CHEQUE 1925 USA THE UNION NATIONAL BANK CHARLOTTE NORTH CAROLINA UNITED STATES of AMERICA US$282.08.
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Product information
USA, CHARLOTTE, NORTH CAROLINA CHEQUE
Perfinned / punched "PAID 30 11 25".
US$282.08.
!!!!! 95 Years old !!!!!
FIRST UNION NATIONAL BANK
By Paul Kurzeja
Charlotte is the second largest banking center in the United States, largely because of the First Union National Bank.
First Unions history goes back over 100 years to the founding of Union National Bank. In 1908, H.M. Victor raised funds by selling 1,000 Union National shares at $100 each. The first branch was a large roll top desk set in the lobby of the Buford Hotel on South Tryon Street. As a hub for railroads and textile industries, Charlottes economy was thriving. Union National benefitted from the booming local economy and despite the 1929 stock market crash, survived the Great Depression.
By 1958, Union National was primed for expansion and acquired the First National Bank of Ashville. The name was changed to First Union National Bank and quickly became one of the largest banks in North Carolina. However, further expansion was difficult.
In 1985, with lobbying from First Union and state local banks, the state legislature passed the Southeastern Regional Banking Compact, a law allowing North Carolina banks to open branches in other states, while forbidding other banks from entering North Carolina. This legislation, while clearly protectionist, allowed First Union to expand while minimizing the risk of being acquired by a large out of state bank.
By the late 1990s, the banks acquisitions were larger, bolder and riskier. In 1998, First Union acquired CoreStates Financial, a large Philadelphia based institution and the Money Store, an aggressive, northeastern finance company specializing in home equity loans. These purchases gave First Union a huge northern footprint, but neither merger went smoothly. The integration of CoreStates operations went poorly and its customer base became deeply unhappy, while the Money Store brought unanticipated loan losses and legal liabilities.
Condition: Good. Usual folds.
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