Crestar Financial Corp. has rescinded its stock repurchase program, saying the Securities and Exchange Commission staff concluded the plan was not "systematic."

Crestar had been repurchasing stock for the past five years, and in February had authorized the repurchase of up to two million shares to be used for employee benefit programs.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.