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89-746: The Wells Fargo Building , originally the Fidelity-Philadelphia Trust Company Building , is a skyscraper in Center City , Philadelphia , Pennsylvania , United States. Designed in the Beaux-Arts style by the architectural firm Simon & Simon, the building was erected for the Fidelity-Philadelphia Trust Co. in 1928. The 30- story high-rise is listed on the National Register of Historic Places . The building

178-564: A "silent run". Ultimately, Wachovia lost a total of $ 5 billion in deposits that day—about one percent of the bank's total deposits. The large outflow of deposits attracted the attention of the Office of the Comptroller of the Currency , which regulates national banks. Federal regulators pressured Wachovia to put itself up for sale over the weekend. Had Wachovia failed, it would have been a severe drain on

267-712: A 2½-story banking hall featuring six 58-ton steel girders that support the skyscraper's structure. The girders were the largest in the Eastern United States at the time of construction. Among the 150,000 square feet (14,000 m) of marble inside the Wells Fargo Building is the cream-colored terrazzo marble used throughout the banking hall. At the rear of the hall is a marble sculpture by the Piccirilli Brothers . The statue depicts semi-nude male and female representations of day and night clasping hands under

356-662: A Pine Tree coin from Massachusetts and Grandi Copper coin from Connecticut . The medallions closest to the Walnut Street side represent the first American coin issued by Congress and the Eye Coin from Vermont . Two medallions on the Walnut Street side depict both sides of the Lafayette Medal. Only one medallion decorates the Samson Street side, depicting another early coin from Vermont. The Wells Fargo Building's interiors include

445-504: A base, shaft, and capital, the treatment of the skyscraper as a tower, and the use of setbacks. Leasing 30 percent of the building, Wells Fargo is the skyscraper's largest tenant. The second largest tenant was law firm Montgomery, McCracken, Walker & Rhoads, which occupies about 108,000 square feet (10,000 m) on the top five and a half floors; the firm signed a 15-year lease in 1995. Other tenants include Domus Inc., which occupies 12,000 square feet (1,100 m). Domus Inc. moved into

534-410: A beehive representing thrift decorate the center arch. The arch closest to Sansom Street is decorated by two figures with cornucopias to represent abundance. The arch nearer to Walnut Street is decorated by a painter and a sculptor to represent art. Next to the two smaller archways are carved medallions, one flanking each spandrel. The medallions closest to Sansom Street represent early American coins,

623-933: A bitter battle over the summer between SunTrust and First Union. Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids. On August 3, 2001, Wachovia shareholders approved the First Union deal, rejecting SunTrust's attempts to elect a new board of directors for Wachovia and ending SunTrust's hostile takeover attempt. Another complication concerned each bank's credit card division. In April 2001, Wachovia had agreed to sell its $ 8 billion credit card portfolio to Bank One . The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union had sold its credit card portfolio to MBNA in August 2000. After entering into negotiations,

712-574: A blow to their civic pride because the merged company would be based in Charlotte. The city of Winston-Salem was concerned both by job losses and the loss of stature from losing a major corporate headquarters. First Union was concerned by the potential deposit attrition and customer loss in the city. First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem. On May 14, 2001, SunTrust announced

801-591: A clock to symbolize eternity. Above the statue and framed by marble pilasters is a window that depicts scenes from Philadelphia history . In the window's tympanum is a depiction of Independence Hall . Below that are pictures showing William Penn 's treaty with the Indians, George Washington's Farewell Address to Congress , the proclamation of the Declaration of Independence , the Philadelphia Convention ,

890-490: A competitor. In late 2005 Wachovia announced that it would end its relationship with MBNA and create its own credit card division so that the bank could issue its own Visa cards. Westcorp, Western Financial Bank's parent company, WFS Financial Inc. and Wachovia announced a proposed acquisition by Wachovia in September 2005. Westcorp and WFS Financial Inc. shareholders approved the acquisition on Jan. 6, 2006 and on March 1, 2006,

979-484: A complicated, irregularly shaped boundary that includes much but not all of this area and also extends beyond it. The Philadelphia Police Department patrols four districts located within Center City – the 6th, 9th, 3rd, and 17th districts. Among Center City's neighborhoods and districts are Penn's Landing , Old City , Society Hill , South Street , Washington Square West , Market East , Chinatown , Logan Square ,

