CoreStates Financial Corporation, previously known as Philadelphia National Bank (PNB), was an American bank holding company in the Philadelphia 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 in 1811, at which point its building was purchased by the preeminent American banker Stephen Girard to house his banking operation, known as The Bank of Stephen Girard. (That is not to be confused with