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Company for
Insurance on Lives and Granting Annuities had transitioned to banking in the 1870s, and it bought the old bank in 1929, and shortly thereafter renamed itself the Pennsylvania Company for Banking and Trust. It was led in the twentieth century by an increasingly ambitious and risk-taking board of directors. Another merger with First National Bank in 1955 brought another name change, prepending "First," and the First National branch at 315 Chestnut Street was maintained until the Wells Fargo period. Serendipitously, 315 Chestnut is next door to the original location of the Bank of North America at 305 Chestnut.
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250:. PNB was particularly aggressive in the then-developing Middle East oil-rich states. The real estate bust of the late 1970s, accompanied by high interest rates and rates of foreclosure, did not hurt PNB to the extent it did its more highly exposed crosstown rival, First Pennsylvania, which never completely recovered from the temporary collapse of the real estate investment trust (REIT) industry and was eventually purchased by PNB in 1990.
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PNB, on the other hand, maintained a reputation for financial caution and civic responsibility. On occasion, the bank made headlines for quiet innovations, such as when during the late 1960s it led all the nation's banks in ending the practice of "redlining" poorer neighborhoods so that personal and
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By the dawn of the new age of banking in the late 1970s and 1980s, when lending grew highly competitive and banks began vying for power and influence by buying each other, PNB was well positioned to compete. It maintained offices in all of the major financial capitals of the world with headquarters
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was chartered in 1781 by the
Continental Congress as America's first bank. It went through a number of charter changes and minor upheavals until merging with the Commercial Trust Company to form 1923's Bank of North America and Trust Company. That didn't survive long; by the 1870s, Pennsylvania
389:
In 1973, the bank opened a second Center City office complex on
Independence Mall at Fifth and Market Streets that became headquarters for its operations divisions. In keeping with the company's civic commitment to the City of Philadelphia, the bank simultaneously redesigned and rebuilt
372:. It has long been known for the oversized bell on its uppermost floor that once tolled noon over the city's financial district, once centered at the foot of its building but now moved farther west among the office buildings lining West Market Street. First Pennsylvania Bank's
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small business loans could be extended to residents of poorer city districts, or when, during the middle 1970s, the bank helped universalize ATM banking by building one of the nation's first and largest network of banking machines, known by their acronym, "MAC", for
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department store fortune, and major shareholder in
Meridian Bancorp, became director and largest individual shareholder in the Corestates Corporation, continuing an ongoing marriage between the bank and one of the region's most iconic companies, the
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subway station on the Market-Frankford/Blue Line at the intersection's northeast corner, a station whose design subsequently won international awards for its striking combination of colors, textures, and materials.
278:, headquartered in the low-tax First State just south of the Pennsylvania border. After it acquired First Pennsylvania Bank in 1990, CoreStates/PNB spent $ 20 million to win naming rights for 20 years for the new
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The
Philadelphia National Bank was neither the oldest nor the most aggressive of the big banks headquartered in the nation's birthplace for most of the city's history. That distinction went to the
217:, the "Pennsylvania Company for Insurance on Lives and Granting Annuities." While founded as an insurance company in 1809 (chartered 1812), it traces back to an even earlier banking dynasty. The
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chartered in 1791, was based in the city until its charter expired in 1811, at which point its building was purchased by the preeminent
American banker
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merger, at $ 17 billion, was then the largest bank merger that had ever taken place in the United States. First Union later bought
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In the rash of regional bank takeovers that occurred near the end of the twentieth century, CoreStates was then acquired by
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199:, which was created by several prominent Philadelphia businessmen after Girard's death and named in his honor.)
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During the early years of the United States, Philadelphia developed as the banking center of the country. The
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The company's original headquarters building is located at the corner of Broad and
Chestnut Streets in
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that would subsequently be known as the "CoreStates Center" associated with the bank holding company.
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to house his banking operation, known as The Bank of
Stephen Girard. (This is not to be confused with
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was the bank's first president. Later, the bank became known as
Philadelphia National Bank, or PNB.
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The bank was renamed in the mid-1980s after a series of mergers. After being acquired by
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of
Trenton, New Jersey. Corestates Financial Corporation evolved out of the merger of
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The bank was founded in Philadelphia on September 8, 1803, as The Philadelphia Bank.
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in 2008 when Wachovia (formerly known as First Union) was acquired by that company.
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of central Pennsylvania in 1982; later, in the mid-1980s, it would take control of
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would focus on lending to the many corporations, including chemical giant
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In the fall of 1995, CoreStates acquired another regional rival,
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in 2001 and the combined company took the Wachovia brand name.
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441:"Bank of North America | Encyclopedia of Greater Philadelphia"
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of its subsidiary, Philadelphia International Bank (PIB), in
151:, which later also acquired Wachovia National Bank to become
206:, which was directed for most of the period 1816 to 1836 by
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417:"History of CoreStates Financial Corp – FundingUniverse"
293:, at $ 3.2 billion their largest acquisition to date.
