USA, CHARLOTTE, NORTH CAROLINA CHEQUE
Perfinned / punched "PAID 21 11 25".
US$45.65.
!!!!! 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. Until the late 1980s, state laws throughout the country prevented banks from purchasing branches in more than one state. Fortunately, this interstate banking prohibition did not last forever.
Early entries into interstate banking gave First Union an important competitive advantage over other national banks prohibited from expanding across state lines. Over time, as interstate banking restrictions were dropped throughout the country, other banks began crossing state lines only to find First Union.
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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