Crestar Bankwas abankheadquartered inRichmond, Virginiawithbranchesin Virginia andMaryland.It was the leading subsidiary ofCrestar Financial Corporation.In 1998, it was acquired bySunTrust Banks.At that time, it was the largest independent bank in Virginia.
| Industry | Banking |
|---|---|
| Founded | December 8, 1865 |
| Defunct | December 31, 1998 |
| Fate | Acquired bySunTrust Banks |
| Headquarters | Richmond, Virginia |
Key people | Richard G. Tilghman,Chairman&CEO James M. Wells III,President James D. Barr,CFO |
| Total assets |  $24.928 billion (1997) |
| Total equity | $2.059 billion (1997) |
Number of employees | 8,215 (1997) |
| Footnotes / references [1] | |
History
editThe bank was originally chartered as State Planters Bank of Commerce and Trusts on December 8, 1865 in Richmond.[2]
In 1926, State Planters Bank of Commerce and Trusts merged with State & City Bank and Trust Co. and was renamed State Planters Bank and Trust Co.[3]
In 1969, it was renamed United Virginia Bank/State Planters. It reorganized as a holding company, United Virginia Bankshares, in 1971, which changed its name to Crestar Financial Corporation in 1987.[2]
In 1991, the bank acquired $527 million in deposits of Heritage Savings Bank for $2.35 million after it was seized by theResolution Trust Corporationduring thesavings and loan crisis.[4][5]
In 1992, the bank acquired Perpetual Savings Bank for $7.8 million after it was shut down by regulators.[6]
In 1995, the bank acquired Loyola Federal Savings and Loan of Maryland for $251 million in stock.[7][8]The bank also acquired 6 branches in Maryland fromChase Bank.[9]
Jan 20 1995 Jefferson Savings & Loan, Corporate offices Warrenton, VA acquired by Crestar Financial Corp,[10]
In 1996, the bank acquiredCitizens Bank of Maryland.[11][12]As a result of this merger Crestal laid off as many as 600 middle managers and secretaries and close as many as 26 of Citizens' 103 Washington area branches.[13]
In 1997, the bank sold its merchant transaction processing business to Nova Corp.[14]The bank also purchased a portfolio of student loans fromGreat Western Bank (1919–97).[15]WithFirst Union's takeover later that year of Signet Banking Corporation, Crestar's longtime rival in Richmond, Crestar became the largest independent bank in Virginia.[16]
However, analysts believed that Crestar was a likely takeover target.[16]That came to pass on December 31, 1998, when Crestar was acquired bySunTrust Banksfor $9.5 billion in stock; a merger that created the nation's 10th-largest bank holding company.[17]
In December 2019, SunTrust merged withBB&T,formingTruist Financial.
References
edit- ^"Crestar Financial Corp. 1997 Form 10-K Annual Report".U.S. Securities and Exchange Commission.
- ^ab"Institution History for TENTH & MAIN BRANCH (47920)".Federal Financial Institutions Examination Council.
- ^"The latest banking merger has a convoluted family".[Style Weekly].January 1, 1980.
- ^"Previous bank crisis claimed four Richmond-based thrifts".Richmond Times-Dispatch.January 2, 2009.
- ^"Crestar acquires thrift deposits".American Banker.July 11, 1991.(subscription required)
- ^Brenner, Joel Glenn (January 11, 1992)."PERPETUAL SAVINGS IS SOLD TO CRESTAR".The Washington Post.
- ^"CRESTAR SET TO BUY LOYOLA CAPITAL FOR $251 MILLION".The New York Times.May 19, 1995.
- ^Conn, David (April 29, 1995)."Loyola to be acquired by Crestar".The Baltimore Sun.Archivedfrom the original on 2017-12-01.Retrieved2017-11-29.
- ^Mullaney, Timothy J. (June 27, 1995)."Chase sells 6 branches to Crestar".The Baltimore Sun.Archivedfrom the original on 2017-12-01.Retrieved2017-11-29.
- ^"DAILY DIGEST".scholar.lib.vt.edu.1995-01-21.Retrieved2018-06-21.
- ^"Crestar/Citizens Bank merger deal complete".American City Business Journals.December 30, 1996.
- ^"Institution History for SWEITZER LANE BRANCH (251624)".Federal Financial Institutions Examination Council.
- ^"Crestar announces layoffs as result of merger".Washington Business Journal.February 4, 1997. Archived fromthe originalon April 6, 2008.RetrievedMarch 6,2024.
- ^"Nova Corp. acquires Crestar transaction unit".American City Business Journals.June 4, 1997.
- ^"CRESTAR IS PURCHASING STUDENT LOAN BUSINESS".The New York Times.Bloomberg News.November 28, 1996.
- ^ab"Virginia gets new top bank".CNN.July 21, 1997.
- ^"In Brief: SunTrust, Crestar Complete $9.5B Merger".American Banker.January 5, 1999.(subscription required)