-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, lD279isk61MyrsqCaaC/fw5CqYpAnKVp0ZOSQ4gOoXRBMjqKRyrcyAGtbZLLoygH xAp926zswng3NFN3qQs2tw== 0000916641-94-000051.txt : 19940705 0000916641-94-000051.hdr.sgml : 19940705 ACCESSION NUMBER: 0000916641-94-000051 CONFORMED SUBMISSION TYPE: 11-K CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIGNET BANKING CORP CENTRAL INDEX KEY: 0000009659 STANDARD INDUSTRIAL CLASSIFICATION: 6022 IRS NUMBER: 546037910 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06505 FILM NUMBER: 00000000 BUSINESS ADDRESS: STREET 1: 7 N EIGHTH ST STREET 2: PO BOX 25970 CITY: RICHMOND STATE: VA ZIP: 23260 BUSINESS PHONE: 8047472000 MAIL ADDRESS: STREET 1: 7 N EIGHTH ST STREET 2: PO BOX 25970 CITY: RICHMOND STATE: VA ZIP: 23260 FORMER COMPANY: FORMER CONFORMED NAME: BANK OF VIRGINIA CO DATE OF NAME CHANGE: 19860717 FORMER COMPANY: FORMER CONFORMED NAME: VIRGINIA COMMONWEALTH BANKSHARES INC DATE OF NAME CHANGE: 19721020 FORMER COMPANY: FORMER CONFORMED NAME: VIRGINIA COMMONWEALTH CORP DATE OF NAME CHANGE: 19701113 11-K 1 FORM 11-K THIS DOCUMENT IS A COPY OF THE FORM 11-K FILED ON JUNE 30, 1994 PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 11-K ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1993 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file number SIGNET BANKING CORPORATION EMPLOYEE SAVINGS PLAN SIGNET BANKING CORPORATION 7 North Eighth Street P.O. Box 25970 Richmond, Virginia 23260 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized. SIGNET BANKING CORPORATION EMPLOYEE SAVINGS PLAN Date: June 29, 1994 By: /s/ Robert L. Bryant Robert L. Bryant Administrative Committee Financial Statements and Supplemental Schedules Signet Banking Corporation Employee Savings Plan Years ended December 31, 1993 and 1992 with Report of Independent Auditors Signet Banking Corporation Employee Savings Plan Financial Statements and Supplemental Schedules Years ended December 31, 1993 and 1992 Contents Report of Independent Auditors .......................................... 1 Financial Statements Statements of Net Assets Available for Plan Benefits .................... 2 Statements of Changes in Net Assets Available for Plan Benefits ......... 6 Notes to Financial Statements ........................................... 7 Supplemental Schedules Investments ............................................................. 20 Transactions or Series of Transactions in Excess of 5% of the Fair Value of Plan Assets ................................. 23 Report of Independent Auditors Administrative Committee of Signet Banking Corporation Employee Savings Plan We have audited the accompanying statements of net assets available for plan benefits of Signet Banking Corporation Employee Savings Plan as of December 31, 1993 and 1992, and the related statements of changes in net assets available for plan benefits for the three years in the period ended December 31, 1993. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for each of the three years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of investments as of December 31, 1993 and transactions or series of transactions in excess of 5% of the fair value of plan assets for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 financial statements taken as a whole. /s/Ernst & Young April 28, 1994 Signet Banking Corporation Employee Savings Plan Statement of Net Assets Available for Plan Benefits December 31, 1993 Fixed Income Equity Fund Fund Assets Investments: Marketable securities: Common stocks $27,867,600 Signet Banking Corporation Common Stock Signet Trust Company Stable Value Fund 13,383,960 Signet Select Money Market Fund 13,657,190 1,642,028 27,041,150 29,509,628 Contributions receivable: Employee 