Crestar Bank
{{Infobox company
| name = Crestar Financial Corporation
| industry = Banking
| fate = Acquired by SunTrust Banks
| foundation = {{start date and age|1865|12|08}}
| defunct = {{end date and age|1998|12|31}}
| location = Richmond, Virginia
| key_people = {{nowrap| Richard G. Tilghman, Chairman & CEO
James M. Wells III, President
James D. Barr, CFO}}
| assets = {{increase}} $24.928 billion (1997)
| equity = {{increase}} $2.059 billion (1997)
| num_employees = 8,215 (1997)
| footnotes = {{cite web | url=https://www.sec.gov/Archives/edgar/data/101880/0000916641-98-000358.txt | title=Crestar Financial Corp. 1997 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
}}
Crestar Bank was a bank headquartered in Richmond, Virginia with branches in DC, Virginia and Maryland. It was the leading subsidiary of Crestar Financial Corporation. In 1998, it was acquired by SunTrust Banks. At that time, it was the largest independent bank in Virginia.
History
The bank was originally chartered as State Planters Bank of Commerce and Trusts on December 8, 1865 in Richmond.{{cite web | url=http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=47920&parDT_END=99991231 | title=Institution History for TENTH & MAIN BRANCH (47920) | publisher=Federal Financial Institutions Examination Council}}
In 1926, State Planters Bank of Commerce and Trusts merged with State & City Bank and Trust Co. and was renamed State Planters Bank and Trust Co.{{cite news | url=https://www.styleweekly.com/richmond/the-latest-banking-merger-has-a-convoluted-family/Content?oid=1391440 | title=The latest banking merger has a convoluted family | work=[Style Weekly] | date=January 1, 1980}}
In 1969, it was renamed United Virginia Bank/State Planters. It reorganized as a holding company, United Virginia Bankshares, in 1971, which changed its name to Crestar Financial Corporation in 1987.
In 1991, the bank acquired $527 million in deposits of Heritage Savings Bank for $2.35 million after it was seized by the Resolution Trust Corporation during the savings and loan crisis.{{cite news | url=http://www.richmond.com/news/previous-bank-crisis-claimed-four-richmond-based-thrifts/article_d9e9099b-c512-5fef-9d7a-f3a8a7147c82.html | title=Previous bank crisis claimed four Richmond-based thrifts | work=Richmond Times-Dispatch | date=January 2, 2009}}{{cite news | url=https://www.americanbanker.com/news/crestar-acquires-thrift-deposits | title=Crestar acquires thrift deposits | work=American Banker | date=July 11, 1991}}{{subscription required}}
In 1992, the bank acquired Perpetual Savings Bank for $7.8 million after it was shut down by regulators.{{cite news | url=https://www.washingtonpost.com/archive/politics/1992/01/11/perpetual-savings-is-sold-to-crestar/3d7690eb-1f07-4474-a12f-2b6d565bdc69/ | title=PERPETUAL SAVINGS IS SOLD TO CRESTAR | first=Joel Glenn | last=Brenner | work=The Washington Post | date=January 11, 1992}}
In 1995, the bank acquired Loyola Federal Savings and Loan of Maryland for $251 million in stock.{{cite news | url=https://www.nytimes.com/1995/05/19/business/company-news-crestar-set-to-buy-loyola-capital-for-251-million.html | title=CRESTAR SET TO BUY LOYOLA CAPITAL FOR $251 MILLION | work=The New York Times | date=May 19, 1995}}{{cite news | url=https://www.baltimoresun.com/1995/04/29/loyola-to-be-acquired-by-crestar/ | title=Loyola to be acquired by Crestar | first=David | last=Conn | work=The Baltimore Sun | date=April 29, 1995 | access-date=2017-11-29 | archive-date=2017-12-01 | archive-url=https://web.archive.org/web/20171201032037/http://articles.baltimoresun.com/1995-04-29/business/1995119100_1_crestar-loyola-products-and-services | url-status=live }} The bank also acquired 6 branches in Maryland from Chase Bank.{{cite news | url=https://www.baltimoresun.com/1995/06/27/chase-sells-6-branches-to-crestar/ | title=Chase sells 6 branches to Crestar | first=Timothy J. | last=Mullaney | work=The Baltimore Sun | date=June 27, 1995 | access-date=2017-11-29 | archive-date=2017-12-01 | archive-url=https://web.archive.org/web/20171201031707/http://articles.baltimoresun.com/1995-06-27/business/1995178129_1_crestar-maryland-banking-chase-manhattan-corp | url-status=live }}
In Jan 20 1995, Jefferson Savings & Loan, headquartered in Warrenton, VA, was acquired by Crestar Financial Corp,{{Cite web|url=https://scholar.lib.vt.edu/VA-news/VA-Pilot/issues/1995/vp950121/01210233.htm|title=DAILY DIGEST|date=1995-01-21|website=scholar.lib.vt.edu|access-date=2018-06-21}}
In 1996, the bank acquired Citizens Bank of Maryland.{{cite news | url=https://www.bizjournals.com/washington/stories/1996/12/30/daily6.html | title=Crestar/Citizens Bank merger deal complete | work=American City Business Journals | date=December 30, 1996}}{{cite web | url=https://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=251624&parDT_END=19980630 | title=Institution History for SWEITZER LANE BRANCH (251624) | publisher=Federal Financial Institutions Examination Council}} As a result of this merger Crestal laid off as many as 600 middle managers and secretaries and close as many as 26 of Citizens' 103 Washington area branches.{{cite web|url=http://www.bizjournals.com/washington/stories/1997/02/03/daily4.html|archiveurl=https://web.archive.org/web/20080406045645/http://www.bizjournals.com/washington/stories/1997/02/03/daily4.html|title=Crestar announces layoffs as result of merger|website=Washington Business Journal|archivedate=April 6, 2008|date=February 4, 1997|accessdate=March 6, 2024}}
In 1997, the bank sold its merchant transaction processing business to Nova Corp.{{cite news | url=https://www.bizjournals.com/atlanta/stories/1997/06/02/daily18.html | title=Nova Corp. acquires Crestar transaction unit | work=American City Business Journals | date=June 4, 1997}} The bank also purchased a portfolio of student loans from Great Western Bank (1919–97).{{cite news | url=https://www.nytimes.com/1996/11/28/business/crestar-is-purchasing-student-loan-business.html | title=CRESTAR IS PURCHASING STUDENT LOAN BUSINESS | agency=Bloomberg News | work=The New York Times | date=November 28, 1996}} With First Union's takeover later that year of Signet Banking Corporation, Crestar's longtime rival in Richmond, Crestar became the largest independent bank in Virginia.{{cite news | url=https://money.cnn.com/1997/07/21/deals/signet/ | title=Virginia gets new top bank | work=CNN | date=July 21, 1997}}
However, analysts believed that Crestar was a likely takeover target. That came to pass on December 31, 1998, when Crestar was acquired by SunTrust Banks for $9.5 billion in stock; a merger that created the nation's 10th-largest bank holding company.{{cite news | url=https://www.americanbanker.com/news/in-brief-suntrust-crestar-complete-95b-merger | title=In Brief: SunTrust, Crestar Complete $9.5B Merger | work=American Banker | date=January 5, 1999}}{{subscription required}}
In December 2019, SunTrust merged with BB&T, forming Truist Financial.