First Virginia Banks Inc. reported a 4% increase in second-quarter earnings, to $28.6 million, largely due to strong commercial loan growth.
Barry J. Fitzpatrick, First Virginia's chairman, president, and chief executive, said average outstanding commercial loans increased at an annualized rate of 9% in the second quarter.
"The economy has been very strong during the first half of 1996, and loan demand in the corporation's automobile finance group has been excellent," he added.
First Virginia is based in Falls Church. It had $8.1 billion of assets on June 1, up from $7.9 billion a year earlier.