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1068-704: A major player in the Northeast. Its Northeastern footprint grew even larger in 1998, when it acquired CoreStates Financial Corporation of Philadelphia . One of CoreStates' predecessors, the Bank of North America , had been the first bank proposed, chartered and incorporated in America on December 31, 1781. A former Bank of North America branch in Philadelphia remains in operation today as a Wells Fargo branch Wachovia Corporation began on June 16, 1879, in Winston-Salem, North Carolina, as

1157-468: A national bank and comprehensive financial services company. Merchandise While First Union was merging into Wachovia, they changed the Wachovia logo to a square with wave like lines, the green color represents First Union while the blue represents the main company. They have also released new merchandise such as t-shirts, and provided other things such as retractable keychains, cups, and coffee mugs to show

1246-666: A new building. The designs were complete by the end of 1926 and in January 1927 general contractor Irwin & Leighton was engaged to build the Fidelity-Philadelphia Trust Company Building. The site of the building along Broad Street was previously the location of the Forrest Theater and the "Yellow Mansion" (also known as the Dundas Lippincott House). Construction began in 1927 and the building

1335-477: A parking lot, is a primary advocate for quality of life issues in Center City. Other community organizations of this type include Logan Square Neighborhood Association, Society Hill Civic Association, South of South Street Neighborhood Association, Washington Square West Civic Association, and the Queen Village Neighbors Association. Wachovia The acquisition of Wachovia by Wells Fargo

1424-448: A part of the interest owed, which was then added onto the balance of the loan. In 2006, Golden West Financial was named the "Most Admired Company" in the mortgage services business by Fortune magazine . By the time Wachovia announced its acquisition, Golden West had over $ 125 billion in assets and 11,600 employees. By October 2, 2006, Wachovia had closed the acquisition of Golden West Financial Corporation. The Sandlers agreed to remain on

1513-578: A population density of 26,234 per square mile. Center City is bounded by South Street to the south, the Delaware River to the east, the Schuylkill River to the west, and Vine Street to the north. The district occupies the old boundaries of the City of Philadelphia before the city was made coterminous with Philadelphia County in 1854. The Center City District, which has special powers of taxation, has

1602-517: A portfolio of over $ 50 billion of securities on loan to the Wachovia Global Securities Lending division. On November 1, 2004, Wachovia completed the acquisition of Birmingham, Alabama -based SouthTrust Corporation , a transaction valued at $ 14.3 billion. The merger created the largest bank in the southeast United States, the fourth largest bank in terms of holdings, and the second largest in terms of number of branches. Integration

1691-466: A rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union. Wachovia's board of directors rejected SunTrust's offer and supported the merger with First Union. SunTrust continued its hostile takeover attempt, leading to

1780-578: A small banking desk in the lobby of a Charlotte hotel by H.M. Victor. The bank merged with First National Bank and Trust Company of Asheville, North Carolina , in 1958 to become First Union National Bank of North Carolina. First Union Corporation was incorporated in 1967. By the 1990s, it had grown into a Southern regional powerhouse in a strategy mirroring its longtime rival on Tryon Street in Charlotte, NCNB (later NationsBank and now Bank of America ). In 1995, however, it acquired First Fidelity Bancorporation of Newark, New Jersey ; at one stroke becoming

1869-425: A step that some regulators frowned upon, and which the former World Savings management had resisted for years: it allowed borrowers to make monthly payments with an annual interest rate of just 1 percent. While Wachovia Mortgage continued to scrutinize borrowers' ability to manage increased payments, the move to rock-bottom rates lured customers whose financial reliability was more difficult to verify. More than 70% of

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1958-547: A three-foot statue of Penn was affixed to the top of the Comcast Center upon its completion as the city's new tallest building in 2007. On October 29, 2008, the Philadelphia Phillies won the 2008 World Series , ending the " curse ". Seven other skyscrapers now exceed the height of Penn's statue, including One Liberty Place's little sister, Two Liberty Place . The Comcast Center, which was completed in 2007, became