73,903 96,976 Employer 29,286 28,896 Loans receivable 2,096,704 1,832,198 Accrued income receivable 71,172 65,583 Cash 114,193 112,050 29,426,408 31,645,331 Liabilities Due (from) to other funds (590,761) (699,871) Net assets available for plan benefits $30,017,169 $32,345,202 Company Money Stock Paysop Market Fund Fund Fund Total $ 27,867,600 $ 61,794,952 $ 2,404,665 64,199,617 13,383,960 $ 8,565,855 23,865,073 61,794,952 2,404,665 8,565,855 129,316,250 134,230 33,968 339,077 42,391 13,899 114,472 1,373,135 268,528 5,570,565 1,250 400 1,842 140,247 1,056,259 3,708 52,110 1,338,320 64,402,217 2,408,773 8,936,202 136,818,931 1,880,449 (589,817) $ 62,521,768 $ 2,408,773 $ 9,526,019 $136,818,931 See accompanying notes. Signet Banking Corporation Employee Savings Plan Statement of Net Assets Available for Plan Benefits December 31, 1992 Fixed Income Equity Fund Fund Assets Investments: Marketable securities: Common stocks $25,333,625 Signet Banking Corporation Common Stock Signet Trust Company Stable Value Fund $11,588,093 Signet Select Money Market Fund 13,099,457 2,646,626 Money market fund 24,687,550 27,980,251 Contributions receivable: Employee 125 Employer (1,058) (1,414) Loans receivable 2,010,456 1,699,084 Accrued income receivable 64,740 55,595 Cash 247,976 209,207 27,009,664 29,942,848 Liabilities Payable to broker Due (from) to other funds (21,402) (303,341) (21,402) (303,341) Net assets available for plan benefits $27,031,066 $30,246,189 Company Money Stock Paysop Market Fund Fund Fund Total $25,333,625 $ 36,154,440 $ 1,586,430 37,740,870 11,588,093 $ 8,423,495 24,169,578 209,848 4,427 214,275 36,364,288 1,590,857 8,423,495 99,046,441 63,702 63,827 24,161 (701) 20,988 825,499 189,974 4,725,013 474 22 120,831 81,922 100,508 639,613 37,360,046 1,590,879 8,713,276 104,616,713 209,827 209,827 203,437 121,306 413,264 121,306 209,827 $36,946,782 $ 1,590,879 $ 8,591,970 $104,406,886 See accompanying notes. Signet Banking Corporation Employee Savings Plan Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1993 Fixed Income Equity Fund Fund Additions: Contributions: Employees $ 2,189,992 $ 2,685,541 Employer 935,285 1,114,823 Rollovers 83,298 321,694 Investment income: Interest on Signet Trust Company Stable Value Fund 799,429 Dividends on Signet Banking Corporation Common Stock Interest on Signet Select Money Market Fund 390,898 56,972 Other interest and dividends 1,966 767,315 Loan interest 104,094 113,310 Gain on sale of marketable securities-net 1,807,024 4,504,962 6,866,679 Deductions: Benefits paid to participants 1,576,702 1,281,875 Unrealized appreciation (depreciation) in aggregate fair value of marketable securities (1,960,215) Transfers between funds 57,843 (1,525,576) Net additions 2,986,103 2,099,013 Net assets available for plan benefits at beginning of year 27,031,066 30,246,189 Net assets available for plan benefits at end of year $30,017,169 $32,345,202 Company Money Stock Paysop Market Fund Fund Fund Total $ 2,803,434 $ 973,358 $ 8,652,325 1,187,275 427,072 3,664,455 260,869 103,127 768,988 799,429 1,334,592 $ 55,758 1,390,350 249,714 697,584 17,465 1,216 618 788,580 115,840 35,941 369,185 759,712 19,871 2,586,607 6,479,187 76,845 1,789,830 19,717,503 2,216,625 93,685 572,165 5,741,052 19,561,075 834,734 18,435,594 1,751,349 (283,616) 25,574,986 817,894 934,049 32,412,045 36,946,782 1,590,879 8,591,970 104,406,886 $62,521,768 $2,408,773 $9,526,019 $136,818,931 See accompanying notes. Signet Banking Corporation Employee Savings Plan Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1992 Fixed Income Equity Fund Fund Additions: Contributions: Employees $ 1,969,655 $ 2,232,277 Employer 841,901 933,737 Rollovers 124,221 111,351 Investment income: Interest on