Fidelity Trust Company
| Company type | Private (historical) |
|---|---|
| Industry | Banking and financial services |
| Founded | 1866 in Philadelphia, Pennsylvania, United States |
| Founder | Clarence H. Clark |
| Fate | Acquired by First Fidelity in 1988; ultimately integrated into Wells Fargo |
| Headquarters | Philadelphia, Pennsylvania (original and later headquarters) , United States |
| Products | Insurance, trust services, safe deposit facilities, banking |
Fidelity Trust Company originated in Philadelphia in 1866 under the name Fidelity Insurance, Trust, & Safe Deposit Company. Throughout its existence, it experienced multiple rebrandings, including titles such as Fidelity Trust Company, Fidelity-Philadelphia Trust Company, The Fidelity Bank, and Fidelity Bank, National Association. In 1988, it became part of the largest banking merger in U.S. history at that time and is currently integrated into Wells Fargo.
History
The institution was established in 1866 by financier Clarence H. Clark (1833–1906) alongside associates, starting with $250,000 in capital. It combined insurance offerings with trust services and was notably the second bank in the United States to provide safe deposit facilities. Situated at Broad and Walnut Streets in Philadelphia, its Chestnut Street headquarters featured architectural design by G. W. & W. D. Hewitt, vaults engineered by Frederick S. Holmes, and construction carried out by Damon Safe & Iron Works Co.
Clarence H. Clark served as the inaugural president, followed by a succession of leaders including Nathaniel B. Browne, Stephen Caldwell, John B. Gest (1824–1907), Rudolph Ellis (1837–1915; president from 1900 to 1915), and William P. Gest (approximately 1919–1926).
The company adopted the name Fidelity Trust Company in 1886. By 1921, it managed trust funds exceeding $255 million and corporate trusts totaling $829 million, positioning it among the foremost trust institutions nationally.
In the early decades of the 20th century, Fidelity provided underwriting for International Mercantile Marine, the parent company of White Star Line; financial setbacks following the 1912 sinking of the RMS Titanic resulted in workforce reductions. Thomas D.M. Cardeza—grandson of co-founder Thomas Drake and a survivor of the Titanic disaster—served on the board from 1922 until 1951.
A merger in 1926 with Philadelphia Trust Company (founded in 1869) created Fidelity-Philadelphia Trust Company. In 1928, the firm erected a 29-story building at 123-151 South Broad Street, which is now listed on the National Register of Historic Places and was famously depicted as Duke & Duke's headquarters in the film Trading Places.
Howard C. Petersen held leadership roles as president from 1950 to 1966, chief executive officer until 1975, and chairman through 1978. The bank broadened its reach through acquisitions such as Farmers National Bank of Bucks County and Roosevelt Bank in 1956.
In April 1967, the institution was renamed The Fidelity Bank and relocated its headquarters to Rosemont, Pennsylvania by 1970. Samuel H. Ballam Jr., a veteran employee, served as president from 1971 to 1978.
During the 1970s, Fidelity formed a holding company named Fidelcor to oversee Fidelity Bank as its principal subsidiary. The bank adopted the name Fidelity Bank, National Association in 1984 and underwent several headquarters moves between Rosemont, Malvern, and eventually back to Philadelphia by 1990.
Post-independence
In 1988, First Fidelity, a rapidly expanding bank in New Jersey, acquired Fidelcor. This $1.34 billion transaction, the largest bank merger at that time, elevated First Fidelity into a significant regional institution and positioned it among the top 25 banks nationwide.
First Fidelity was subsequently taken over by First Union in 1996. Later, First Union combined with Wachovia in 2001, and ultimately, Wachovia became part of Wells Fargo through an acquisition in 2008.