Larsen To Resign From First Union
May. 08, 1998
CHARLOTTE, N.C. (AP) _ Former CoreStates Financial Corp. chairman Terrence Larsen, who helped put together the bank's $16.6 billion merger with First Union Corp., is stepping down.
First Union announced Friday that Larsen would resign as First Union vice chairman on July 1. He was expected to remain a board member.
First Union and CoreStates, of Philadelphia, announced what was then the largest bank merger in U.S. history last year. It has since been eclipsed by other megamergers, including the pending combination of NationsBank Corp. and BankAmerica Corp. _ one of the biggest ever.
The First Union-CoreStates combination forms the nation's sixth-largest bank, with $220 billion in assets and 2,600 branches in 12 states and the District of Columbia.