Senior executives of First Fidelity Bancorp will retain significant control over its operations after the company is acquired by First Union Corp. on Jan. 1.

In an internal memo to bank employees obtained by American Banker, First Fidelity chief executive officer Anthony P. Terracciano named 44 senior executives to top posts in the bank's retail operations, to be known as First Union North after the $5.4 billion deal is closed. Only three posts will go to First Union senior executives.

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