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First Union›
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First Union

Operating Status: Acquired

First Union Corporation was a Charlotte-based U.S. banking company that later became Wachovia.

Charlotte, NC, US🇺🇸
Founded
1908
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Contents

  1. 01Competitive Strengths
  2. 02Competitive Risks
  3. 03Executive Summary
  1. 01Competitive Strengths
  2. 02Competitive Risks
  3. 03Executive Summary

Competitive Advantages

By 1996, First Union's retail branch network stretched from Connecticut to the Florida Keys, giving it a broad eastern-U.S. footprint. Completion of the First Fidelity acquisition added Connecticut branches where First Union had not previously operated.

The same report described consumer and corporate lending as core strengths of the combined bank. First Union said it would concentrate expansion in markets where it already had a presence while developing ways to compete with non-bank financial providers.

Source: courant.com

Competitive Disadvantages

In 1996, First Union's retail branch network extended from Connecticut to the Florida Keys. Completing the First Fidelity acquisition brought the bank into additional Connecticut markets where the branch footprints did not overlap.

The company said it would concentrate expansion in existing markets rather than pursue out-of-market extensions. Its retail and corporate lending capabilities combined with First Fidelity's small and midsize business lending activity in the merger.

Source: courant.com

Memo

The 2001 merger created a Charlotte-based combined bank from First Union and Wachovia. Contemporary reporting stated that the transaction combined customer and branch networks and described plans for staffing and branch changes during integration.

First Union's archived site later identified Wachovia.com as the main Internet destination for customers of the former First Union. This establishes an historical company transition and the successor identity, not a current First Union product line or business operation.

Source: atmmarketplace.com