WASHINGTON - Crestar Financial Corp. has reached a definitive agreement to acquire Providence Savings and Loan Association of Vienna, Va., from Miller & Smith Holding Inc. for $27 million in cash.
In a press release, Crestar said the acquisition will initially add 27,000 households to its customer base, as well as loans of $274 million, deposits of $328 million, and 12 branches. Providence S&L has assets of $421 million.
Miller and Smith Holding, a real estate investment firm based in McLean, Va., will retain certain real estate assets that are not consistent with Crestar's strategic or financial objectives, the company said.
