211:
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.
162:
546:
239:. 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.
988:
964:
976:
214:
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
226:
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
210:
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
378:
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
361:. 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
215:
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
294:
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
387:
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.
267:, 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
202:
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
206:, 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
1029:
1024:
457:
1014:
180:
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
27:
1044:
1039:
873:
494:
923:
756:
384:
883:
1034:
726:
334:
949:
913:
858:
268:
323:
merger, at $ 17 billion, was then the largest bank merger that had ever taken place in the United States. First Union later bought
466:
1019:
868:
863:
686:
192:
878:
177:
452:
311:
In the rash of regional bank takeovers that occurred near the end of the twentieth century, CoreStates was then acquired by
786:
817:
656:
908:
903:
898:
853:
405:
161:
832:
751:
736:
574:
716:
487:
354:
342:
316:
283:
188:, which was created by several prominent Philadelphia businessmen after Girard's death and named in his honor.)
987:
721:
362:
196:
176:
During the early years of the United States, Philadelphia developed as the banking center of the country. The
771:
766:
731:
312:
203:
137:
64:
980:
944:
848:
791:
711:
661:
514:
367:
300:
781:
761:
746:
706:
701:
681:
651:
296:
287:
236:
207:
353:
The company's original headquarters building is located at the corner of Broad and
Chestnut Streets in
275:
that would subsequently be known as the "CoreStates Center" associated with the bank holding company.
184:
to house his banking operation, known as The Bank of
Stephen Girard. (This is not to be confused with
968:
620:
480:
429:
141:
37:
173:
was the bank's first president. Later, the bank became known as
Philadelphia National Bank, or PNB.
801:
776:
216:
928:
554:
103:
26:
893:
676:
299:, that had in the 1970s made G. Morris Dorrance Jr., scion of the Campbell clan and prominent
291:
272:
827:
372:
358:
122:
136:
The bank was renamed in the mid-1980s after a series of mergers. After being acquired by
545:
888:
671:
562:
181:
255:
of
Trenton, New Jersey. Corestates Financial Corporation evolved out of the merger of
1008:
666:
568:
535:
330:
232:
170:
169:
The bank was founded in Philadelphia on September 8, 1803, as The Philadelphia Bank.
148:
in 2008 when Wachovia (formerly known as First Union) was acquired by that company.
691:
251:
of central Pennsylvania in 1982; later, in the mid-1980s, it would take control of
130:
126:
93:
992:
918:
741:
530:
503:
338:
185:
145:
82:
74:
199:, the nation's first chief banker and scion of the city's most iconic family.
822:
263:
would focus on lending to the many corporations, including chemical giant
796:
220:
78:
264:
228:
375:, shifted the center of that district west at its opening in 1976.
380:
160:
278:
In the fall of 1995, CoreStates acquired another regional rival,
119:
476:
327:
in 2001 and the combined company took the Wachovia brand name.
472:
430:"Bank of North America | Encyclopedia of Greater Philadelphia"
227:
of its subsidiary, Philadelphia International Bank (PIB), in
140:, which later also acquired Wachovia National Bank to become
195:, which was directed for most of the period 1816 to 1836 by
406:"History of CoreStates Financial Corp – FundingUniverse"
282:, at $ 3.2 billion their largest acquisition to date.
157:
Philadelphia National Bank and First Pennsylvania Bank
144:, CoreStates Financial Corporation became a part of
937:
841:
810:
644:
613:
553:
523:
99:
89:
70:
59:
51:
43:
33:
488:
165:Payroll Envelope Advertising PNB MAC ATM Card
8:
19:
462:article on CoreStates Financial Corporation
495:
481:
473:
18:
1030:American companies disestablished in 1998
453:History of the Philadelphia National Bank
191:Five years later, Congress chartered the
397:
1025:American companies established in 1803
365:twin office towers, with their iconic
259:with Hamilton. Meanwhile, Corestates
7:
975:
924:Wells Fargo Tower (Colorado Springs)
884:Wells Fargo Center (Salt Lake City)
303:, socialite, PNB's board chairman.
271:being built next to Philadelphia's
1015:Defunct banks of the United States
727:First National Bank (Philadelphia)
14:
950:Wells Fargo cross-selling scandal
914:Wells Fargo Center (Philadelphia)
874:Wells Fargo Center (Portland, OR)
859:Wells Fargo Center (Jacksonville)
687:Bowles Hollowell Conner & Co.