2047-472: Is also located in center city, at 1114 Walnut Street . Mütter Museum , a medical museum, is located in center city at 19 S. 22nd Street. Center City Philadelphia has a vast number of restaurants, bars, and nightclubs. McGillin's Olde Ale House , at 1310 Drury Street, is one of the nation's oldest pubs (founded in 1860). Center city streets and bridges include Benjamin Franklin Bridge , which connects

2136-786: Is home to some of the nation and world's leading cultural institutions. Avenue of the Arts , a city-designated cultural district, includes Kimmel Center for the Performing Arts , which houses the Philadelphia Orchestra (a Big Five orchestra ) and the Academy of Music , home of the Philadelphia Ballet and Opera Philadelphia . The avenue is home to multiple theatres, including the Miller , Suzanne Roberts , and Wilma theatres. Forrest Theatre

2225-600: Is in the U.S. Custom House, a part of the Independence National Historical Park , in Old City , Center City. The William J. Green Jr. Federal Building houses the Federal Bureau of Investigation Philadelphia Field Office . The Consulate-General of Italy in Philadelphia is located in the 1026 Public Ledger Building at 150 South Independence Mall West. The Consulate-General of Panama in Philadelphia

2314-630: Is located in Suite 1 at 124 Chestnut Street. The Consulate of Mexico in Philadelphia is located in Suite 310 of the Bourse Building off of Independence Mall. The Consulate-General of the Dominican Republic in Philadelphia was located in Suite 216 in the Lafayette Building at 437 Chestnut Street. It closed on November 7, 2005. The Consulate-General of Israel in Philadelphia was located on

2403-617: The BNY Mellon Center . Cigna has its corporate headquarters in 2 Liberty Place . Aramark is headquartered in Center City on the east bank of the Schuylkill River on Market Street. Comcast is headquartered in the Comcast Center . The law firm Cozen O'Connor has its headquarters in Center City. Kogan Page has its U.S. headquarters in Center City. Lincoln National Corporation moved its headquarters from Fort Wayne, Indiana to Philadelphia in 1999. In Philadelphia Lincoln

2492-522: The Declaration of Independence , many of whom were Freemasons ; these include George Washington and Benjamin Franklin . While Philadelphia's population declined between 1990 and 2000, Center City's population increased by 10% over that same period. In 2007, the city designated the area bound by 11th Street, Broad Street, Chestnut Street and Pine Street as the Gayborhood . Sunoco has its headquarters in

2581-587: The Evergreen Investments brand until 2010, when the Evergreen fund family merged with Wells Fargo Advantage Funds, and institutional and high-net-worth products merged with Wells Capital Management and its affiliates. Wachovia's private equity arm operated as Wachovia Capital Partners . Additionally, the asset-based lending group operated as Wachovia Capital Finance. Wachovia ( / w ɑː ˈ k oʊ v i ə / wah- KOH -vee-ə ) has its origins in

2670-673: The Latin form of the Austrian name Wachau . When Moravian settlers arrived in Bethabara, North Carolina , in 1753, they gave this name to the land they acquired, because it resembled the Wachau valley along the Danube River . The area formerly known as Wachovia now makes up most of Forsyth County , and the largest city is now Winston-Salem. First Union was founded as Union National Bank on June 2, 1908,

2759-587: The Museum District (located along the Benjamin Franklin Parkway ), Rittenhouse Square , Fitler Square , the Avenue of the Arts (South Broad Street), and Jewelers' Row . Center City is home to most of Philadelphia's tallest buildings, including Philadelphia's City Hall , the second-tallest masonry building in the world and, until 1987, the tallest in Philadelphia, as well as the tallest building in

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2848-707: The Parkway Central Library at 1901 Vine Street, the Independence Branch at 18 South 7th Street, the Philadelphia City Institute on the first floor and lower level of an apartment complex at 1905 Locust Street , and the Library for the Blind and Physically Handicapped at 919 Walnut Street. Middle States Association of Colleges and Schools is headquartered in Center City. Center City Philadelphia

2937-787: The Wachovia Financial Center . The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania . Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they were renamed the Wachovia Center (now known as Wells Fargo Center ), Wachovia Spectrum (which was later demolished), and Wachovia Arena at Casey Plaza (now known as Mohegan Sun Arena at Casey Plaza ), respectively. A graphic illustration of

