RICHMOND, Va. -- Crestar Financial Corp. announced a public offering, to be made before the end of October, of three million shares of common stock.
The company said proceeds will be used for general corporate purposes, which may include financing for acquisitions by bank subsidiaries.
The Richmond company also reported net income of $21.5 million, or 64 cents a share, for the third quarter, almost 10 times the $2.3 million, or 5 cents a share, of a year earlier.
Income for the first nine months nearly doubled, to $51.9 million from $26.5 million. Richard G. Tilghman, chairman and chief executive officer, predicted "continued improvement in earnings and credit quality as we move into 1993."