357:Philadelphia and is now known as
47:1803 (As "The Philadelphia Bank")
986:
974:
963:
962:
869:Wells Fargo Center (Minneapolis)
864:Wells Fargo Center (Los Angeles)
544:
193:Second Bank of the United States
112:CoreStates Financial Corporation
25:
20:CoreStates Financial Corporation
879:Wells Fargo Center (Sacramento)
178:First Bank of the United States
919:Wells Fargo Tower (Birmingham)
634:Wells Fargo Insurance Services
333:, suffering losses during the
1:
1045:1998 mergers and acquisitions
657:ABD Insurance & Financial
335:financial crisis of 2007–2008
16:American bank holding company
1040:Banks disestablished in 1998
889:Wells Fargo Center (Seattle)
818:Allspring Global Investments
434:philadelphiaencyclopedia.org
385:5th Street/Independence Hall
247:PNB's first merger involved
909:Wells Fargo Plaza (Phoenix)
904:Wells Fargo Plaza (Houston)
899:Wells Fargo Plaza (El Paso)
854:Wells Fargo Center (Denver)
1061:
833:Tillie the All-Time Teller
752:Garden State National Bank
307:Acquisition by First Union
292:Strawbridge & Clothier
235:, through its practice of
116:Philadelphia National Bank
1035:Banks established in 1803
958:
717:First Commerce Bancshares
631:Wells Fargo Home Mortgage
542:
510:
343:San Francisco, California
317:Charlotte, North Carolina
284:George W. Strawbridge Jr.
24:
767:Halsey, Stuart & Co.
722:First Interstate Bancorp
253:New Jersey National Bank
1020:History of Philadelphia
772:National Bank of Alaska
732:First Pennsylvania Bank
410:www.fundinguniverse.com
313:First Union Corporation
204:First Pennsylvania Bank
138:First Union Corporation
118:(PNB), was an American
65:First Union Corporation
945:History of Wells Fargo
849:One Wells Fargo Center
662:Atlantic National Bank
637:Wells Fargo Securities
325:Wachovia National Bank
321:CoreStates-First Union
301:Gladwyne, Pennsylvania
290:director, heir to the
243:Creation of CoreStates
166:
114:, previously known as
782:Prudential Securities
762:Golden West Financial
757:Georgia Railroad Bank
747:Florida National Bank
707:Evergreen Investments
702:Crocker National Bank
682:Bank of North America
652:Abbot-Downing Company
645:Historical components
628:Wells Fargo Financial
349:Headquarters building
297:Campbell Soup Company
288:Campbell Soup Company
237:Correspondent banking
208:Bank of North America
164:
133:, metropolitan area.
697:CoreStates Financial
621:Wells Fargo Advisors
606:Suzanne M. Vautrinot
142:Wachovia Corporation
38:Bank holding company
802:Wachovia Securities
458:November 19, 1997,
341:, headquartered in
217:Money Access Center
21:
929:Duke Energy Center
585:Theodore F. Craver
555:Board of directors
337:, was acquired by
167:
104:Financial services
1002:
1001:
894:Wells Fargo Place
811:Former components
677:Bank of Baltimore
603:Ronald L. Sargent
221:Money Access Card
109:
108:
1052:
990:
978:
977:
966:
965:
625:Wells Fargo Bank
597:Richard B. Payne
582:Celeste A. Clark
548:
497:
490:
483:
474:
444:
443:
441:
440:
426:
420:
419:
417:
416:
402:
280:Meridian Bancorp
261:Bank of Delaware
29:
22:
1060:
1059:
1055:
1054:
1053:
1051:
1050:
1049:
1005:
1004:
1003:
998:
954:
933:
837:
828:Pamlico Capital
806:
672:Bache & Co.