3026-631: The central business district and central neighborhoods of Philadelphia , Pennsylvania, United States. It comprises the area that made up the City of Philadelphia prior to the Act of Consolidation, 1854 , which extended the city borders to be coterminous with Philadelphia County . The area has grown to the second-most densely populated downtown area in the United States (after Midtown Manhattan in New York City), with an estimated 202,000 residents in 2020 and

3115-589: The tallest building in Pennsylvania , 30 feet taller than One Liberty Place. In 2018, the Comcast Technology Center opened, which is now the tallest building in Philadelphia and the tallest building in the United States outside of Manhattan and Chicago. 1441 Chestnut, which is currently under construction, is also slated to be taller than City Hall. The first publicly accessible vantage point higher than City Hall opened at One Liberty Observation Deck on

3204-553: The 18th Floor at 1880 John F. Kennedy Boulevard. Israel closed the Philadelphia consulate in 2016. Residents of Center City are included within the School District of Philadelphia . From the 1940s to the opening of what is now known as the Greenfield School in 1954, many residents attended public schools in other areas and private schools due to the low number of public schools in Center City. In 2005, in an attempt to slow

3293-713: The 57th floor of One Liberty Place in 2015. Other Center City skyscrapers include the BNY Mellon Center and the Three Logan Square , which houses a traffic camera used by the Philadelphia branch of the Westwood One MetroNetworks traffic service. Across the street from City Hall is the Masonic Temple , the headquarters of the Grand Lodge of Pennsylvania , a legacy of the Founding Fathers and signers of

3382-521: The A.G. Edwards brand in favor of a unified Wachovia Securities . Wachovia, excluding subsidiaries, was the fourth largest bank at the end of 2008. Exposed to risky loans, such as adjustable rate mortgages acquired during the acquisition of Golden West Financial in 2006, Wachovia began to experience heavy losses in its loan portfolios during the subprime mortgage crisis . In the first quarter of 2007, Wachovia reported $ 2.3 billion in earnings, including acquisitions and divestitures. However, in

3471-520: The Center City area, located outside of Center City, include: Other high schools include: Combined middle and high schools include: Charter schools not operated by the School District of Philadelphia include: The Roman Catholic Archdiocese of Philadelphia operates the following Roman Catholic parochial schools in the Center City area [1] : Other private schools in the Center City area include: The Free Library of Philadelphia operates

3560-750: The FDIC's insurance fund due to its size (it operated one of the largest branch networks on the East Coast). As business halted for the weekend, Wachovia was already in FDIC-brokered talks with Citigroup and Wells Fargo ; the latter company initially emerged as the frontrunner to acquire the ailing Wachovia's banking operations. Wells Fargo originally backed out of this particular deal due to concerns over Wachovia's commercial loans. With no deal in place as September 28 dawned, regulators were concerned that Wachovia would not have enough short-term funding to open for business

3649-549: The Pick-A-Pay loans were made in California, Florida and Arizona, where home prices had declined severely. In 2009 New York Times reporter Floyd Norris called World Savings a "ticking timebomb" that created "zombie homeowners". While Wachovia Chairman and CEO G. Kennedy "Ken" Thompson had described Golden West as a "crown jewel", investors did not react positively to the deal. Analysts said that Wachovia purchased Golden West at

Wells Fargo Building (Philadelphia) - Misplaced Pages Continue

3738-539: The Wachovia National Bank. The bank was co-founded by James Alexander Gray and William Lemly. In 1911, the bank merged with Wachovia Loan and Trust Company , "the largest trust company between Baltimore and New Orleans ", which had been founded on June 15, 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts from the R.J. Reynolds Tobacco Company , which

3827-602: The Wells Fargo Building in 2000 after outgrowing its space in the Bellevue-Stratford Hotel . Past tenants include the law firms Morgan Lewis & Bockius and Pepper Hamilton & Sheetz and offices for the Westmoreland Coal Company. A private eating club used to operate at the top of the building. Called the Midday Club, it was intended "to provide in the heart of the financial district, removed from

