1st Union lags 50% in goal for area

Article Abstract:

First Union Corp. has attracted less than half the new business it expected in the wake of last year's takeover of CoreStates Bank. First Union projected it would win $194 million in additional yearly revenues, mostly in investment banking and asset management fees, from former CoreStates clients and other new business in the tristate area by the end of this year. It now projects only $94 million of that new business. Because of lower profit projections and lower process for bank stocks in general, First Union shareholders have lost one-quarter of the paper value of their investment, or $16 billion, since the stock hit its all-time high of $65.06 on Jan 8.

Comment:

First Union Corp. has attracted less than half the new business it expected in the wake of last year's takeover of CoreStates Bank.

Financial analysis

Delco firm accused of loan bias will settle

Article Abstract:

Franklin Acceptance Corp., a Delaware County car financing company, has agreed to pay $800,000 in civil penalties in the largest settlement ever obtained by the government under the federal Equal Credit Opportunity Act. An official for the company said that the settlement is not an admission of wrongdoing and that the company has modified its practices addressed in the government's complaint. The company was investigated for denying loans to certain applicants because they were on public assistance, were taking child support, or were an unmarried couple who did not qualify individually for a loan.

Mortgage and Nonmortgage Loan Brokers, Loan Brokers, Franklin Acceptance Corp.

Delco to sue First Union over bond payment

Article Abstract:

Delaware County informs First Union Corp. of pending lawsuit. The Delaware County's class action lawsuit involves unpaid bond payments not paid in over 30 years because bond holders could not be found.

Pennsylvania, Company Profile