSITS: $5.4 billion STOCKHOLDERS' EQUITY: $417.1 million RETURN ON EQUITY: 1.1 percent EXCHANGE: NYSE EMPLOYES: 5,444 TOP EXECUTIVES: Frederick Deane Jr., chairman and chief executive; J. Stevenson Peck, president. FOUNDED: 1962

DESCRIPTION: Bank of Virginia is the fourth-largest bank-holding company in Virginia, but will climb to third place at the end of 1986 when a pending acquisition is completed.

DEVELOPMENTS: The company completed its acquisition of Union Trust Bancorp of Baltimore, which added $2.8 billion in assets, 80 branches and 60 automatic teller machines to Bank of Virginia's operations.

It also agreed to buy Security National Corp. of Washington, D.C. The merger, which is expected to get regulatory approval by midsummer, will give Bank of Virginia an additional $300 million in assets, seven branches and 17 teller machines.

In April, the holding company decided to change its name to Signet, a name free of geographic reference. The company will change the name of the banks it has acquired to Signet and begin an aggressive marketing campaign in the Washington area later this year. #5. FIRST AMERICAN BANKSHARES INC.

15th and H streets NW Washington, D.C. 20005 ASSETS: $5.7 billion PROFITS: $30.4 million EARNINGS PER SHARE: NA DIVIDEND: None DEPOSITS: $4.8 billion STOCKHOLDERS' EQUITY: $341.4 million RETURN ON EQUITY: 9.8 percent EXCHANGE: NA EMPLOYES: 4,246 TOP EXECUTIVES: Clark M. Clifford, chairman; Robert G. Stevens, president and chief executive officer. FOUNDED: 1925

DESCRIPTION: First American Bankshares is a multistate bank-holding company that operates banks in Washington, Maryland, Virginia, New York and Tennessee.

DEVELOPMENTS: Last year, First American moved ahead of Riggs National Corp. as the biggest bank-holding company based in the District, although First American's assets are parceled out among a number of banks while Riggs' are concentrated in the flagship bank. It has enjoyed continued profitability and its banks have relatively problem-free loan portfolios.

Long the only banking institution with banks in all three area jurisdictions -- the result of grandfathering provisions written into the 30-year-old law restricting interstate banking -- First American soon will face a number of three-state competitors as a result of new regional bank merger compacts. Last year First American finished centralizing its data processing in Reston, which will allow all three area First American Banks to offer identical services. Executives say that will allow coordinated advertising campaigns for all sorts of accounts, a feat First American's new tri-state competitors will find difficult to match until they consolidate their data processing.