Examine individual changes

'{{Distinguish|Fidelity National Financial|Fidelity Investments|Fidelity National Information Services}} [[File:1866 Fidelity ad in Evening Telegraph.png|right|thumbnail|An 1866 advertisement for the Fidelity Insurance, Trust, & Safe Deposit Company in the [[Philadelphia Evening Telegraph|Evening Telegraph]], a Philadelphia newspaper.]] '''Fidelity Trust Company''' was a bank in [[Philadelphia, Pennsylvania]]. Founded in 1866 as '''Fidelity Insurance, Trust, & Safe Deposit Company''', the bank was later renamed '''Fidelity Trust Company''', '''Fidelity-Philadelphia Trust Company''', '''The Fidelity Bank''', and '''Fidelity Bank, National Association'''. 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 Howard Clark Sr.|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 company|trust]] business, the company was the second U.S. bank to offer [[safe deposit]] services.<ref name="trust1921">{{cite journal | url=https://books.google.com/books?id=NAUoAAAAYAAJ&q=%22fidelity+trust+company%22+%22clarence+clark&pg=PA316 | title=Inception of Guarantee - The Largest Trust Company | journal=Trust Companies |date=July 1921 | volume=33 | issue=1 | pages=314}}</ref> The bank was located at Broad and Walnut Streets in Philadelphia.<ref name="ffiec">{{cite web|url=https://www.ffiec.gov/npw/Institution/Profile/355214?dt=20100320|title=Institution History for RIVERDALE BRANCH (355214)|work=National Information Center|publisher=Federal Reserve|accessdate=October 15, 2013}}</ref> The Chestnut Street building was designed by [[G. W. & W. D. Hewitt]] - Architects, [[Frederick S. Holmes]] - Vault Engineer, and [https://www.google.com/books/edition/Massachusetts_of_Today/quE-AAAAYAAJ?hl=en&gbpv=1&dq=george%20l.%20damon&pg=PA142&printsec=frontcover&fbclid=IwAR3ryV94LhHPIlUvsAjNdkovLuzq1sCJnShXHYfGyE8DXWJFpXIUP-sByUc Damon Safe & Ironworks Co.] - Vault Builder.<ref>{{Cite web|url=https://www.google.com/books/edition/Architecture_and_Building/bVgYRmtJ278C?hl=en&gbpv=1&dq=fidelity+insurance,+trust+and+safe+deposit+company+holmes+damon&pg=PA54-IA41&printsec=frontcover|title=Architecture and Building: A Journal of Investment and Construction. (1894). United States: W. T. Comstock.}}</ref> [[File:US-PA(1891) p747 PHILADELPHIA, FIDELITY INSURANCE, TRUST AND SAFE DEPOSIT COMPANY.jpg|left|thumb|1891 drawing of the company's building on Chestnut Street]] Clark served as the bank's first president, followed by [[Nathaniel B. Browne]], Stephen Caldwell, [[John B. Gest]] (1824–1907<ref>[https://timesmachine.nytimes.com/timesmachine/1907/03/02/104980856.pdf John B. Gest's NYT obit]</ref>), Rudolph Ellis (1837-1915, served as FTC president 1900–1915),<ref>[https://timesmachine.nytimes.com/timesmachine/1915/09/23/100177277.pdf Rudolph Ellis' NYT obit]</ref> and William P. Gest (1861-1939, served 1919(?)–1926).<ref name="trust1921" /><ref>[http://digitalhistory.hsp.org/node/4228 William P. Gest, Historical Society of Pennsylvania]</ref> Renamed the Fidelity Trust Company in 1886,<ref name="taylor">{{cite book | url=https://books.google.com/books?id=h2I--jtjmRAC&q=%22Fidelity-Philadelphia+Trust+Company%22&pg=PA134 | title=The Franco-Texan Land Company | publisher=University of Texas Press | author=Taylor, Virginia H. | year=2011 | pages=134 | isbn=9780292785717}}</ref> it had by 1921 achieved "a foremost place among the [[trust company|trust companies]] of the country." It was reported to hold more than $255 million in trust funds and $829 million in corporate trusts.<ref name="trust1921" /> In the early years of the 20th century, Fidelity underwrote [[International Mercantile Marine]], the parent company of the [[White Star Line]]. The 1912 sinking of [[Royal Mail Ship|RMS]] ''[[Titanic]]'' caused large losses at Fidelity and forced layoffs.