Daily News | How Philly lost its big banks, and a little survivor that’s grown in the vacuum
Philly’s big banks lived for generations. That includes Girard and Fidelity, Provident and PSFS, and especially the grandest and toughest, PNB and, whose combination as CoreStates was designed to keep Philadelphia in business as the nation’s oldest financial center.
As it happens, Charles Coltman III, the No. 2 executive at CoreStates when it vanished in a $20 billion 1997 merger, and Marvin “Skip” Schoenhals, the man who saved WSFS from a near-shutdown, then a threatened takeover, have now published memoirs giving their insider accounts of the news events of more than a quarter century ago.
In fact, Coltman writes, Maryland National’s late boss, Cleveland Browns owner Alfred Lerner, refused to sell Maryland National’s key asset — the future credit card giantThe New York brokerage analysts, led by Nancy Bush, were indeed influential figures whose disapproval hurt CoreStates stock and forced it toward a takeover.
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