Crestar Financial Corp. said it had completed its purchase of American National Bancorp.
American National is the holding company for American National Savings Bank, a Baltimore-based thrift with $505 million of assets, $330 million of deposits, and five branches.
Under terms of the agreement, American National shareholders received 0.426 of a Crestar share or $20.25 in cash per American National share, in a tax-free exchange.
The deal was valued at $73 million.
Completion of the acquisition brought the number of Crestar branches in Maryland to 40, including 35 in the Baltimore area.
Crestar Financial is the holding company for Crestar Bank, with $23.2 billion of assets and 481 branches in Virginia, Maryland, and the District of Columbia.