WASHINGTON -- Crestar Financial Corp. said it signed a letter of intent to acquire Annapolis Bancorp Inc., the holding company for Annapolis Federal Savings Bank, in a tax-free exchange to Annapolis shareholders valued at about $15.4 million.

The companies said each Annapolis shareholder will get $12.75 in Crestar common stock for each share of Annapolis Bancorp stock held. With 1,210,000 Annapolis shares outstanding, including stock options, Crestar will issue about 400,000 shares to Annapolis shareholders based on the current price of Crestar stock, the companies said.

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