Signet Trust Company Stable Value Fund 762,278 Dividends on Signet Banking Corporation Common Stock Interest on Signet Investment Money Market Fund 249,853 62,092 Interest on Signet Select Money Market Fund 179,207 35,292 Other interest and dividends 1,445 657,706 Loan interest 121,285 123,974 Gain on sale of marketable securities-net 2,131,818 4,249,845 6,288,247 Deductions: Benefits paid to participants 3,186,292 1,886,708 Other 3,186,292 1,886,708 Unrealized appreciation (depreciation) in aggregate fair value of marketable securities (1,767,886) Transfers between funds 696,418 1,246,891 Net additions 1,759,971 3,880,544 Net assets available for plan benefits at beginning of year 25,271,095 26,365,645 Net assets available for plan benefits at end of year $27,031,066 $30,246,189 Company Money Stock Paysop Market Fund Fund Fund Total $ 1,576,604 $ 950,931 $ 6,729,467 683,303 413,393 2,872,334 107,021 51,368 393,961 762,278 735,960 $ 32,820 768,780 158,762 470,707 122,933 337,432 8,406 136 491 668,184 75,456 41,539 362,254 1,376,969 22,077 3,530,864 4,563,719 55,033 1,739,417 16,896,261 2,014,175 109,846 1,708,712 8,905,733 475 475 2,014,175 110,321 1,708,712 8,906,208 16,754,975 780,376 15,767,465 (2,835,958) 892,649 16,468,561 725,088 923,354 23,757,518 20,478,221 865,791 7,668,616 80,649,368 $36,946,782 $1,590,879 $8,591,970 $104,406,886 See accompanying notes. Signet Banking Corporation Employee Savings Plan Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1991 Fixed Income Equity Fund Fund Additions: Contributions: Employees $ 1,965,057 $ 1,668,811 Employer 837,784 715,205 Rollovers 52,088 32,258 Investment income: Interest on Signet Trust Company Stable Value Fund 810,067 Dividends on Signet Banking Corporation Common Stock Interest on Signet Investment Money Market Fund 688,179 81,365 Other interest and dividends 9,809 509,664 Loan interest 138,790 118,521 4,501,774 3,125,824 Deductions: Benefits paid to participants 2,330,868 1,596,730 Loss on sale of marketable securities-net 176,415 2,330,868 1,773,145 Unrealized appreciation in aggregate fair value of marketable securities 5,832,649 Transfers between funds (155,899) 377,980 Net additions 2,015,007 7,563,308 Net assets available for plan benefits at beginning of year 23,256,088 18,802,337 Net assets available for plan benefits at end of year $25,271,095 $26,365,645 Company Money Stock Paysop Market Fund Fund Fund Total $ 1,339,953 $1,013,338 $ 5,987,159 594,637 427,154 2,574,780 10,036 14,011 108,393 810,067 786,835 $ 37,420 824,255 406,819 1,176,363 13,495 1,017 1,507 535,492 61,229 52,652 371,192 2,806,185 38,437 1,915,481 12,387,701 796,828 54,912 951,542 5,730,880 90,231 7,653 274,299 887,059 62,565 951,542 6,005,179 10,639,144 482,329 16,954,122 (249,406) 27,325 12,308,864 458,201 991,264 23,336,644 8,169,357 407,590 6,677,352 57,312,724 $20,478,221 $865,791 $7,668,616 $80,649,368 See accompanying notes. Signet Banking Corporation Employee Savings Plan Notes to Financial Statements December 31, 1993 Note A--Significant Accounting Policies The accounting records are maintained on the accrual basis. Investments are stated at aggregate fair value. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the plan year; securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last reported bid price. For certain investments that do not have an established fair value, fair values have been estimated based on yields currently available on comparable securities of issuers with similar credit ratings. The gain or loss on sale of marketable securities is the difference between the proceeds received and the average cost of marketable securities sold. Certain 1992 and 1991 amounts have been reclassified to conform to the 1993 