640:
609:
600:Juan A. Pujadas
594:Maria R. Morris
591:Donald M. James
588:Wayne M. Hewett
549:
540:
519:
506:
501:
471:
448:
447:
438:
436:
428:
427:
423:
414:
412:
404:
403:
399:
394:
373:Claes Oldenburg
359:One South Broad
351:
319:, in 1998. The
309:
245:
197:Nicholas Biddle
159:
154:
123:holding company
17:
12:
11:
5:
1058:
1056:
1048:
1047:
1042:
1037:
1032:
1027:
1022:
1017:
1007:
1006:
1000:
999:
997:
996:
984:
972:
959:
956:
955:
953:
952:
947:
941:
939:
935:
934:
932:
931:
926:
921:
916:
911:
906:
901:
896:
891:
886:
881:
876:
871:
866:
861:
856:
851:
845:
843:
839:
838:
836:
835:
830:
825:
820:
814:
812:
808:
807:
805:
804:
799:
794:
789:
787:Southeast Bank
784:
779:
774:
769:
764:
759:
754:
749:
744:
739:
737:First Security
734:
729:
724:
719:
714:
712:Fidelity Trust
709:
704:
699:
694:
689:
684:
679:
674:
669:
664:
659:
654:
648:
646:
642:
641:
639:
638:
635:
632:
629:
626:
623:
617:
615:
611:
610:
608:
607:
604:
601:
598:
595:
592:
589:
586:
583:
580:
579:Mark A. Chancy
577:
572:
566:
563:Charles Scharf
559:
557:
551:
550:
543:
541:
539:
538:
533:
527:
525:
521:
520:
518:
517:
511:
508:
507:
502:
500:
499:
492:
485:
477:
470:
469:
464:
460:New York Times
455:
449:
446:
445:
421:
396:
395:
393:
390:
350:
347:
308:
305:
244:
241:
182:Stephen Girard
158:
155:
153:
150:
107:
106:
101:
97:
96:
91:
87:
86:
72:
68:
67:
61:
57:
56:
53:
49:
48:
45:
41:
40:
35:
31:
30:
15:
13:
10:
9:
6:
4:
3:
2:
1057:
1046:
1043:
1041:
1038:
1036:
1033:
1031:
1028:
1026:
1023:
1021:
1018:
1016:
1013:
1012:
1010:
995:
994:
989:
985:
983:
982:
973:
971:
970:
961:
960:
957:
951:
948:
946:
943:
942:
940:
936:
930:
927:
925:
922:
920:
917:
915:
912:
910:
907:
905:
902:
900:
897:
895:
892:
890:
887:
885:
882:
880:
877:
875:
872:
870:
867:
865:
862:
860:
857:
855:
852:
850:
847:
846:
844:
840:
834:
831:
829:
826:
824:
821:
819:
816:
815:
813:
809:
803:
800:
798:
795:
793:
790:
788:
785:
783:
780:
778:
775:
773:
770:
768:
765:
763:
760:
758:
755:
753:
750:
748:
745:
743:
740:
738:
735:
733:
730:
728:
725:
723:
720:
718:
715:
713:
710:
708:
705:
703:
700:
698:
695:
693:
690:
688:
685:
683:
680:
678:
675:
673:
670:
668:
667:A. G. Edwards
665:
663:
660:
658:
655:
653:
650:
649:
647:
643:
636:
633:
630:
627:
624:
622:
619:
618:
616:
612:
605:
602:
599:
596:
593:
590:
587:
584:
581:
578:
576:
573:
570:
569:Charles Noski
567:
564:
561:
560:
558:
556:
552:
547:
537:
536:William Fargo
534:
532:
529:
528:
526:
522:
516:
513:
512:
509:
505:
498:
493:
491:
486:
484:
479:
478:
475:
468:
465:
463:
461:
456:
454:
451:
450:
435:
431:
425:
422:
411:
407:
401:
398:
391:
389:
386:
382:
376:
374:
371:sculpture by
370:
369:
364:
363:Centre Square
360:
356:
348:
346:
344:
340:
336:
332:
331:Wachovia Bank
328:
326:
322:
318:
314:
306:
304:
302:
298:
293:
289:
285:
281:
276:
274:
270:
266:
262:
258:
254:
250:
249:Hamilton Bank
242:
240:
238:
234:
233:New York City
230:
224:
222:
218:
212:
209:
205:
200:
198:
194:
189:
187:
183:
179:
174:
172:
171:George Clymer
163:
156:
151:
149:
147:
143:
139:
134:
132:
128:
124:
121:
117:
113:
105:
102:
98:
95:
92:
88:
84:
80:
76:
73:
69:
66:
62:
58:
54:
50:
46:
42:
39:
36:
32:
28:
23:
991:
979:
967:
696:
692:Century Bank
575:Steven Black
467:history site
459:
437:. Retrieved
433:
424:
413:. Retrieved
409:
400:
377:
366:
352:
329:
324:
320:
310:
279:
277:
260:
256:
252:
248:
246:
225:
213:
201:
190:
175:
168:
135:
131:Pennsylvania
127:Philadelphia
115:
111:
110:
94:Philadelphia
90:Headquarters
63:Acquired by
993:Wikiversity
742:First Union
531:Henry Wells
504:Wells Fargo
355:Center City
339:Wells Fargo
186:Girard Bank
146:Wells Fargo
83:First Union
75:Wells Fargo
1009:Categories
792:SouthTrust
571:(chairman)
439:2018-05-23
415:2018-05-23
392:References
368:Clothespin
77:(formerly
842:Buildings
823:H.D. Vest
614:Divisions
71:Successor
969:Category
797:Wachovia
524:Founders
273:Spectrum
100:Products
79:Wachovia
34:Industry
981:Commons
938:History
777:Norwest
515:History
152:History
125:in the
52:Defunct
44:Founded
265:DuPont
229:London
565:(CEO)
381:SEPTA
269:arena
286:, a
231:and
120:bank
60:Fate
55:1998
383:'s
315:of
257:PNB
219:or
1011::
432:.
408:.
345:.
223:.
129:,
496:e
489:t
482:v
442:.
418:.
85:)
81:/
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
