Crestar Financial Corp. said it will close seven branches operated by Loyola Capital Corp. after approval of the merger of the two banking companies, expected at year's end.
Six of the branches slated for closure are in Washington. One office is in Baltimore at Redwood and South Charles streets.
William A. Wycoff, executive vice president of Loyola, said yesterday that the branches to be closed overlap with Crestar branches, or have leases near expiration.
"In all cases, there is either a Crestar or Loyola branch two or three blocks from one another," Mr. Wycoff said. "You don't need two branches serving a three-block market."
Customers who use the branch at Redwood and Charles streets will be able to have their accounts serviced at a branch Crestar bought from Chase Banking Corp., two blocks north in the B&O; Building at Baltimore and Charles streets.
Mr. Wycoff said nearly all of Loyola's 200 branch employees will keep their jobs, but he noted that it is likely cuts will be made in other areas of the bank.
Loyola's remaining 24 branches will join Crestar's new Maryland region.