3916-443: The World Savings loan portfolio. They noted that the creditworthiness of World Savings borrowers edged down from 2004 to 2006, while Pick-A-Pay borrowers had credit scores well below the industry average for traditional loans. World Savings lending volume dipped again in 2006 shortly after the sale to Wachovia was initiated. In 2007, after the merger, World Savings, then known as Wachovia Mortgage began to attract more borrowers by taking

4005-422: The acquisition and integration of World Savings Bank in 2007. Wachovia agreed to purchase Golden West Financial for a little under $ 25.5 billion on May 7, 2006. This acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $ 32 billion in deposits and operated 123 branches. Golden West, which operated branches under

4094-403: The board at Wachovia. The Sandlers sold their firm at the top of the market, saying that they were growing older and wanted to devote themselves to philanthropy. A year earlier, in 2005, World Savings lending had started to slow, after more than quadrupling since 1998. Some current and former Wachovia officials said that the merger was agreed to within days, making it impossible to thoroughly vet

4183-436: The building an H-shape above the fifth floor. Decorations include sculpture by Piccirilli Brothers and 150,000 square feet (14,000 m) of marble . Seven medallions, mainly depicting early American coins, decorate the street-level facade. Bas-relief figures decorate the spandrels above the building's bronze doors, which are themselves decorated by high-relief panels depicting the history of commerce and civilization. In

4272-421: The building is the 11-story Witherspoon Building, built in 1896. Owned by the same owners, the two buildings are linked together. Containing 892,000 square feet (83,000 m), the Wells Fargo Building's footprint measures 220 feet 6.5 inches (67.22 m) by 175 feet 5.5 inches (53.48 m). Built in the Beaux-Arts style the building's brick curtain wall is made of limestone ashlar on

4361-429: The building was sold to Resnick Development Corporation, a subsidiary of Jack Resnick & Sons Incorporated. In April 2008, American Financial Realty Trust sold the remainder of the building to SSH Real Estate and Young Capital for US$ 57.7 million. During the early 2000s, the building became known as the Wachovia Building. Wachovia became the building's largest tenant after merging with First Union Corporation early in

4450-468: The building's owners filed for Chapter 11 bankruptcy protection in 1992. That same year, the Fidelity Building Corporation was purchased by First Fidelity Bankcorp, a company formed in the 1988 merger of the building's original owners and First Fidelity Corporation of Newark, New Jersey . First Union Corporation took control of the building in 1995 when it bought Fidelity Bankcorp. Shortly after taking over, First Union spent millions of dollars renovating

4539-410: The change by having a stagecoach carrying Philadelphia mayor Michael Nutter and others ride from Philadelphia City Hall to the Wells Fargo Building. The 30- story , 405-foot-tall (123 m) Wells Fargo Building is located on the Avenue of the Arts in Center City, Philadelphia. The building faces Broad Street on the west, Walnut Street on the south, and Sansom Street on the north. To the east of

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4628-455: The city with Camden, New Jersey , and Benjamin Franklin Parkway , a one-mile long parkway that runs from Philadelphia City Hall to the Philadelphia Museum of Art . Three major center city streets are Broad , Market , and South Streets. There is a 500,000+ sq ft underground pedestrian concourse that connects many of the center city Septa stations to businesses and office buildings. Primarily running under Market Street and Broad Street ,

4717-484: The company out of its difficulties. After Steel took over, he insisted that Wachovia would stay independent. However, its stock price plunged 27 percent on September 26 due to the seizure of Washington Mutual the previous night. On the same day, several businesses and institutional depositors withdrew money from their accounts in order to drop their balances below the $ 100,000 insured by the Federal Deposit Insurance Corporation (FDIC)—an event known in banking circles as

4806-566: The company's major mergers, acquisitions, and historical predecessors, up to the 2001 merger of Wachovia and First Union: Union National Bank   (est. 1908) First National Bank & Trust CoreStates Financial   (dates to 1781) Wachovia National Bank  (Formerly: Bank of Salem )  (est. 1879) Wachovia Loan & Trust   (est. 1893) First Atlanta  (Formerly Atlanta National Bank)  (est. 1865) Between 2001 and 2006, Wachovia bought several other financial services companies in an attempt to become

