M&A Deal Summary

SunTrust Banks Acquires Crestar Financial

On December 23, 1998, SunTrust Banks acquired financial services company Crestar Financial for 9.5B USD

Acquisition Highlights
  • This is SunTrust Banks’ 2nd transaction in the Financial Services sector.
  • This is SunTrust Banks’ largest (disclosed) transaction.
  • This is SunTrust Banks’ 2nd transaction in the United States.
  • This is SunTrust Banks’ 1st transaction in Virginia.

M&A Deal Summary
Date 1998-12-23
Target Crestar Financial
Sector Financial Services
Buyer(s) SunTrust Banks
Deal Type Add-on Acquisition
Deal Value 9.5B USD
Advisor(s) Morgan Stanley (Financial)

Target

Crestar Financial

Richmond, Virginia, United States
Crestar Financial Corp., provides banking financial services.

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Buyer(S) 1

Buyer

SunTrust Banks

Atlanta, Georgia, United States
Category Company
Founded 1891
Sector Financial Services
Employees24,043
Revenue 8.9B USD (2017)
DESCRIPTION

SunTrust Banks, Inc. is a financial services company. SunTrust has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2018, SunTrust had total assets of $216 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services.

DEAL STATS #
Overall 2 of 10
Sector (Financial Services) 2 of 9
Type (Add-on Acquisition) 2 of 6
State (Virginia) 1 of 1
Country (United States) 2 of 10
Year (1998) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1986-09-03 Third National

Nashville, Tennessee, United States

Third National Corp., provides banking services,

Buy $734M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-05-14 The Robinson-Humphrey

Atlanta, Georgia, United States

The Robinson-Humphrey Co. LLC is a private client business and the municipal banking, sales and trading operations, which have been previously integrated into SSB, are not included in this transaction and their management structures remain the same.

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