First Virginia Banks Inc. has agreed to pay $15.5 million, or a 7 3/4% premium, for four Richmond branches and $208 million of deposits owned by Miami-based CSF Holdings Inc.

Assuming shareholder and regulatory approval, the branches will be folded into First Virginia Bank-Colonial, First Virginia's Richmond-based unit. The branches are now a part of $4.7 billion-asset Citizens Federal Bank, CSF's lead subsidiary.

The transaction is expected to close in the third quarter.

Over the last two years, CSF has been selling off its operations outside Florida, in order to focus more attention on its core business.

CSF will net $12 million on the sale, a price its chairman and president Charles B. Stuzin called "satisfactory.

"Just like the profits we attained in 1993 and 1994 from the sale of our Illinois and Ohio divisions, this 1995 gain will be utilized" to increase our market share in Florida, he said.

A spokesman for Falls Church-based First Virginia said the bank had no plans to close or consolidate the CSF branches. "There is a segment of the market that still wants to use branches," he noted. "You have to be able to cater to everyone that's out there. Citizens' branches fit in beautifully with our branch network in Richmond."

The deal will increase the assets of First Virginia Bank-Colonial to $580 million.

First Virginia Banks Inc. has total assets of $7.9 billion.

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