
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, November 18, 1993                   TAG: 9311200261
SECTION: BUSINESS                    PAGE: B-10   EDITION: METRO 
SOURCE: MAG POFF
DATELINE:                                 LENGTH: Short

CRESTAR TO BUY MD. BANK

Crestar Financial Corp., a Richmond-based banking company with regional headquarters in Roanoke, said Wednesday it will acquire Annapolis Bancorp Inc. of Maryland in a transaction worth more than $15 million.

Annapolis Bancorp is the holding company for Annapolis Federal Savings Bank, a $332 million thrift with 10 branches in and around Maryland's capital.

The transaction, expected to be completed by the middle of next year, would bring to Crestar deposits of $288 million, loans worth $221 million and more than 36,000 new customer accounts.

The deal is subject to approval by regulators and Annapolis Bancorp shareholders.

Under the proposal, Annapolis Bankcorp shareholders will receive $12.75 in Crestar stock for each share of Annapolis Bancorp.

There are 1,210,000 shares of Annapolis outstanding, so the transaction would have a value of $15.4 million. Crestar plans to buy on the open market the estimated 400,000 shares required for the transaction.

by CNB