CoreStates

Encyclopedia : C : CO : COR : CoreStates

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CoreStates Financial Corporation was a banking chain in the Philadelphia, Pennsylvania metro area. The bank was originally founded in 1803 as the Philadelphia National Bank or PNB. PNB acquired Hamilton Bank of Lancaster in the mid-1980s, at the same time renaming itself CoreStates. The bank was then acquired by First Union in 1998. First Union merged with Wachovia to form the fifth largest bank holding company. The original company's headquarter building is located at the corner of Broad and Chestnut streets in center city Philadelphia.

CoreStates / Philadelphia National Bank was a pioneer in electronic banking, forming MAC, a strategic venture in shared ATM networks in the 1970s.

 

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