What happened to CoreStates bank?
CoreStates Financial Corp, a major Pennsylvania-based regional banking powerhouse headquartered in Philadelphia, experienced intense competitive pressures and internal strategic hurdles during the late 1990s banking consolidation wave. The institution was acquired by First Union Corporation in one of the largest banking mergers of that era. Following the completion of the multi-billion-dollar transaction, CoreStates' extensive branch network, corporate accounts, and brand identity were fully absorbed into First Union, which later became part of Wells Fargo.
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CoreStates Financial Corp traces its historical lineage back to the founding of the Philadelphia National Bank in 1803, one of the oldest and most prestigious financial institutions in the United States.