Fidelity Trust Company: Difference between revisions
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In 1928, the bank erected a 29-story headquarters building at 123-151 South Broad Street in Philadelphia. Called the [[Wells Fargo Building (Philadelphia)|Fidelity-Philadelphia Trust Company Building]], it is today listed on the [[National Register of Historic Places]]. |
In 1928, the bank erected a 29-story headquarters building at 123-151 South Broad Street in Philadelphia. Called the [[Wells Fargo Building (Philadelphia)|Fidelity-Philadelphia Trust Company Building]], it is today listed on the [[National Register of Historic Places]]. |
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From 1950 to 1966, the bank's president was Howard Petersen (1911-1996), who went on to be its CEO until 1975 and chairman until 1978.<ref>[http://www.nytimes.com/1996/01/01/nyregion/howard-petersen-85-banker-and-trade-adviser.html Howard Petersen's NYT obit]</ref> |
From 1950 to 1966, the bank's president was [[Howard C. Petersen]] (1911-1996), who went on to be its CEO until 1975 and chairman until 1978.<ref>[http://www.nytimes.com/1996/01/01/nyregion/howard-petersen-85-banker-and-trade-adviser.html Howard Petersen's NYT obit]</ref> |
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In 1956, the bank acquired Farmers National Bank of Bucks County and Roosevelt Bank<ref name="currency1956">{{cite web | url=http://books.google.com/books?id=2c0nAQAAMAAJ&q=%22Fidelity-Philadelphia+Trust+Company%22+merger&dq=%22Fidelity-Philadelphia+Trust+Company%22+merger&hl=en&sa=X&ei=KdlcUuWoM8XG4APltIGoBg&ved=0CGYQ6AEwBw | title=Annual Report of the Comptroller of the Currency To Congress | publisher=Comptroller of the Currency | year=1956 | accessdate=October 15, 2013}}</ref> |
In 1956, the bank acquired Farmers National Bank of Bucks County and Roosevelt Bank<ref name="currency1956">{{cite web | url=http://books.google.com/books?id=2c0nAQAAMAAJ&q=%22Fidelity-Philadelphia+Trust+Company%22+merger&dq=%22Fidelity-Philadelphia+Trust+Company%22+merger&hl=en&sa=X&ei=KdlcUuWoM8XG4APltIGoBg&ved=0CGYQ6AEwBw | title=Annual Report of the Comptroller of the Currency To Congress | publisher=Comptroller of the Currency | year=1956 | accessdate=October 15, 2013}}</ref> |
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Revision as of 15:33, 15 October 2013
Fidelity Trust Company was a bank in Philadelphia, Pennsylvania. Founded in 1866, it was absorbed in 1988 in the biggest U.S. bank merger up to that point, and is today part of Wells Fargo.
History
It was founded in 1866 by financier Clarence H. Clark (1833–1906) and several partners as the Fidelity Insurance Trust & Safe Deposit Company with initial capital of $250,000. Besides selling insurance and transacting trust business, the company was the second U.S. bank to offer safe deposit services.[1] The bank was located at Broad and Walnut Streets in Philadelphia.[2]
Clark served as the bank's first president, followed by N. B. Browne, Stephen Caldwell, John B. Gest (1824–1907[3]), Rudolph Ellis (1837-1915, served as FTC president 1900–1915)[4], and William P. Gest (1861-1939, served 1919(?)–1926).[5][1]
Renamed the Fidelity Trust Company in 1886[6], it had by 1921 achieved "a foremost place among the trust companies of the country." It was reported to hold more than $255 million in trust funds and $829 million in corporate trusts.[1]
In 1926, the bank merged with the Philadelphia Trust Company, established in 1869, to become the Fidelity-Philadelphia Trust Company.[7]
In 1928, the bank erected a 29-story headquarters building at 123-151 South Broad Street in Philadelphia. Called the Fidelity-Philadelphia Trust Company Building, it is today listed on the National Register of Historic Places.
From 1950 to 1966, the bank's president was Howard C. Petersen (1911-1996), who went on to be its CEO until 1975 and chairman until 1978.[8]
In 1956, the bank acquired Farmers National Bank of Bucks County and Roosevelt Bank[9]
In 1968, the bank was renamed The Fidelity Bank. In 1970, the bank's headquarters moved to 1200 East Lancaster Avenue in Rosemont, Pennsylvania.[2]
From 1971 to 1978, the bank's president was Samuel H. Ballam Jr. (1919-2003), a 42-year employee of the bank.[10]
In 1984, the bank was renamed Fidelity Bank, National Association and its headquarters moved to 2 County View Road in Rosemont. In 1985, the headquarters moved to 14 Great Valley Parkway in Malvern, Pennsylvania, and in 1990, back to the original location at Broad and Walnut Streets in Philadelphia.[2]
By the 1980s, the bank was part of a holding company called Fidelcor.
Post-independence
In 1988, Fidelcor was merged into First Fidelity, a growing New Jersey bank. The $1.34 billion deal, the largest bank merger up to that time, turned First Fidelity into a regional powerhouse and one of the nation's 25 largest banks.[11]
In 1996, First Fidelity was absorbed into First Union, which was in 2001 acquired by Wachovia, which was acquired by Wells Fargo in 2008.[12]
See also
Notes
- ^ a b c "Inception of Guarantee - The Largest Trust Company". Trust Companies. 33 (1): 314. 1921.
{{cite journal}}: Unknown parameter|month=ignored (help) - ^ a b c "Institution History for RIVERDALE BRANCH (355214)". National Information Center. Federal Reserve. Retrieved October 15, 2013.
- ^ John B. Gest's NYT obit
- ^ Rudolph Ellis' NYT obit
- ^ William P. Gest, Historical Society of Pennsylvania
- ^ Taylor, Virginia H. (2011). The Franco-Texan Land Company. University of Texas Press. p. 134. ISBN 9780292785717.
- ^ World Banking. 56. 1966 http://books.google.com/books/about/World_Banking.html?id=924rAQAAMAAJ.
{{cite journal}}: Missing or empty|title=(help) - ^ Howard Petersen's NYT obit
- ^ "Annual Report of the Comptroller of the Currency To Congress". Comptroller of the Currency. 1956. Retrieved October 15, 2013.
- ^ Samuel H. Ballam Jr.'s Inquirer obit
- ^ Fix, Janet L. (August 01, 1987). "N.j. Bank To Acquire Fidelcor $1.34 Billion Deal Is Biggest Merger". Philadelphia. Philadelphia Inquirer. Retrieved October 15, 2013.
{{cite news}}: Check date values in:|date=(help) - ^ Philadelphia Foundation