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.[1]
In the 1970s, First Pennsylvania officials attempted to turn their firm, then a "sedate regional bank", into a major national concern.[2] 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,[1] the first major federal bailout of a national bank.[2]
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References
edit- ^ a b Fix, Janet L. (1989-09-19). "Corestates To Acquire 1st Pennsy Bigger Meridian Bid Is Rejected". Philadelphia. Philadelphia Inquirer. Archived from the original on January 1, 2016. Retrieved 2013-06-12.
- ^ a b White, Eugene N. (1992). The Comptroller and the Transformation of American Banking, 1960-1990. Darby , Pennsylvania: DIANE Publishing. p. 57. ISBN 9780788171642.