First Union Corp. said Tuesday that it had completed its $19.8 billion acquisition of Philadelphia-based CoreStates Financial Corp., two days ahead of schedule.

First Union said the merger expands its network to 2,400 branches and gives it the largest share of retail deposits on the eastern seaboard. Its assets total $220 billion, and shareholder equity equals $16 billion. The company said it now serves 16 million customers in 12 states and the District of Columbia, and operates 3,400 ATMs from Connecticut to Florida.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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