After First Union Corp. unveiled plans Monday to buy Signet Banking Corp., investors rushed to buy shares of Crestar Financial Corp., the largest independent bank left in Virginia. Its shares jumped $2.625, to $45.875.
The handful of remaining banks of significant size in the state also enjoyed a bump in their stock prices on takeover hopes. But Crestar, with $22 billion of assets, was by far the largest and got the most attention. Its gain of 6.07% in share price was also the biggest in the group.