Crestar Acquires Thrift Deposits

RICHMOND, Va. - Crestar Financial Corp. said it has acquired the deposits of Heritage Federal Savings Bank, a failed thrift, from the Resolution Trust Corp.

The Richmond-based thrift had $527 million of deposits as of May 31. Its 13 branches are to be operated as Crestar Bank offices for a one-week transition period ending Friday, after which their businesses are to be folded into nearby bank locations.

The $11.7 billion-asset Crestar previously acquired two other government-held thrifts in Richmond, Security Federal Savings Bank and Seasons Federal Savings Bank, as part of a local-growth strategy.

"The current economic and competitive environment for banks is difficult," said Crestar's chairman and chief executive officer, Richard G. Tilghman.

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