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7/26/24, 1:36 PM FRB: Press Release -- Conditional approval of applications and notices of First Union Corporation -- April 13, 1998 Release Date: April 13, 1998 For immediate release The Federal Reserve Board today conditionally approved the applications and notices of First Union Corporation, Charlotte, North Carolina, to merge with CoreStates Financial Corp, Philadelphia, Pennsylvania, and thereby acquire CoreStates Bank, N.A., Philadelphia, and CoreStates Bank of Delaware, N.A., Wilmington, Delaware, and the nonbanking subsidiaries and foreign branches of CoreStates. The Board's approval is conditioned on the divestiture of 23 branches in the Philadelphia banking market and 9 branches in the Lehigh Valley banking market. First Union must also report any changes in its preliminary plans to close branches in low- and moderate-income census tracts to the Federal Reserve System for a period of two years. Attached is the Board's Order relating to this action. Board Order (146 KB PDF) Return to top 1998 Orders on banking applications Home | News and events Accessibility Last update: April 14, 1998, 2:00 PM https://www.federalreserve.gov/boarddocs/press/bhc/1998/199804133/ 1/1