SunTrust Banks, Atlanta, will acquire Crestar Financial, Richmond, Va., for stock valued at about $9.5 billion. SunTrust has locations in Alabama, Florida, Georgia and Tennessee; Crestar has banks in Maryland, Virginia and Washington, Crestar will keep its name, and CEO Richard G. Tilghman will become vice chairman of SunTrust. WestWayne, Atlanta, handles SunTrust. Just Partners, Richmond, handles Crestar.
Copyright July 1998, Crain Communications Inc.