Crestar Bank

Crestar Financial Corp.
Industry Banking
Fate Acquired by Suntrust Banks
Founded December 8, 1865 (1865-12-08)
Defunct December 31, 1998 (1998-12-31)
Headquarters Richmond, Virginia
Key people
 Richard G. Tilghman, Chairman & CEO
James M. Wells III, President
James D. Barr, CFO
Total assets Increase $24.928 billion (1997)
Total equity Increase $2.059 billion (1997)
Number of employees
 8,215 (1997)
Footnotes / references
[1]

Crestar Bank was a bank headquartered in Richmond, Virginia with branches in Virginia and in Maryland. In 1998, it was acquired by Suntrust Banks. At that time, it was the largest independent bank in Virginia.

History

The bank was originally chartered as State Planters Bank Of Commerce And Trusts on December 8, 1865 in Richmond.[2]

In 1969, it was renamed United Virginia Bank/State Planters.[2]

In 1971, it was renamed United Virginia Bankshares, Inc.[2]

In 1987, it was renamed Crestar Financial Corporation.[2]

In 1991, the bank acquired $527 million in deposits of Heritage Savings Bank for $2.35 million after it was seized by the Resolution Trust Corporation during the savings and loan crisis.[3][4]

In 1992, the bank acquired Perpetual Savings Bank for $7.8 million after it was shut down by regulators.[5]

In 1995, the bank acquired Loyola Federal Savings and Loan of Maryland for $251 million in stock.[6][7] The bank also acquired 6 branches in Maryland from Chase Bank.[8]

Jan 20 1995 Jefferson Savings & Loan, Corporate offices Warrenton, VA acquired by Crestor Financial Corp,[9]

In 1996, the bank acquired Citizens Bank of Maryland.[10][11]

In 1997, the bank sold its merchant transaction processing business to Nova Corp.[12] The bank also purchased a portfolio of student loans from Great Western Bank (1919–97).[13] The bank also became the largest independent bank in Virginia.[14]

On December 31, 1998, the bank was acquired by SunTrust Banks.[15]

References

  1. ↑ "Crestar Financial Corp. 1997 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 4 "Institution History for TENTH & MAIN BRANCH (47920)". Federal Financial Institutions Examination Council.
  3. ↑ "Previous bank crisis claimed four Richmond-based thrifts". Richmond Times-Dispatch. January 2, 2009.
  4. ↑ "Crestar acquires thrift deposits". American Banker. July 11, 1991. (subscription required)
  5. ↑ Brenner, Joel Glenn (January 11, 1992). "PERPETUAL SAVINGS IS SOLD TO CRESTAR". The Washington Post.
  6. ↑ "CRESTAR SET TO BUY LOYOLA CAPITAL FOR $251 MILLION". New York Times. May 19, 1995.
  7. ↑ Conn, David (April 29, 1995). "Loyola to be acquired by Crestar". The Baltimore Sun.
  8. ↑ Mullaney, Timothy J. (June 27, 1995). "Chase sells 6 branches to Crestar". The Baltimore Sun.
  9. ↑ "DAILY DIGEST". scholar.lib.vt.edu. 1995-01-21. Retrieved 2018-06-21.
  10. ↑ "Crestar/Citizens Bank merger deal complete". American City Business Journals. December 30, 1996.
  11. ↑ "Institution History for SWEITZER LANE BRANCH (251624)". Federal Financial Institutions Examination Council.
  12. ↑ "Nova Corp. acquires Crestar transaction unit". American City Business Journals. June 4, 1997.
  13. ↑ "CRESTAR IS PURCHASING STUDENT LOAN BUSINESS". The New York Times. Bloomberg News. November 28, 1996.
  14. ↑ "Virginia gets new top bank". CNN Money. July 21, 1997.
  15. ↑ "In Brief: SunTrust, Crestar Complete $9.5B Merger". American Banker. January 5, 1999. (subscription required)
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