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June 30, 1998
FIRST UNION ANNOUNCES EXECUTIVE DIRECTOR, CHAIR AND MISSION OF REGIONAL FOUNDATION
PHILADELPHIA - First Union today announced that the First Union Regional Foundation, the $100 million foundation established by First Union Corporation following its merger with CoreStates Financial Corp in April, will be headed by Migdalia O'Leary, a 20-year veteran of CoreStates. Kimberly Allen, formerly a member of CoreStates Community Development department, was named program officer.
At the First Union Regional Foundation's first board meeting yesterday, the board unanimously elected Stephanie W. Naidoff, Esq., president and CEO of the Regional Performing Arts Center in Philadelphia, chair of the Foundation. The board also formally approved the following mission statement:
"The First Union Regional Foundation will concentrate its resources on targeted community development initiatives. The central theme of our grant making will be to enable individuals to overcome barriers to self sufficiency and to revitalize the communities in which they live. Through the Foundation's efforts and those of collaborating organizations, the Foundation aims to improve the quality of life for community residents and connect them to the economic vitality of the region. Projects selected will have the potential to significantly contribute to systemic community change. Emphasis will be given to initiatives that develop prototypes that can be used as replicable models to rebuild communities.
The Foundation's geographic focus will be the tri-state region of eastern Pennsylvania, New Jersey and Delaware. The region encompasses the following counties: (in Pennsylvania) Bucks, Chester, Delaware, Montgomery, Philadelphia, Potter, Tioga, Bradford, Susquehanna, Clinton, Lycoming, Luzerne, Lackawana, Centre, Union, Montour, Northumberland, Dauphin, Pike, Lehigh, Northampton, Schuylkill, Berks, Lebanon, Lancaster, York, Adams and Cumberland counties; (in New Jersey) Hunterdon, Morris, Essex, Union, Somerset, Middlesex, Mercer, Monmouth, Burlington, Ocean, Camden, Gloucester, Atlantic, Cape May, Cumberland, Salem, Warren, Passaic, Bergen, Sussex, and Hudson counties; (in Delaware) New Castle, Kent, and Sussex counties."
"First Union has made a magnificent contribution to this region, one that focuses on a long-term commitment to building sustainable communities," said O'Leary. "We have a very focused mission that gives us the ability to improve the quality of life for all area residents through strategic grant making."
The board also approved the Foundation's guidelines and the process that will be used to evaluate funding requests. The Foundation, which is operational beginning July 1, will consider grant requests in quarterly cycles on a competitive basis. Priority will be given to efforts that provide tools to enable people with low and moderate incomes to access the social and economic mainstream; elevate disadvantaged youth and adults through a range of innovative education programs; revitalize neighborhoods through comprehensive development plans; utilize effective strategic partnerships; incorporate accountability and evaluation measures; and contribute to long-term, sustainable improvements in communities.
"First Union is proud to bring this important new source of community revitalization to our region," said Robert L. Reid, General Banking Group Head for First Union-New Jersey, New York, and Connecticut.
Executive Director O'Leary was most recently responsible for risk management for CoreStates Capital Markets, and also served as Corporate Secretary for CoreStates Financial Corp and CoreStates Bank N.A. for three years. Kimberly Allen is an 11-year veteran of the bank. For the last five years, Allen served as a program officer in the contributions area and investment manager for CoreStates' Community Development Corporation.
"Migdalia and Kim make a terrific team," said Charles P. Connolly, Jr., president of First Union-Pennsylvania/Delaware. "We are fortunate to have a talented, caring staff who, with the leadership of a truly dynamic board of directors, will enable the Foundation to make a meaningful impact on this region."
As previously announced, the Foundation's board of directors is:
- Judith N. Allison, senior vice president, First Union Corporate Contributions and Community Involvement.
- Robert S. Appleby, chairman of the board, George & Lynch, Inc.;
- Charles P. Connolly, Jr., president, First Union-Pennsylvania/Delaware;
- Lillian Escobar Haskins, president, Escobar Haskins Associates;
- Eleanor V. Horne, vice president and corporate secretary, Educational Testing Service;
- Carlton E. Hughes, chairman, Stewart-Amos Steel, Inc.;
- Ernest E. Jones, executive director, Greater Philadelphia Urban Affairs Coalition;
- George V. Lynett, Esq., publisher, The Scranton Times;
- Marlin Miller, Jr., president and chief executive officer, Arrow International, Inc.;
- Stephanie W. Naidoff, Esq., president and CEO, Regional Performing Arts Center;
- Malcolmn D. Pryor, chairman and founding partner, Pryor, McClendon, Counts & Co., Inc.;
- Robert L. Reid, head of the General Banking Group, First Union-Atlantic;
- Peter S. Strawbridge, retired president, Strawbridge & Clothier;
- Judith M. von Seldeneck, president and chief executive officer, The Diversified Search Companies; and
- John D. Wallace, retired chairman, CoreStates New Jersey National Bank.
For more information on the mission and application process for the First Union Regional Foundation, please submit a request in writing to: First Union Regional Foundation, 1500 Market Street, 1-3-19-5, Philadelphia, PA 19102.
First Union Corporation is a leading provider of financial services to 16 million retail and corporate customers throughout the East Coast and the nation. It is the sixth largest bank holding company in the U.S., with assets of $220 billion following its merger with CoreStates Financial Corp on April 28, 1998.
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