RICHMOND, Va. -- Crestar Financial Corp. said it plans to redeem all 900,000 outstanding shares of its adjustable rate cumulative preferred stock, Series B, Dec. 23.

The company said the stock, which currently has a 5.5% annual dividend rate, will be redeemed at 103% of the stated value, or $51.50 a share, plus accrued and unpaid dividends to the redemption date.

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