4895-511: The concourse spans east to west from 8th street to 18th street and north to south from John F. Kennedy Boulevard to Spruce Street . Amtrak 's primary Philadelphia station, 30th Street Station , is located immediately west of Center City, just across the Schuylkill River. SEPTA Regional Rail trains, New Jersey Transit Atlantic City Line trains, Market-Frankford Line trains, and subway-surface line trolleys also service 30th Street Station, and both Megabus and BoltBus stop on streets adjacent to

4984-500: The decade. In 2006, Wachovia re-negotiated its lease, which was set to expire in 2010. After exploring other potential new office space in Center City, Wachovia made a deal to stay in the Wachovia Building along with the neighboring Witherspoon Building, the nearby One South Broad , and the Widener Building until the 2020s. The building became known as the Wells Fargo Building after Wells Fargo , which bought Wachovia in 2008, re-branded Wachovia area banks in April 2011. Wells Fargo marketed

5073-408: The doorways are windows designed by d'Ascenzo Studios. Leaded panes of glass of various shades of amber are surrounded by a Renaissance-style border. Below the windows are bronze doors, each with 24 high-relief panels depicting the history of commerce and civilization. Bas-relief figures decorate each of the arches' spandrels . A male figure with a hammer representing industry and a female figure with

5162-414: The drafting of the Declaration of Independence, Benjamin Franklin 's printing office, Betsy Ross exhibiting the United States flag, and Caesar Rodney 's ride from Delaware. The border of the window contains portrait busts of notable American Revolution -era Philadelphians: John Bartram , George Clymer , Robert Morris , David Rittenhouse , Benjamin Rush , and James Wilson . The Wells Fargo Building

5251-415: The facade and interiors and modernizing the mechanical systems. In 2000, First Fidelity Building Corporation, a company controlled by First Union, put the Fidelity Building up for sale. Later that year, Nicholas Schorsch , of the American Financial Resource Group, and a group of investors bought the building for about US$ 110 million. In 2006, a 256,000-square-foot (23,800 m) portion of the lower floors of

5340-500: The few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1991, Wachovia entered the South Carolina market by acquiring South Carolina National Corporation, founded as the Bank of Charleston in 1834. In 1998, Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida . In 2000, Wachovia made its final purchase, which

5429-525: The financial press and security analysts. While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as many speculated that Wachovia would be sold to Atlanta-based SunTrust . The deal was met with skepticism and criticism. Analysts, remembering the problems with the CoreStates acquisition, were concerned about First Union's ability to merge with another large company. Winston-Salem's citizens and politicians suffered

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5518-461: The flight of middle-class families, the school district and Center City District, an economic development agency, launched a program that promoted public schools in Center City, including Rittenhouse Square and Society Hill , and adjacent areas in Fairmount , Northern Liberties , and South Philadelphia . K-8 schools that have attendance boundaries in Center City and areas around Center City include: Neighborhood high schools for Center City and

5607-419: The fourth floor, the recesses give the building an H-shape. The skyscraper's top section is distinguished from the lower floors by three small setbacks . At street level, three arched entranceways line Broad Street. The central arch is slightly larger than the others to indicate the entrance to the main banking hall. Carved into the facade above the center arch is the building's name. Inside the arches and above

5696-401: The late 1920s, numerous high-rises were constructed in Center City Philadelphia. Among the businesses commissioning new high-rises was the Fidelity-Philadelphia Trust Company, the result of the 1926 merger between Fidelity Trust Company and the Philadelphia Trust Company. Before the merger, in 1925, architects Edward P. Simon and Grant M. Simon of the firm Simon and Simon were approached to design

5785-436: The merger was completed. This acquisition made Wachovia the ninth largest auto finance lender in the competitive U.S. auto finance market and provided Wachovia with a small retail and commercial banking presence in Southern California . On February 12, 2007, the former 19 Western Financial Bank branches opened under the Wachovia name. These branches became the launching point for a much larger Wachovia presence in California with

