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First Pennsylvania Bank
First Pennsylvania Bank was a bank based in Philadelphia, Pennsylvania. Founded in 1782, it was for centuries the oldest bank in the United States until it was acquired by CoreStates Financial Corporation in 1989. In the 1970s, First Pennsylvania officials attempted to turn their firm, then a "sedate regional bank", into a major national concern. Aggressive and risky lending and investments turned the bank into Philadelphia's largest, but in 1980, led to huge losses and panicked depositors. The federal government gave the bank a $500 million bailout, the first major federal bailout of a national bank. See also *List of bank mergers in the United States This is a partial list of major banking company mergers in the United States. Table Mergers chart This 2012 chart shows some of the mergers noted above. Solid arrows point from the acquiring bank to the acquired one. The lines are labeled ... References {{Wells Fargo Banks based in Pennsylvania Defunct banks of the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philadelphia, Pennsylvania
Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Since 1854, the city has been coextensive with Philadelphia County, the most populous county in Pennsylvania and the urban core of the Delaware Valley, the nation's seventh-largest and one of world's largest metropolitan regions, with 6.245 million residents . The city's population at the 2020 census was 1,603,797, and over 56 million people live within of Philadelphia. Philadelphia was founded in 1682 by William Penn, an English Quaker. The city served as capital of the Pennsylvania Colony during the British colonial era and went on to play a historic and vital role as the central meeting place for the nation's founding fathers whose plans and actions in Philadelphia ultimately inspired the American Revolution and the nation's inde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CoreStates Financial Corporation
CoreStates Financial Corporation, previously known as Philadelphia National Bank (PNB), was an American bank holding company in the Philadelphia, Pennsylvania, metropolitan area. The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later also acquired Wachovia National Bank to become Wachovia Corporation, CoreStates Financial Corporation became a part of Wells Fargo in 2008 when Wachovia (formerly known as First Union) was acquired by that company. History Philadelphia National Bank and First Pennsylvania Bank The bank was founded in Philadelphia on September 8, 1803, as The Philadelphia Bank. George Clymer was the bank's first president. Later, the bank became known as Philadelphia National Bank, or PNB. During the early years of the United States, Philadelphia developed as the banking center of the country. The First Bank of the United States chartered in 1791, was based in the city until its charter expired i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Bank Mergers In The United States
This is a partial list of major banking company mergers in the United States. Table Mergers chart This 2012 chart shows some of the mergers noted above. Solid arrows point from the acquiring bank to the acquired one. The lines are labeled with the year of the deal and color-coded from blue (older) to red (newer). Dotted arrows point to the final merged entity. References Citations * Stephen A. Rhoades, "Bank Mergers and Industrywide Structure, 1980–1994," Washington: Board of Governors of the Federal Reanuary 1996.Staff study 169 * Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: Board of Governors of the Federal Reserve System, May 2004. Staff study 176Institute of Mergers, Acquisitions and Alliances (MANDA) M&AAn academic research institute on mergers & acquisitions, including bank mergers *Mellon Merger, ''The New York Times'', April 7, 1983 {{DEFAULTSORT:Bank Mergers In The United States, List Of Corporation-related li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Based In Pennsylvania
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
