Crestar Financial Corp. said Tuesday that it has agreed to acquire TideMark Bancorp for cash and stock worth $38 million, twice tangible book value.

The holding company for TideMark Bank for Savings in Newport News, Va., which has $232 million of deposits and nine branches, TideMark was in the process of acquiring $70 million of deposits and eight branches from a local thrift. The purchase will actually bring the Richmond, Va.-based Crestar $300 million of deposits and 17 branches.

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