5874-422: The name World Savings Bank, was the second largest savings and loan in the United States. The business was a small savings and loan in the San Francisco Bay area when it was purchased in 1963 for $ 4 million by Herbert and Marion Sandler . Golden West specialized in option ARMs loans, marketed under the name "Pick-A-Pay." These loans gave the borrower a choice of payment plans, including the option to defer paying

5963-404: The neighboring Witherspoon Building. In December of that year, Fidelcor announced that the Al-Tajir Foundation, a real estate investment company owned by Mahdi Al Tajir , had agreed to buy Fidelity Building Corp. for US$ 63.5 million. During the late-1980s office building boom in the West Market Street area of Center City, businesses left the Fidelity Building for newer office space. As a result,

6052-444: The new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $ 350 million termination fee . On September 4, 2001, First Union and Wachovia officially merged. In order to prevent a repeat of the CoreStates problems, the new Wachovia gradually phased-in the conversion of legacy Wachovia computer systems to First Union systems. The company first began converting systems in

6141-440: The next day. In order to obtain enough liquidity to do business, banks usually depend on short-term loans to each other. However, the markets had been so battered by a credit crisis related to the housing bubble that banks were skittish about making such loans. Under the circumstances, regulators feared that if customers pulled out more money, Wachovia would not have enough liquidity to meet its obligations. This would have resulted in

6230-492: The noise and activity of the street, a place where businessmen can dine in a restful atmosphere with their business associates". The Midday Club opened in 1929 and closed in 1978. The lobby held a branch of the Wells Fargo History Museum ; its exhibits include a stagecoach , telegraph equipment, historic clothing and currency. Wells Fargo shuttered all of their museums in 2020 except one in San Francisco. Notes Center City, Philadelphia Center City includes

6319-485: The peak of the US housing boom. Wachovia Mortgage's mortgage-related problems led to Wachovia suffering writedowns and losses that far exceeded the price paid in the acquisition, ending up in the fire-sale of Wachovia to Wells Fargo . On May 31, 2007, Wachovia announced plans to purchase A. G. Edwards for $ 6.8 billion to create the United States' second largest retail brokerage firm. The acquisition closed on October 1, 2007. In early March 2008 Wachovia began to phase out

6408-539: The second quarter of 2008, Wachovia reported a much larger than anticipated $ 8.9 billion loss. On June 2, 2008, Wachovia chief executive officer Ken Thompson was forced to retire. He had been head of the company since 2000, while it was still known as First Union . The board replaced him on an interim basis with Chairman Lanty Smith. Smith had already replaced Thompson as chairman a month earlier. On July 9, 2008, Wachovia hired Treasury Undersecretary Bob Steel as chief executive in hopes that his experience would lead

6497-565: The southeast United States where both banks had branches, before moving to First Union's branches in the Northeast, which only had to change their signs to reflect the new company name and logo. This process was completed on August 18, 2003, almost 2 years after the merger. In comparison to the CoreStates purchase, the acquisition of Wachovia by First Union was considered successful by analysts. The company's deliberate pace of conversion prevented any large-scale customer attrition . In fact, Wachovia

6586-525: The station. As of 2016 Taiwanese airline China Airlines provides a private bus service to and from John F. Kennedy International Airport in New York City for customers based in the Philadelphia area. This service previously stopped in Center City in front of the Marriott Hotel. The Center City Residents' Association , originally formed in 1947 to prevent Rittenhouse Square from being turned into

6675-700: The success during 2001 to its acquisition by Wells Fargo. Wachovia Securities and the Prudential Securities Division of Prudential Financial, Inc. combined to form Wachovia Securities LLC on July 1, 2003. Wachovia owned a controlling 62% stake, while Prudential Financial retained the remaining 38%. At the time, the new firm had client assets of $ 532.1 billion, making it the nation's third largest full service retail brokerage firm, based on assets. On October 22, 2003, Wachovia announced it would acquire Metropolitan West Securities, an affiliate company of Metropolitan West Financial . This acquisition added

6764-411: The upper and lower floors and rusticated granite on the 2nd and 3rd floors. Horizontally the building is divided into three parts. The first two stories and a mezzanine level make up the building's base. The next eighteen floors make up the building's shaft and center. The distinctive features of the center are two 55 feet (17 m) recesses on the east and west sides of the building. Starting above