presentation. Note B--Description of the Plan The Signet Banking Corporation Employee Savings Plan (the Plan) is a defined contribution plan covering substantially all employees of Signet Banking Corporation and subsidiaries (the "Corporation") and provides for pension, disability, death and termination benefits. At December 31, 1993 and 1992 there were approximately 4,424 and 3,967 participants, respectively, in the Plan. All administrative costs of the Plan are absorbed by the Corporation. Signet Trust Company is the trustee of Plan assets. The following are some of the more significant provisions of the Plan: Contributions - Participants may contribute to the Plan 1% to 15% of their compensation. Such contributions may be before-tax dollars, or a combination of before and after tax dollars. For every before-tax dollar saved up to 6% of the participant's compensation, the Corporation will match contributions 50 cents on the dollar. A participant's account attributable to the matching contribution will become 100% vested after a participant completes two years of service. In accordance with the Tax Reform Act of 1986, the amount a participant could defer on a before-tax basis during 1993 and 1992 was limited to $8,994 and $8,728, respectively. Signet Banking Corporation Employee Savings Plan Notes to Financial Statements (continued) Note B--Description of the Plan (continued) Investment - Participants may elect to have their contributions invested in the Plan's Fixed Income Fund, Equity Fund, the Company Stock Fund or the Money Market Fund. The underlying assets of these funds and the Paysop Fund consists of the following: Fixed Income Fund - Monies held by this fund are invested to maximize current income through such investments as governmental or corporate obligations, or participations therein, and any other evidence of indebtedness or ownership on a fixed income basis. Equity Fund - Monies held by this fund are invested to provide a total return consisting of income and capital appreciation. Monies are invested in a wide range of common stocks or other equity securities. Company Stock Fund - Monies held by this fund are invested by the Trustee in shares of the Corporation's Common Stock. The Trustee shall also be permitted to invest in short-term temporary investments, including pooled funds which bear interest at market rates. Paysop Fund - Monies held by this fund are invested in shares of the Corporation's Common Stock. The PAYSOP provision of the Plan has been repealed in accordance with the Tax Reform Act of 1986. Money Market Fund - Monies held by this fund are invested in Signet Select Money Market Fund, a short-term money market fund which bears interest at market rates. Withdrawal - Paysop contributions may not be withdrawn prior to a participant's termination of employment. Employer matching contributions may be withdrawn by participants beginning two years after contribution. The Plan provides for certain exceptions to the withdrawal policy for hardship circumstances. Participants may withdraw their after-tax savings twice a year in any month. Signet Banking Corporation Employee Savings Plan Notes to Financial Statements (continued) Note B--Description of the Plan (continued) Loans - Participants may elect to borrow against the value of their individual accounts for various purposes and maturities, with interest rates based on the Corporation's prime lending rate. Funds are disbursed and repayments credited based on each individual's account mix and investment options. In the event of default or termination, any unpaid loan balance is satisfied before account disbursement. Plan loans are limited to the lesser of $50,000 or one-half of the total vested amount in