<ref name="foundation">{{cite web | url=http://www.philafound.org/Portals/0/Uploads/Documents/Public/The_Philadelphia_Foundation_Stewardship_First.pdf | title=Stewardship First | publisher=Philadelphia Foundation | accessdate=October 15, 2013 | archive-url=https://web.archive.org/web/20131004232733/http://www.philafound.org/Portals/0/Uploads/Documents/Public/The_Philadelphia_Foundation_Stewardship_First.pdf | archive-date=October 4, 2013 | url-status=dead }}</ref> One of the ''Titanic'' survivors, [[Charlotte Drake Cardeza|Thomas D.M. Cardeza]], was a grandson of Fidelity co-founder Thomas Drake and would go on to be a director of the company from 1922-51.<ref>[http://www.encyclopedia-titanica.org/thomas-cardeza-death.html THOMAS D. M. CARDEZA]</ref> In 1926, the bank merged with the Philadelphia Trust Company, established in 1869, to become the '''Fidelity-Philadelphia Trust Company'''.<ref name="worldbanking56">[https://books.google.com/books/about/World_Banking.html?id=924rAQAAMAAJ Google Books: ''World Banking volume 56 (1966)'']</ref> 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]]. This building portrayed the headquarters of ''Duke & Duke'' in the film ''[[Trading 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.<ref>[https://www.nytimes.com/1996/01/01/nyregion/howard-petersen-85-banker-and-trade-adviser.html Howard Petersen's NYT obit]</ref> In 1956, the bank acquired Farmers National Bank of Bucks County and Roosevelt Bank<ref name="currency1956">{{cite book | url=https://books.google.com/books?id=2c0nAQAAMAAJ&q=%22Fidelity-Philadelphia+Trust+Company%22+merger | title=Annual Report of the Comptroller of the Currency To Congress | publisher=Comptroller of the Currency | year=1956 | accessdate=October 15, 2013}}</ref> In 1968, the bank was renamed '''The Fidelity Bank'''. In 1970, the bank's headquarters moved to 1200 East Lancaster Avenue in [[Rosemont, Pennsylvania]].<ref name="ffiec" /> From 1971 to 1978, the bank's president was Samuel H. Ballam Jr. (1919-2003), a 42-year employee of the bank.<ref>[http://articles.philly.com/2003-11-21/news/25462143_1_fidelity-bank-fidelity-corp-bank-director Samuel H. Ballam Jr.'s Inquirer obit]</ref> 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.<ref name="ffiec" /> In the 1970s, the company established a [[bank holding company|holding company]] named '''Fidelcor''' to operate Fidelity Bank as its main subsidiary. ==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.<ref name="inky1987">{{cite news | url=http://articles.philly.com/1987-08-01/news/26168781_1_fidelcor-norstar-bancorp-interstate-banking | title=N.j. Bank To Acquire Fidelcor $1.34 Billion Deal Is Biggest Merger | date=August 1, 1987 | agency=Philadelphia Inquirer | accessdate=October 15, 2013 | author=Fix, Janet L. | location=Philadelphia}}</ref> In 1996, First Fidelity was absorbed into [[First Union]], which in 2001 merged with [[Wachovia]], which was acquired by [[Wells Fargo]] in 2008.<ref>{{Cite web |url=http://www.philafound.org/Portals/0/Uploads/Documents/Public/The_Philadelphia_Foundation_Stewardship_First.pdf |title=Philadelphia Foundation |access-date=2013-10-15 |archive-url=https://web.archive.org/web/20131004232733/http://www.philafound.org/Portals/0/Uploads/Documents/Public/The_Philadelphia_Foundation_Stewardship_First.pdf |archive-date=2013-10-04 |url-status=dead }}</ref> ==See also== * [[List of bank mergers in the United States]] ==Notes== {{Reflist}} {{Wells Fargo}} {{Authority control}} [[Category:1866 establishments in Pennsylvania]] [[Category:Banks based in Pennsylvania]] [[Category:Banks established in 1866]] [[Category:Companies based in Philadelphia]] [[Category:Wells Fargo legacy banks]]'