THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, April 6, 1995 TAG: 9504050185
SECTION: SUFFOLK SUN PAGE: 16 EDITION: FINAL
DATELINE: SUFFOLK LENGTH: Short : 30 lines
The Bank of Franklin has reached agreement with Crestar Bank to acquire the deposits, building and fixtures of Crestar's Holland Branch, at 6617 Holland Road.
The agreement is subject to approval by the Federal Deposit Insurance Corp. and the State Bureau of Financial Institutions.
All employees of the Holland branch have been offered employment with the Bank of Franklin. Plans are to continue substantially in their same form, with the loan and deposit services and hours of operation now in effect at the Holland Office.
The sale is part of a broader program to ensure that Crestar's distribution system, both branches and electronic banking systems, is aligned to serve customers as effectively and efficiently as possible. Based upon preliminary data, the acquisition will add about $14 million in deposits to the Bank of Franklin and increase total assets by 22 percent, to $77 million.
The acquisition, announced by Franklin's Board of Directors, is expected to be completed by late summer. Customers at the Holland Branch will be receiving letters with complete details.
For information, call W.D. Pearce: 562-5184. by CNB