Crestar Bank was a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becau ...

headquartered in

Richmond, Virginia (Thus do we reach the stars) , image_map = , mapsize = 250 px , map_caption = Location within Virginia , pushpin_map = Virginia#USA , pushpin_label = Richmond , pushpin_m ...

with branches in Virginia and

Maryland Maryland ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; ...

. It was the leading subsidiary of Crestar Financial Corporation. In 1998, it was acquired by

SunTrust Banks SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was h ...

. 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. 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. 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 The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets ...

during the savings and loan crisis. In 1992, the bank acquired Perpetual Savings Bank for $7.8 million after it was shut down by regulators. In 1995, the bank acquired Loyola Federal Savings and Loan of Maryland for $251 million in stock. The bank also acquired 6 branches in Maryland from

Chase Bank JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and ...

. Jan 20 1995 Jefferson Savings & Loan, Corporate offices Warrenton, VA acquired by Crestar Financial Corp, In 1996, the bank acquired

Citizens Bank of Maryland Citizens Bank of Maryland was a bank headquartered in Laurel, Maryland. In 1997, it was acquired by Crestar Bank, which was in turn acquired by SunTrust Banks (later Truist Financial) in 2000. At the time of its acquisition by Crestar, the b ...

. In 1997, the bank sold its merchant transaction processing business to Nova Corp. The bank also purchased a portfolio of student loans from

Great Western Bank (1919–97) Great Western Bank may refer to: * Great Western Bank (1919–1997), defunct bank headquartered in California * Great Western Bank (1907–2022), bank headquartered in South Dakota {{Disambiguation ...

. 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. However, analysts believed that Crestar was a likely takeover target. That came to pass on December 31, 1998, when Crestar was acquired by

. In December 2019, SunTrust merged with BB&T, forming Truist Financial.

References

{{Reflist, 1 1865 establishments in Virginia Banks established in 1865 Defunct banks of the United States