Crestar Financial Corp. said yesterday that it has reached an agreement to acquire the deposits, customer accounts and select loans of 10 Mellon Bank branches in Montgomery and Prince Georges counties.
The acquisition will initially bring to Crestar about $220 million in deposits and 17,400 customer households.
Crestar did not disclose the purchase price.
The move is the latest effort by Richmond, Va.-based Crestar to expand its Maryland operations. The $18.3 billion-asset banking company agreed Wednesday to acquire the Ryland Funding Group, the wholesale mortgage banking operation of Columbia-based Ryland Group Inc.'s mortgage subsidiary.