CoreStates Financial Corp., Philadelphia, said Thomas A. Bracken had been elected president and chief executive of its New Jersey National Bank.

He is to take the presidency Jan. 1 and the chief executive's title July 1. In the meantime, he has joined CoreStates' management committee.

He will succeed John D. Wallace, president since 1976 and chief executive since 1987. Mr. Wallace will remain chairman of the bank's board.

Mr. Bracken is executive vice president of New Jersey National, with responsibility for wholesale services.

He joined the bank in 1969 as a management trainee and held various positions in the commercial lending group before being named to head the group in 1982. He was named to his president position in 1986, the year New Jersey National was acquired by CoreStates.

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