-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Klee6xwQTcIEGR8Dt0jWCRahZRxKG1XFUSgviSqyPJUQYMbuOG6GGixBdg4gllu3 O9a+TvJ/vGJJveVVzjFlgw== 0000916641-96-000184.txt : 19960326 0000916641-96-000184.hdr.sgml : 19960326 ACCESSION NUMBER: 0000916641-96-000184 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960319 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960325 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIGNET BANKING CORP CENTRAL INDEX KEY: 0000009659 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 546037910 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06505 FILM NUMBER: 96537960 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 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 19, 1996 SIGNET BANKING CORPORATION (Exact name of registrant as specified in its charter) Virginia 1-6505 54-6037910 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) 7 North Eighth Street, Richmond, Virginia 23219 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 804 747-2000 Not Applicable Former name, former address and former fiscal year, if changed since last report ITEM 5. Other Events. On March 19, 1996, Signet Banking Corporation ("Signet") announced that it was the victim of fraudulent commercial loan transactions amounting to approximately $81 million. See Exhibit 1 for the News Release dated March 19, 1996. On March 20, 1996, Signet stated that, based on information provided by federal authorities, it now believes that there will be substantial recoveries from the apparently fraudulent loan transactions announced March 19, 1996. See Exhibit 2 for the News Release dated March 20, 1996. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. 1. News release dated March 19, 1996. 2. News release dated March 20, 1996. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SIGNET BANKING CORPORATION (Registrant) Date: March 22, 1996 /s/ W. H. Catlett, Jr. W. H. Catlett, Jr. Executive Vice President and Controller (Chief Accounting Officer) EX-99 2 EXHIBIT 99 EXHIBIT 1 Signet Banking Corporation PO Box 25970 Richmond VA 23250 804 771 7210 N E W S R E L E A S E Release Date March 19, 1996 Contact Teri Schrettenbrunner S I G N E T Director, Public Relations (804) 771-7210 Signet Discloses Potential Fraud RICHMOND, Va. -- Signet Banking Corporation announced today that it is the apparent victim of fraudulent commercial loan transactions amounting to $81 million. The transactions are structured as loans to finance computer equipment leases in which the purported lessee is a Fortune 100 corporation, well known to Signet. Payments under the leases were assigned to Signet. It is now believed that the documents obligating the lessee were forged. Individuals claiming to be employees of the lessee were arrested today by Federal authorities. At this time, all payments are current, but Signet is assessing the potential for loss under its $81 million exposure. Signet has sold or assigned without recourse to other financial institutions participations in similar transactions with the same parties, totaling approximately $173 million. The purported lessee is conducting its own independent investigation, and Signet is cooperating with Federal authorities in their investigation. Signet Banking Corporation is an $11 billion financial institution with headquarters in Richmond, Virginia. The company offers a wide array of financial services through its Capital Markets, Commercial and Consumer Banking businesses. Signet has offices in Virginia, Maryland and the District of Columbia, and markets several of its products nationally. Listed on New York Stock Exchange-Symbol SBK EX-99 3 EXHIBIT 99 EXHIBIT 2 Signet Banking Corporation PO Box 25970 Richmond VA 23250 804 771 7210 N E W S R E L E A S E Release Date March 20, 1996 Contact Teri Schrettenbrunner S I G N E T Director, Public Relations (804) 771-7210 Signet Expects Substantial Recoveries from Fraudulent Loans RICHMOND, Va. -- Signet Banking Corporation stated today that, based on information provided by federal authorities, it now believes that there will be substantial recoveries from the apparently fraudulent loan transactions announced yesterday. Aggressive steps are being taken by federal authorities to attach these assets for the benefit of the creditors. Signet continues to cooperate with the federal authorities in its attempt to maximize these recoveries and to assure that the individuals guilty of wrongdoing are prosecuted. Signet Banking Corporation is an $11 billion financial institution with headquarters in Richmond, Virginia. The company offers a wide array of financial services through its Capital Markets, Commercial and Consumer Banking businesses. Signet has offices in Virginia, Maryland and the District of Columbia, and markets several of its products nationally. Listed on New York Stock Exchange-Symbol SBK -----END PRIVACY-ENHANCED MESSAGE-----