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SunTrust Shareholders Approve Merger With Crestar


ATLANTA – SunTrust Banks, Inc. (NYSE: STI) shareholders today approved the Company's proposed merger with Crestar Financial Corporation (NYSE: CF). L. Phillip Humann, SunTrust chairman and chief executive officer, announced that 98% of the shares voted were in favor of the merger. At a meeting earlier today in Richmond, Crestar shareholders also approved the merger. The merger will be effective December 31, 1998. After completion of the merger, Crestar will operate as a wholly owned subsidiary of SunTrust.

The merger of SunTrust and Crestar will create the tenth largest banking company in the United States, based on assets of $87 billion, and will provide a full line of consumer and commercial banking services to more than 3.3 million customers through 1,094 branches in Florida, Georgia, Tennessee, Alabama, Virginia, Maryland and the District of Columbia.

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