Many of CoreStates' branches in New Jersey and Pennsylvania are close to First Union branches.
ECONOMIST: Bank mergers in America
By some estimates, First Union will be able to shed as much as 40% of CoreStates' expenses.
All have expressed the desire to remain independent, and CoreStates appeared a logical merger partner for each one.
Mr Crutchfield promises that First Union's shareholders will see a payoff from the CoreStates merger within 18 months.
First Union's share price has fallen by half since it bought CoreStates.
FORBES: Pittsburgh Panther
Thousands of jobs, especially among CoreStates' retail-banking staff, are likely to go.
Sally Pope Davis, an analyst at Goldman Sachs, points out that the price for CoreStates may not be as steep as it seems.
The Philadelphia-Wilmington area came in a surprising second-place in profitability, with a 10% median net margin, boosted by such money machines as Merck and CoreStates Financial.
FORBES: A tale of ten cities
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