Roundup: Crestar Closes Branches, Cuts Jobs in Buyout Deal

Crestar Financial Corp. said it has completed its integration of Citizens Bancorp branches.

Crestar bought $4.2 billion-asset Citizens, Laurel, Md., in December.

Citizens has $3.1 billion of deposits and 103 branches in Virginia, Washington, and Maryland. Crestar eliminated 36 Citizens branches and 400 positions as part of the consolidation.

"The combination with Citizens solidifies Crestar's position as a leading financial institution in the Greater Washington-Baltimore corridor," said Peter F. Nostrand, president of Crestar's Greater Washington region.

Crestar now has 214 branches in the Greater Washington area. The company has $22.8 billion of assets.

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