RICHMOND, Va. -- Crestar Financial Corp. has announced a definitive agreement to acquire Independent Bank of Manassas, Va. Independent's shareholders will receive $12.25 in cash or Crestar stock for each of their 1.02 million shares outstanding.
Independent Bank has $92 million of assets, two full-service offices, and two drive-in facilities in Prince William County, where $14.3 billion-asset Crestar said it already has the largest in market share. The transaction, which is expected to be completed by yearend, is subject to approval by regulators and Independent shareholders.
