August 30, 2011
An interview published Monday with Live Arts Festival/Philly Fringe artistic director Nick Stuccio wrongly implied that there once had been a connection between PNC Bank and CoreStates. The Inquirer wants its news report to be fair and correct in every respect, and regrets when it is not. If you have a question or comment about news coverage, contact assistant managing editor David Sullivan (215-854-2357) at The Inquirer, Box 8263, Philadelphia 19101, or e-mail email@example.com .
August 21, 2011 |
G. Morris Dorrance Jr., 88, of Villanova, retired chairman of CoreStates Financial Corp. and a civic activist, died of a stroke Thursday, Aug. 11, at Bryn Mawr Hospital. In 1983, Mr. Dorrance became chairman of CoreStates, which was created that year when PNB Corp. and Hamilton Bank of Lancaster merged. Three years later, he received the Silver Award from the Wall Street Transcript, an investment newspaper, for his "definitive long-term strategic plan executed meticulously and decisively.
July 28, 2010 |
Halfway into a 29-year, $40 million naming-rights deal, the South Philly arena that's home to the NBA Sixers , NHL Flyers , and a lot of high-priced pop-music shows is getting its fourth new name. The 21,000-seat auditorium, formerly named after the vanished CoreStates, First Union , and Wachovia banks, is now the Wells Fargo Center , president Peter Luukko of owner Comcast-Spectacor said Tuesday. What had been Wachovia is under new owners and yet another new logo, sign, and color scheme.
December 27, 2006 |
WACHOVIA Bank has abandoned two potential new commercial hubs in North Philadelphia. The areas support dozens of corner stores, clothiers and lunch counters. While they aren't Northern Liberties or Passyunk Avenue, they do well keeping neighbors supplied with day-to-day needs. But Wachovia has just up and walked out, closing two branches after promising this was just what they wouldn't do. One of the areas they're leaving is the Fairhill business district at Germantown Avenue and Lehigh.
August 24, 2004 |
A jury said the former CoreStates Bank had behaved outrageously in seizing $1.7 million of someone else's money. Penalty: $337.5 million. The trial judge said that figure was too high. A $40.5 million penalty would do. The state Superior Court said that was still too high. It scratched the $40.5 million and ordered a new trial. And now, the state Supreme Court has trumped all those decisions. In a unanimous decision last week, the high court nullified a new trial and ruled that CoreStates, a predecessor to Wachovia, did nothing wrong in the first place.
June 16, 2004 |
Wachovia, Philadelphia's largest bank, has agreed to pay $2.05 million to settle an unusual U.S. Bankruptcy Court claim in which its predecessor, CoreStates, was accused of indirectly participating in a $5 million investment fraud. The settlement is expected to enable about 75 investors who were bilked in 1998 by fraud artist David Burry to recover about 20 cents on every dollar they lost. "I think it's a very good settlement," said Maurice R. Mitts, a lawyer who filed the claim seeking to hold CoreStates responsible for investor losses.
December 27, 2003 |
Veteran Philadelphia City Councilman Angel Ortiz will not return next year, but after 19 years on Council, don't count him out of politics. "I want to be in public service," he said during a recent interview at his Northern Liberties home. "I want to do something in terms of public policy. " What that something is remains to be seen. Word is that Ortiz, who turned 62 yesterday, will go to work for a Center City law firm. Ortiz, who in the early 1980s hosted a television show called Latinos in the Delaware Valley, is mum on his future plans except to say there may be law firms, foundations, public-policy institutes, even radio shows in his future.
November 6, 2003 |
Wachovia Bank, formerly First Union, has grown in the Philadelphia market for the first time since its rocky acquisition of CoreStates Financial Corp. in 1998, according to figures released yesterday by the Federal Deposit Insurance Corp. Wachovia garnered $3.4 billion in new deposits in the 12 months ended June 30, raising its share of the eight-county metropolitan banking market to 23.7 percent. First Union bought Wachovia in September 2001 and adopted the Wachovia name.
June 27, 2003 |
First Union National Bank, soon to be Wachovia Bank, may ask the city that never forgets its place in history to give up a piece of its past. Five years after swallowing CoreStates Financial Corp and its predecessor, Philadelphia National Bank, the North Carolina bank is contemplating retiring the "PNB" signs atop the 25-story office building called One South Broad and replacing them with Wachovia signs. "It's an option we're looking at," said Barbara Nate, a First Union vice president.
May 13, 2003 |
The Flyers have played their last game in the First Union Center. And pretty soon, the Sixers will play theirs, too. No, the teams aren't going anywhere, and neither is the arena. Only the name will change. In a few months, the building that opened as the CoreStates Center in 1996 will be rechristened the Wachovia Center, its third name in seven years. Such are the perils of the naming-rights game. Names of businesses change, and sports facilities must follow. Even when companies don't go down the tubes, they get bought up, merge, and establish new identities.