In Brief: Fed Sets Hearing on First Union-CoreStates

The Federal Reserve Board has scheduled a public hearing March 13 on First Union Corp.'s proposed acquisition of CoreStates Financial Corp.

Charlotte, N.C.-based First Union's Community Reinvestment Act plan, the deal's impact on competition, and other issues raised by the merger will be reviewed at the Federal Reserve Bank in Philadelphia.

The Fed on Monday delayed consideration of the bid for Philadelphia- based CoreStates because First Union had not submitted its CRA plan. On Tuesday, the company unveiled plans for $13 billion in community reinvestment loans and contributions in Pennsylvania, New Jersey, and Delaware, as well as an expected layoff of 1,300 people.