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CRESTFUNDS ADD MUTUAL FUNDS DIMENSION TO CRESTAR CUSTOMER RELATIONSHIPS

 RICHMOND, Va., May 4 /PRNewswire/ -- Crestar Financial Corporation (NASDAQ-NMS: CRFC) today announced that the CrestFunds family of nine mutual funds is available through each of Crestar's 288 branches in Virginia, Washington and Maryland by special arrangement with Crestar Securities Corporation, the company's securities brokerage subsidiary. The move is part of an ongoing effort to broaden consumer investment alternatives available at Crestar, reflecting a strategic emphasis on anticipating and meeting emerging financial services needs of individuals and businesses.
 CrestFunds investors will enjoy features such as pre-authorized and telephone purchases and redemptions, check-writing on money market funds and account inquiries through the Crestar Customer Service Center. CrestFunds investors who are also Crestar Bank depositors may have CrestFunds redemptions deposited directly into a Crestar checking, savings or money market account for 24-hour access through a Crestar or MOST ATM. Additionally, CrestFunds clients who have a Crestar Key Account may elect to have their CrestFunds balances reported monthly on their Key Account statements.
 CrestFunds are distributed by Fidelity Distributors Corporation and may be purchased through Crestar Securities Corporation. Investment management of CrestFunds is provided by Capitoline Investment Services, Inc., Crestar's investment advisory subsidiary. Unlike bank deposit accounts, mutual funds, including CrestFunds, are not insured by the Federal Deposit Insurance Corporation or any other government agency, nor are they obligations of Crestar Bank or any of its affiliates.
 Customers who contact a Crestar branch seeking information about mutual funds, including CrestFunds, will be put in direct touch with a Crestar Securities Corporation representative who can discuss the various benefits of these and other non-deposit products such as corporate stocks as well as annuities, municipal bonds, U.S. government securities and other fixed income investment products.
 "Providing easy access to CrestFunds is in line with our public commitment to provide the financial services that our customers say are right for them, including investment products like CrestFunds that haven't traditionally been available through banking companies," said Charles H. Rand, executive vice president in charge of Consumer Services at Crestar.
 The CrestFunds family of mutual funds consists of nine funds including three money market funds: Cash Reserve Fund, U.S. Treasury Money Fund and Tax Free Money Fund; three bond funds; Short/Intermediate Bond Fund, Bond Fund and Virginia Municipal Bond Fund; and three equity Funds: Value Fund, Capital Appreciation Fund, and Special Equity Fund. The minimum initial purchase amount is $1,000. However, if the customer agrees to make regular automatic purchases of $50 or more per month, the minimum initial purchase is $500.
 There are currently $1.6 billion in assets in the CrestFunds being managed by Capitoline which has served as the investment advisor for the CrestFunds and their predecessor, Bayshore Funds, since 1986. CrestFunds are also used in connection with Crestar Investor's Advantage, a professional asset management service requiring a minimum investment of $50,000 -- a level far lower than the minimum typically required to receive a comparable degree of investment attention.
 Along with CrestFunds and Investor's Advantage, Crestar customers may take advantage of a variety of investment products sold by Crestar Securities Corporation which recently expanded its brokerage activities and sales force to make investment services more accessible to retail customers.
 With $12.2 billion in assets, Crestar Financial Corporation is the holding company for three banks with 288 banking offices in Virginia, Maryland and the District of Columbia. Other Crestar affiliates provide insurance, brokerage, mortgage banking and investment advisory services.
 -0- 5/4/93
 /CONTACT: Tony Mattera, Corporate Communications, Crestar, 804-782-7844/
 (CRFC)


CO: Crestar Financial Corporation ST: Virginia IN: FIN SU:

TW -- DC018 -- 4367 05/04/93 13:22 EDT
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Publication:PR Newswire
Date:May 4, 1993
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