I stayed longer than I originally expected following the combination of the two companies because things were going so well," Terracciano said. "I really liked the way we smoothly integrated the two companies and the wonderful people throughout the First Union system."
Edward E. Crutchfield, First Union's chairman and chief executive officer, said: "We knew at the time we announced the First Union-First Fidelity merger that this combination would be terrific, and it has turned out even better than we hoped. Tony and his team made it happen. All of us associated with First Union - employees, customers, shareholders - owe Tony an enormous debt of gratitude. We wish him happiness in the years ahead."
Terracciano's retirement marks the end of a distinguished 34-year banking career during which he served in executive leadership positions in four of the nation's major banking companies. He spent the first 23 years of his career at The Chase Manhattan Bank, reaching the level of vice chairman. From 1987 to 1990, Terracciano was president and chief operating officer of Mellon Bank Corporation, Pittsburgh. In 1990, he joined First Fidelity, where he was credited with executing one of the banking industry's most successful turnarounds.
A native of Bayonne, N.J., Terracciano received a bachelor's degree in economics from St. Peter's College and a master's degree in philosophy from Fordham University.
First Union, the nation's sixth largest banking company with $143 billion in assets as of June 30, 1997, serves 12 million customers along the East Coast and throughout the nation.
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