Suntrust to grow with purchase of Crestar
Article Abstract:
Crestar Financial Corp. will be acquired by Suntrust Banks Inc. for $9.5 billion in stock in a deal, once approved by Crestar shareholders and government regulators, that will create the country's 10th-largest bank holding company, with assets of $87.6 billion. Suntrust will gain a strong presence in the fast-growing markets of Virginia, Washington, DC and Maryland in the deal with Richmond-based Crestar. Industry analysts said the deal sends an important message to rivals, such as First Union Corp. and Nationsbank, that Suntrust is a major player in determining its market competitiveness.
Comment:
Crestar Financial Corp. will be acquired by Suntrust for $9.5 bil in stock
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Forced to compete, Japan becomes a global power
Article Abstract:
In the telecommunications race, or more specifically, the cellular phone race, the most unexpected candidate has come out on top...Japan. Their jump on the United States and Europe is so big that they will soon be ready to introduce cellular technology with capabilities in data transmission and video. Let's see if we can top that!
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Japan waits as 2 banks weigh merger. Japanese banks cutting back on US presence
- Abstracts: UBS plans to sell two of its units to Italy's Generali. BankAmerica merger is complete, creating behemoth U.S. bank
- Abstracts: Star Banc and Firstar near merger. Doubts grow over Banc One's skill with cost scalpel
- Abstracts: Salomon set to end group on arbitrage. Merrill Lynch to cut 3,400 jobs in big setback for New York City. Downfall of a peacemaker; heir apparent's departure may signal strain at Citigroup
- Abstracts: Hidden costs in on-line trading; new networks unsettle markets