the participant's account excluding Paysop contributions (by participant). The extended repayment period available for plan loans is in accordance with the Tax Reform Act of 1986. The Corporation has the right under the Plan to discontinue contributions at any time and terminate the Plan. In the event of termination of the Plan, the assets of the Plan will be revalued, and the participant's account balances will be distributed to the participants of the Plan. Signet Banking Corporation Employee Savings Plan Notes to Financial Statements (continued) Note C--Investments The Plan's investments are held in a trust fund administered by Signet Trust Company. During 1993 and 1992, the Plan's investments (including investments bought and sold as well as held during the year) appreciated in fair value by $21,022,201 and $19,298,329, respectively, as follows: Net Appreciation in Fair Value Fair Value at During Year End of Year Year Ended December 31, 1993 Fair Value as determined by quoted market value: Common stocks $21,022,201 $ 92,067,217 Fair Value estimated by the Administrative Committee: Common trust fund 13,383,960 Signet Select Money Market Fund 23,865,073 37,249,033 $21,022,201 $129,316,250 Year Ended December 31, 1992 Fair Value as determined by quoted market value: Common stocks $19,298,329 $ 63,074,495 Fair Value estimated by the Administrative Committee: Common trust fund 11,588,093 Signet Select Money Market Fund 24,169,578 Money market fund 214,275 35,971,946 $19,298,329 $ 99,046,441 Signet Banking Corporation Employee Savings Plan Notes to Financial Statements (continued) Note C--Investments (continued) The fair value of individual investments that represent 5% or more of the Plan's net assets are as follows: December 31 1993 1992 Signet Trust Company Stable Value Fund $13,383,960 $11,588,093 Signet Banking Corporation Common Stock 64,199,617 37,740,870 Signet Select Money Market Fund 23,865,073 24,169,578 The net realized gain (loss) on disposition of investments was computed as follows: Amount Net Realized Realized Cost Gain (Loss) Year Ended December 31, 1993 Other Investments: Equity Fund $18,238,140 $16,431,116 $1,807,024 Signet Banking Corporation Common Stock: Company Stock Fund 1,276,527 516,815 759,712 Paysop Fund 36,369 16,498 19,871 $19,551,036 $16,964,429 $2,586,607 Year Ended December 31, 1992 Other Investments: Equity Fund $12,250,250 $10,118,432 $2,131,818 Signet Banking Corporation Common Stock: Company Stock Fund 3,759,324 2,382,356 1,376,968 Paysop Fund 76,753 54,675 22,078 $16,086,327 $12,555,463 $3,530,864 Year Ended December 31, 1991 Other Investments: Equity Fund $11,744,661 $11,921,077 $ (176,416) Signet Banking Corporation Common Stock: Company Stock Fund 374,825 465,055 (90,230) Paysop Fund 9,110 16,763 (7,653) $12,128,596 $12,402,895 $ (274,299) Signet Banking Corporation Employee Savings Plan Notes to Financial Statements (continued) Note C--Investments (continued) The basis used to calculate realized gains on investments differs from the revalued cost basis required by the Department of Labor in the filing of the Plan's tax return under Form 5500. The realized gain amount under the revalued cost basis is the difference between the market value at the date of the distribution and the current value at the beginning of the plan year. Plan investments are valued at approximate market value. The net unrealized appreciation (depreciation) of investments included in the plan equity is as follows: Balance at Change Balance at Beginning for the End of of Year Year Year Year Ended December 31, 1993 Equity Fund $ 6,128,399 $(1,960,215) $ 4,168,184 Company Stock Fund 19,014,152 19,561,075 38,575,227 Paysop Fund 697,759 834,734 1,532,493 $25,840,310 $18,435,594 $44,275,904 Year Ended December 31, 1992 Equity Fund $ 7,896,285 $(1,767,886) $ 6,128,399 Company Stock Fund 2,259,177 16,754,975 19,014,152 Paysop Fund (82,617) 780,376 697,759 $10,072,845 $15,767,465 $25,840,310 Year Ended December 31, 1991 Equity Fund $ 2,063,636 $ 5,832,649 $ 7,896,285 Company Stock Fund (8,379,967) 10,639,144 2,259,177 Paysop Fund (564,946) 482,329 (82,617) $(6,881,277) $16,954,122 $10,072,845 Signet Banking Corporation Employee Savings Plan Notes to Financial Statements (continued) Note D--Participant Data For valuation purposes, the Plan allocates the fair value of investments, contributions receivable, cash and accrued income receivable, net of amounts payable to broker, to participants' accounts. The approximate number of participants in each fund was as follows: December 31 1993 1992 Fixed Income Fund 2,638 2,522 Equity Fund 2,514 2,322 Company Stock Fund 2,868 2,096 Paysop Fund 2,496 2,620 Money Market Fund 1,375 1,311 The total number of participants in the Plan was less than the sum of the number of participants shown above because many were participating in more than one fund. Note E--Reconciliation to Form 5500 Amounts allocated to accounts of participants who have elected to withdraw from the Plan but have not yet been paid were $800,596 and $865,801 at December 31, 1993 and 1992, respectively. The reconciliation of the benefits information for Form 5500 and generally accepted accounting principles (GAAP) reporting purposes is as follows: Benefits paid Benefits Payable for the Year Ended as of December 31, 1993 December 31, 1993 As reported on Form 5500 $ 5,675,847 $ 800,596 Benefits accrual at December 31, 1993 (800,596) (800,596) Benefits accrual at December 31, 1992 865,801 - GAAP basis $ 5,741,052 $ - Signet Banking Corporation Employee Savings Plan Notes to Financial Statements (continued) Note F--Income Tax Status The Plan qualifies under Section 401(a) of the Internal Revenue Code (IRC) and is, therefore, not subject to tax under IRC Section 501(a). Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Administrative Committee is not aware of any course of action or events that have occurred that might adversely affect the Plan's qualified status. Note G--Parties-In-Interest Transactions During 1993 and 1992 the Plan earned $2,887,363 and $2,339,197, respectively, on investments with Signet Bank/Virginia, Signet Trust Company and Signet Banking Corporation, employer companies. The amount invested with Signet Trust Company was $37,249,033 at December 31, 1993 and $35,757,671 at December 31, 1992. The Plan owned 1,847,471 shares of Signet Banking Corporation Common Stock with a fair value of $64,199,617 at December 31, 1993 and 838,686 shares with a fair value of $37,740,870 at December 31, 1992. In the normal course of events Signet Trust Company, the Trustee, will receive contributions and disburse funds on behalf of the participants of the Plan. Supplemental Schedules Signet Banking Corporation Employee Savings Plan Investments December 31, 1993 Number of Shares or Principal Fair Amount Cost Value Fixed Income Fund Common Trust Fund Signet Trust Company Stable Value Fund 13,383,960 $13,383,960 $13,383,960 Money Market Fund Signet Select Money Market Fund, 2.72% $13,657,190 13,657,190 13,657,190 Total Fixed Income Fund 27,041,150 27,041,150 Equity Fund Common Stocks Abbott Laboratories 19,500 77,988 577,688 Allegheny Power Systems, Inc. 20,000 457,050 530,000 Allied Signal Inc. 7,600 549,708 600,400 American Home Products Corp. 10,000 755,800 647,500 Amgen Inc. 10,250 451,000 507,375 Atlantic Richfield Company 3,000 343,329 315,750 Bausch & Lomb 11,700 547,911 599,625 CSX Corporation 6,000 417,576 491,250 Chevron Corporation 5,000 