RICHMOND, Va. -- Crestar Financial Corp. said it acquired the deposits of Piedmont Federal Savings Association of Manassas, Va., from the Resolution Trust Corp.
Crestar paid the thrift bailout agency $10 million, or 6.2% of Piedmont's $160.2 million of deposits. Four of Piedmont's six branches, near three Crestar offices in northern Virginia, were closed as of Friday, and the two others opened Monday as Crestar branches. One of the latter will close in about three months, and the other will be consolidated with another Crestar office in a larger facility.
The thrift had been operating under RTC conservatorship since October 1992.