8-K

                                  Page 1 of  3

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 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): November 13, 1997

                           SIGNET BANKING CORPORATION

             (Exact name of registrant as specified in its charter)
  
                 Virginia                   1-6505                     54-6037910

(State or other jurisdiction of           (Commission          (IRS Employer Identification No.)
 incorporation or organization)            File Number)

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 November 13, 1997, First Union Corporation ("First Union")
announced that shareholders of Signet Banking Corporation approved the
previously announced proposed merger with First Union pursuant to the Agreement
and Plan of Mergers dated as of July 18, 1997. See Exhibit 1 for the news
release dated November 13, 1997.

ITEM 7.     Financial Statements, Pro Forma Financial Information and Exhibits.

            (c)   Exhibits.

                    1.   News release dated November 13, 1997.

                                   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: November 14, 1997            /s/ W. H. Catlett, Jr.
      -----------------            ----------------------
                                   W. H. Catlett, Jr.
                                   Executive Vice President and Controller

EX-1

                                                             Exhibit 1

Thursday
November 13, 1997

SIGNET SHAREHOLDERS APPROVE MERGER WITH FIRST UNION

CHARLOTTE - Shareholders of Signet Banking Corporation (NYSE:SBK) approved the
proposed merger with First Union Corporation (NYSE: FTU) today. The shareholders
met in Richmond, Va.

The combination of the two organizations will create a financial services
company with the leading market share in Virginia and $155 billion in assets.
The merger was first announced on July 21, 1997. Federal Reserve approval was
received Oct. 14, 1997 and approval from the Office of the Comptroller of the
Currency was received Nov. 10, 1997.

The merger is expected to be consummated on Nov. 28, 1997, subject to certain
conditions of closing. If the merger is consummated on such date, Signet
stockholders of record on that date would receive First Union's quarterly common
stock dividend of 32 cents per share payable on Dec. 15, 1997.

Signet Banking Corporation, with $11 billion in assets as of Sept. 30, 1997, is
headquartered in Richmond, Va.

First Union Corp. is a leading provider of financial services to more than 12
million retail and corporate customers throughout the East Coast and the nation.
It is the nation's sixth largest bank holding company with assets of $144
billion as of Sept. 30, 1997.