216,361 435,625 Chrysler Corporation 8,000 343,640 426,000 Circuit City Stores Inc. 20,000 234,193 435,000 Corestates Financial Corp. 17,000 498,942 444,125 Crestar Financial Corp. 14,500 538,312 607,187 Crown Cork & Seal Inc. 14,200 502,609 594,625 Dean Witter Discover & Co. 10,000 424,550 346,250 Dresser Industries Inc. 20,000 451,600 415,000 Eastman Kodak Company 8,200 500,856 461,250 Ethyl Corporation 27,500 518,445 481,250 Exxon Corporation 9,500 593,323 599,688 Federal National Mortgage Association 12,500 686,341 981,250 First Colony Corp. 18,699 534,997 474,487 Ford Motor Company 8,000 502,640 516,000 Signet Banking Corporation Employee Savings Plan Investments--Continued Number of Shares or Principal Fair Amount Cost Value Equity Fund Common Stocks (continued) GTE Corporation 15,000 $ 301,477 $ 525,000 General Electric Company 9,500 393,698 996,312 Home Depot, Inc. (The) 13,000 155,869 513,500 Intel Corporation 7,000 421,750 434,000 Kansas City Southern Industries 9,000 414,720 463,500 Kimberly-Clark Corporation 13,500 767,875 700,313 McCormick & Company (non-voting) 18,000 483,858 443,250 Mobil Corporation 10,000 459,385 791,250 Nicor 18,000 550,440 504,000 Norfolk Southern Corporation 7,000 314,310 493,500 Pepsico Inc. 30,000 1,036,785 1,226,250 Philip Morris Companies, Inc. 9,000 502,920 500,625 Pitney Bowes Inc. 15,000 629,803 620,625 Schering-Plough Corporation 8,500 92,222 582,250 Sears, Roebuck & Company 15,000 684,319 793,125 Southern Company 11,000 500,005 485,375 Southtrust Corporation 29,250 593,375 555,750 Southwestern Bell Corp. 14,200 524,165 589,300 Sprint Corporation 13,750 502,975 477,813 Texaco Inc. 7,000 428,560 453,250 Texas Instruments Inc. 8,500 568,217 539,750 3-Com Corporation 12,000 352,520 564,000 Toll Brothers Inc. 41,000 611,239 702,125 Toys R Us 14,500 543,097 592,687 Wendy's International, Inc. 36,200 536,846 628,975 Willamette Industries Inc. 11,500 554,875 569,250 York International Corp. 18,000 626,940 634,500 23,699,416 27,867,600 Money Market Fund Signet Select Money Market Fund, 2.72% $ 1,642,028 1,642,028 1,642,028 Total Equity Fund 25,341,444 29,509,628 Signet Banking Corporation Employee Savings Plan Investments--Continued Number of Shares or Principal Fair Amount Cost Value Company Stock Fund Common Stock Signet Banking Corporation 1,778,272 $23,219,725 $ 61,794,952 Paysop Fund Common Stock Signet Banking Corporation 69,199 872,172 2,404,665 Money Market Fund Signet Select Money Market Fund, 2.72% $8,565,855 8,565,855 8,565,855 Total Investments $85,040,346 $129,316,250 Signet Banking Corporation Employee Savings Plan Transactions or Series of Transactions in Excess of 5% of the Fair Value of Plan Assets Year ended December 31, 1993 Total Total Number of Number Shares or of Principal Purchases Amount Purchased Common Stocks Signet Banking Corporation 15 179,004 Money Market Funds Signet Select Money Market Fund 277 $22,746,296 Nations Money Market Fund 115 9,455,880 Total Number Total Total of Shares or Dollar Number of Principal Total Dollar Value of Sales or Amount Sold Value of Sales Purchases Maturities or Matured or Maturities Gain $ 6,806,078 7 18,552 890,269 $ 539,281 22,746,296 123 $23,050,801 23,050,801 9,455,880 39 9,670,155 9,670,155 EX-23 2 CONSENT OF ERNST & YOUNG Consent of Ernst & Young We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-10637) pertaining to the Employee Savings Plan of Signet Banking Corporation and in the related Prospectus of our report dated April 28, 1994, with respect to the financial statements and schedules of the Signet Banking Corporation Employee Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1993. Ernst & Young Richmond, Virginia June 29, 1994 -----END PRIVACY-ENHANCED MESSAGE-----