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CRESTAR ANNOUNCES $125 MILLION 8 1/4 PERCENT SUBORDINATED DEBT OFFERING

CRESTAR ANNOUNCES $125 MILLION 8 1/4 PERCENT SUBORDINATED DEBT OFFERING
 RICHMOND, Va., July 21 /PRNewswire/ -- Crestar Financial Corporation (NASDAQ-NMS: CRFC) announced today the sale at par of $125 million of 8 1/4 percent subordinated notes due July 15, 2002 through Morgan Stanley & Co. Incorporated, Craigie Incorporated, Scott & Stringfellow Investment Corporation, and Wheat First Butcher & Singer Capital Markets.
 The proceeds from the sale of the notes will be used by Crestar in part to redeem its $70 million 11 5/8 percent subordinated notes due 1997. The remaining proceeds will be used for general corporate purposes including funding investment in, or extensions of credit to, the corporation's banking and other subsidiaries.
 Crestar Financial Corporation is the holding company for three banks with 290 banking offices in Virginia, Maryland and the District of Columbia. Other subsidiaries provide insurance, discount brokerage, mortgage banking and investment advisory services. At June 30, 1992, Crestar had total assets of $11.5 billion and total deposits of $9.5 billion.
 -0- 7/21/92
 /CONTACT: Anthony F. Mattera, Corporate Communications, 804-782-7844, or Eugene S. Putnam, Jr., Corporate Finance, 804-782-5089, both of Crestar Financial Corporation/
 (CRFC) CO: Crestar Financial Corporation ST: Virginia IN: FIN SU: OFR


JZ -- CH013 -- 1557 07/21/92 17:18 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
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