6853-404: The world for fourteen years (1894–1908). In March 1987, One Liberty Place broke the gentlemen's agreement not to exceed the height of the statue of William Penn atop City Hall. Upon the completion of One Liberty Place, no Philadelphia major-league sports team won a world championship for the next two decades, a phenomenon known as the " Curse of Billy Penn ". In an effort to reverse the curse,

6942-463: Was Republic Security Bank. On April 16, 2001, First Union announced it would acquire Wachovia, through the exchange of approximately $ 13.4 billion in First Union stock. First Union offered two of its shares for each Wachovia share outstanding. The announcement was made by Wachovia chairman L.M. "Bud" Baker Jr. and First Union chairman Ken Thompson . Baker would become chairman of the merged bank, while Thompson would become president and CEO. First Union

7031-408: Was added to the National Register of Historic Places on November 27, 1978. The skyscraper was listed because it was an excellent example of commercial Beaux-Arts architecture and because it stands "as a glossary of modern skyscraper design, synthesizing the primary features of three phases of skyscraper development reaching back to the 1880s". The building's characteristics are its tripartite system of

7120-545: Was also headquartered in Winston-Salem. As of December 31, 1964, Wachovia was the first bank in the Southeastern United States to exceed $ 1 billion in resources. On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Wachovia one of

7209-552: Was completed by the end of 2005. In June 2005, Wachovia negotiated to purchase monoline credit card company MBNA . However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America . Wachovia received $ 100 million as the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to

7298-573: Was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years. On October 15, 2011, the final Wachovia branches were converted to Wells Fargo. Wachovia was the product of a 2001 merger between the original Wachovia Corporation, based in Winston-Salem, North Carolina , and Charlotte-based First Union Corporation . The company

7387-559: Was headquartered in the West Tower of Centre Square in Center City. In 2007, the company moved 400 employees, including its top executives, to Radnor Township from Philadelphia . Center City is home to some of the largest and most prominent buildings in the United States, including: The Philadelphia Fire Department operates five fire stations in Center City: The Federal Bureau of Prisons Northeast Region Office

7476-546: Was long regarded as premier office space, but by the 1980s, tenants were leaving for newer buildings in the West Market Street neighborhood. Extensive rehab work has since drawn new tenants. Its largest tenant has always been the Fidelity-Philadelphia Trust Company or its successor companies — today, Wells Fargo . The 405-foot (123 m) limestone and granite skyscraper features recesses that give

7565-426: Was opened on June 1, 1928. The building became premier office space in the center of the city, serving as the home of major law firms among other tenants. In 1953, steel and concrete penthouses were built at the back of the building to house air conditioning equipment. In July 1982, the parent company of Fidelity Bank, Fidelcor, put up for sale Fidelity Building Corp., a subsidiary which owns The Fidelity Building and

7654-632: Was organized into four divisions: General Bank (retail, small business, and commercial customers), Wealth Management (high-net-worth, personal trust, and insurance business), Capital Management (asset management, retirement, and retail brokerage services), and Corporate and Investment Bank (capital markets, investment banking, and financial advisory). It served retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries nationwide. In 2009, Wachovia Securities

7743-462: Was ranked number one in customer satisfaction among major banks by the University of Michigan 's annual American Customer Satisfaction Index for every year after the merger. When Wachovia and First Union merged, Charlotte's One , Two , and Three First Union buildings became One, Two, and Three Wachovia Center (respectively), and the 55-story First Union Financial Center in downtown Miami became

7832-428: Was the acquiring party and nominal survivor, and the merged bank was based in Charlotte and adopted First Union's corporate structure and retained First Union's pre-2001 stock price history. However, as an important part of the merger, the merged bank took Wachovia's name and stock ticker symbol; despite First Union technically being the surviving identity and acquiring party. This merger was viewed with great surprise by

7921-578: Was the first Wachovia business to be converted to the Wells Fargo brand, when the business became Wells Fargo Advisors. Calibre was an independent consultant that was hired by Wachovia for the Family Wealth Group to research managers. The group no longer uses Calibre. The company's corporate and institutional capital markets and investment banking groups operated under the Wachovia Securities brand, while its asset management group operated under

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