The Bank Slate


Retired First Union CEO Ed Crutchfield dies

Ed Crutchfield, who used dozens of acquisitions over 15 years to put First Union Bank in Charlotte, N.C., on the national stage, has died.

Crutchfield, 822, retired in 2001 to successfully fight lymphoma, leaving behind the nation’s sixth-biggest bank. He was succeeded by Ken Thompson, who acquired Wachovia and adopted the seller’s name for the bank.

Wachovia was sold in a firesale to Wells Fargo during the 2008 financial crisis.

Crutchfield, who became president in 1973 and CEO 11 years later, did have some M&A stumbles, including the integration of CoreStates Financial in Philadelphia. An accounting change at The Money Store also caused headaches for First Union.

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