Crestar Financial Corp. said it closed its purchase of Citizens Bancorp, Laurel, Md., on Dec. 30.
An agreement announced in September specified an exchange of 0.835 share of Crestar common stock for each Citizens share outstanding. The purchase was accounted for as a pooling of interests.
Richard G. Tilghman, Crestar's chairman and chief executive, said the acquisition's closing came 90 days earlier than expected.
Citizens will operate under its existing name as a wholly owned subsidiary of Crestar Financial until consolidation of operations in March. Crestar said it expects to record pretax nonrecurring charges in the range of $50 million to $55 million for expenses related to the merger's completion.