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CRESTAR ANNOUNCES COMPLETION OF COMMON STOCK OFFERING

 CRESTAR ANNOUNCES COMPLETION OF COMMON STOCK OFFERING
 RICHMOND, Va., Oct. 22 /PRNewswire/ -- Crestar Financial Corporation


(NASDAQ: CRFC) today announced the completion of a public offering of 3.0 million shares of its common stock at a price of $29.25 per share, plus an over-allotment option of an additional 450,000 shares at the same price. The net proceeds from the sale of these shares will be used by Crestar for general corporate purposes.
 A total of 2.4 million shares of Crestar common stock were offered in the United States and 600,000 shares were offered in a concurrent international offering. The underwriting of both offerings was through a syndication of underwriters led by Morgan Stanley & Co., Lehman Brothers and Wheat First Butcher & Singer Capital Markets.
 Crestar Financial Corporation is the holding company for three banks with 292 banking offices in Virginia, Maryland and the District of Columbia. Other subsidiaries provide insurance, discount brokerage, mortgage banking and investment advisory services. At Sept. 30, 1992 Crestar had total assets of $11.8 billion and total deposits of $9.4 million.
 -0- 10/22/92
 /CONTACT: Janet S. McCabe (investor relations), 804-782-5619, or Anthony F. Mattera, corporate communications, 804-782-7844, both of Crestar Financial Corporation/
 (CRFC) CO: Crestar Financial Corporation ST: Virginia IN: FIN SU: OFR


AW-JB -- CH006 -- 3400 10/22/92 10:04 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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