Virginia's Crestar Wraps Up Purchase of Baltimore Thrift

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.

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