After breathtaking action during 1995, bank consolidation activity quieted by comparison in the Middle Atlantic region last year.

The largest merger of the year involved Crestar Financial Corp., Richmond, Va., which solidified its franchise in the suburban Washington area by acquiring Citizens Bancorp of Maryland for $774 million. Morgan Stanley & Co. advised Crestar; Keefe, Bruyette & Woods Inc., Citizens.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.