Crestar completing acquisition of American


November 13, 1997

Crestar Financial Corp. will complete its acquisition of Baltimore-based American National Bancorp Inc. today and close five of American's 10 bank branches, the company said.

The Richmond, Va.-based Crestar has informed about 90 of American's 150 employees that they will no longer have jobs. A number of employees have already left.

Crestar, which announced the deal last June, is paying $73 million for American. American gives Crestar $505 million in assets, $330 million in deposits, five branches and about 20,000 customer households.

Crestar will now have 40 branches in its Maryland region, including 35 in the Baltimore area.

At the end of today, Crestar will close American's Liberty Street main office and branches in Cherry Valley, Constant Friendship, Perry Hall and Valley Mede and consolidate them with nearby Crestar offices.

On Friday, American branches at Eastpoint Mall, Fallstaff, Harundale Mall, Rolling Crossroads and Towson Town Center will open as Crestar branches.

Also on Friday, American customers can begin conducting business at any Crestar location.

Pub Date: 11/13/97

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