Three months after buying CoreStates Financial Corp. of Philadelphia, First Union is planning to invest $1 million in a small black-owned bank there.

First Union, which has $229 billion of assets, would get 80,000 shares of nonvoting stock in United Bancshares, parent of $118 million-asset United Bank of Philadelphia. United Bank was founded six years ago to serve ethnic communities in and around Philadelphia.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.