PHILADELPHIA CoreStates Financial Corp has asked the Office of the Comptroller of the Currency to let the bank merge its New Jersey and Pennsylvania charters.
If the Comptroller's office approves the application, the company will merge its charters, making it possible for customers who live in one state but work in the other to have seamless banking services.
A spokesman also said the move would result in $2 million annual savings by eliminating duplicated systems. No jobs are being eliminated in the move.
Federal law allows national banks to relocate their headquarters within a 30-mile radius. New Jersey banking law prohibits a bank from operating branches within the state unless it has a headquarters in the state.
Although the company's legal headquarters would be moved to Pennington. N.J.. its operational base will remain in Philadelphia. where the bank's origins date back to 1782.
Approval of the charter merger expected next year would allow CoreStates to consolidate its bank names and marketing.
The announcement comes one week after the bank realigned senior management in a restructuring of the company.
In that move. CoreStates replaced the 13-person office of the chairman with a five-person team aligned with the proposed new structure of the company.
President and CEO Terrence A. Larsen heads the team. He is joined by Charles L. Coltman 3d, who was named president and chief operating officer of the holding company; Rosemade B. Greco, now president and CEO of CoreStates Bank and head of all banking business; Charles P. Cormoily Jr., who has been , named senior executive vice president with oversight of all risk components; and Robert N. Gilmore, who heads technology and operations.
