CRESTAR REPORTS EARNINGS, BUYS ANOTHER FAILED THRIFT

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

DATE: SATURDAY, January 11, 1992                   TAG: 9201110096
SECTION: BUSINESS                    PAGE: A-10   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short
CRESTAR REPORTS EARNINGS, BUYS ANOTHER FAILED THRIFT
Crestar Financial Corp., Richmond-based operator of Crestar Bank, on Friday reported 1991 net income of $33.8 million, down 45 percent from $61.1 million in 1990. Earnings per share fell from $1.87 to 98 cents.
The rate of development of new problems has slowed and some old problems have been resolved favorably, said Richard G. Tilghman, chairman.
Crestar's nonperforming assets reached a peak in the third quarter, declining by $67 million in the final period, Tilghman said. Nonperforming loans, those earning no income for the bank, dropped by about $63 million in the last quarter. Money the bank set aside as provision for loan losses was $209.5 million last year, up from $131.1 million in 1990.
Fourth-quarter net income was $7.3 million, up from $900,000 a year earlier. Earnings per share in the quarter were 21 cents, up from a break-even quarter a year earlier.
Crestar also said it has bought the deposits and selected branches of the former Perpetual Savings Bank. All 61 Perpetual branches were closed by federal regulators Friday.
The transaction will give Crestar $2.6 billion in deposits initially, plus about $11 million in consumer loans and 22 branch offices.
Those branches not assumed by Crestar will remain closed. Perpetual is the fifth failed thrift Crestar has acquired in the past 15 months in RTC-assisted transactions.

by Archana Subramaniam by CNB