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CRESTAR TO ACQUIRE PROVIDENCE SAVINGS & LOAN

 WASHINGTON, Sept. 22 /PRNewswire/ -- Crestar Financial Corporation (NYSE: CF) announced today that it has reached a definitive agreement to acquire the $421 million-asset Providence Savings and Loan Association of Vienna, Va., from Miller and Smith Holding, Inc., a McLean, Va.-based real estate investment firm.
 The acquisition will initially add 27,000 households to Crestar's customer base, as well as loans of $274 million, deposits of $328 million and 12 branches. Under terms of the agreement, Crestar will pay $27 million in cash to Miller and Smith Holding to acquire Providence Savings. Additionally, Miller and Smith Holding will retain certain real estate assets that are not consistent with Crestar's strategic or financial objectives.
 The sale of Providence Savings reflects an ongoing program by Miller and Smith Holding to sharpen its focus on real estate development activities.
 Noting that Providence Savings is a profitable, well-capitalized institution, William C. Harris, president of Crestar's Greater Washington Region, said the transaction enhances Crestar's strong market position in the Washington area, in particular, northern Virginia.
 With $13.2 billion in assets, Crestar Financial Corporation is the holding company for three banks with 302 banking offices in Virginia, Maryland and the District of Columbia. Other Crestar affiliates provide insurance, brokerage, mortgage banking and investment advisory services.
 -0- 9/22/93
 /CONTACT: Barry Koling of Crestar, 804-782-7845/


CO: Crestar Financial Corporation; Providence Savings and Loan
 Association; Miller and Smith Holding, Inc. ST: Virginia IN: FIN SU: TNM


KD-DT -- DC039 -- 4840 09/22/93 16:04 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 22, 1993
Words:249
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