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Philadelphia National Bank and First Pennsylvania Bank
155:, CoreStates Financial Corporation became a part of
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176:Payroll Envelope Advertising PNB MAC ATM Card
473:article on CoreStates Financial Corporation
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1041:American companies disestablished in 1998
464:History of the Philadelphia National Bank
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202:Five years later, Congress chartered the
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1036:American companies established in 1803
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376:twin office towers, with their iconic
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270:with Hamilton. Meanwhile, Corestates
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935:Wells Fargo Tower (Colorado Springs)
895:Wells Fargo Center (Salt Lake City)
314:, socialite, PNB's board chairman.
282:being built next to Philadelphia's
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1026:Defunct banks of the United States
738:First National Bank (Philadelphia)
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961:Wells Fargo cross-selling scandal
925:Wells Fargo Center (Philadelphia)
885:Wells Fargo Center (Portland, OR)
870:Wells Fargo Center (Jacksonville)
698:Bowles Hollowell Conner & Co.
368:Philadelphia and is now known as
58:1803 (As "The Philadelphia Bank")
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880:Wells Fargo Center (Minneapolis)
875:Wells Fargo Center (Los Angeles)
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204:Second Bank of the United States
123:CoreStates Financial Corporation
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31:CoreStates Financial Corporation
890:Wells Fargo Center (Sacramento)
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189:First Bank of the United States
930:Wells Fargo Tower (Birmingham)
645:Wells Fargo Insurance Services
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344:, suffering losses during the
13:
1:
1056:1998 mergers and acquisitions
668:ABD Insurance & Financial
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346:financial crisis of 2007–2008
27:American bank holding company
1051:Banks disestablished in 1998
900:Wells Fargo Center (Seattle)
829:Allspring Global Investments
445:philadelphiaencyclopedia.org
396:5th Street/Independence Hall
258:PNB's first merger involved
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920:Wells Fargo Plaza (Phoenix)
915:Wells Fargo Plaza (Houston)
910:Wells Fargo Plaza (El Paso)
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844:Tillie the All-Time Teller
763:Garden State National Bank
318:Acquisition by First Union
303:Strawbridge & Clothier
246:, through its practice of
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127:Philadelphia National Bank
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728:First Commerce Bancshares
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642:Wells Fargo Home Mortgage
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778:Halsey, Stuart & Co.
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264:New Jersey National Bank
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783:National Bank of Alaska
743:First Pennsylvania Bank
421:www.fundinguniverse.com
324:First Union Corporation
215:First Pennsylvania Bank
149:First Union Corporation
129:(PNB), was an American
76:First Union Corporation
956:History of Wells Fargo
860:One Wells Fargo Center
673:Atlantic National Bank
648:Wells Fargo Securities
336:Wachovia National Bank
332:CoreStates-First Union
312:Gladwyne, Pennsylvania
301:director, heir to the
254:Creation of CoreStates
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125:, previously known as
793:Prudential Securities
773:Golden West Financial
768:Georgia Railroad Bank
758:Florida National Bank
718:Evergreen Investments
713:Crocker National Bank
693:Bank of North America
663:Abbot-Downing Company
656:Historical components
639:Wells Fargo Financial
360:Headquarters building
308:Campbell Soup Company
299:Campbell Soup Company
248:Correspondent banking
219:Bank of North America
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144:, metropolitan area.
708:CoreStates Financial
632:Wells Fargo Advisors
617:Suzanne M. Vautrinot
153:Wachovia Corporation
49:Bank holding company
18:CoreStates Financial
813:Wachovia Securities
469:November 19, 1997,
352:, headquartered in
228:Money Access Center
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940:Duke Energy Center
596:Theodore F. Craver
566:Board of directors
348:, was acquired by
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115:Financial services
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905:Wells Fargo Place
822:Former components
688:Bank of Baltimore
614:Ronald L. Sargent
232:Money Access Card
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16:(Redirected from
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105:Philadelphia
101:Headquarters
74:Acquired by
1004:Wikiversity
753:First Union
542:Henry Wells
515:Wells Fargo
366:Center City
350:Wells Fargo
197:Girard Bank
157:Wells Fargo
94:First Union
86:Wells Fargo
1020:Categories
803:SouthTrust
582:(chairman)
450:2018-05-23
426:2018-05-23
403:References
379:Clothespin
88:(formerly
853:Buildings
834:H.D. Vest
625:Divisions
82:Successor
980:Category
808:Wachovia
535:Founders
284:Spectrum
111:Products
90:Wachovia
45:Industry
992:Commons
949:History
788:Norwest
526:History
163:History
136:in the
63:Defunct
55:Founded
276:DuPont
240:London
576:(CEO)
392:SEPTA
280:arena
297:, a
242:and
131:bank
71:Fate
66:1998
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326:of
268:PNB
230:or
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