-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, PxyRmzfwQsmzT4QPEcvOgVIDNMwG8ylUZ9s+EPegNcO8hByOwJBdGmiD/nx+S4jo eLBpn78bzRsrbHThgygXGQ== 0000950109-94-001107.txt : 19940701 0000950109-94-001107.hdr.sgml : 19940701 ACCESSION NUMBER: 0000950109-94-001107 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORESTATES FINANCIAL CORP CENTRAL INDEX KEY: 0000069952 STANDARD INDUSTRIAL CLASSIFICATION: 6021 IRS NUMBER: 231899716 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11285 FILM NUMBER: 94536961 BUSINESS ADDRESS: STREET 1: CENTRE SQ W STREET 2: 1500 MARKET ST CITY: PHILADELPHIA STATE: PA ZIP: 19101 BUSINESS PHONE: 2159733806 MAIL ADDRESS: STREET 1: 1500 MARKET ST CITY: PHILADELPHIA STATE: PA ZIP: 19101 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL CENTRAL FINANCIAL CORP DATE OF NAME CHANGE: 19830517 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 1993 Commission file number 0-6879 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: CORESTATES SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: CORESTATES FINANCIAL CORP Broad and Chestnut Streets Philadelphia, PA 19107 REQUIRED INFORMATION The following financial statements and exhibits are filed as part of this report: (a) Item 4 Financial Statements Report of Independent Auditors Statement of Net Assets Available for Benefits as of December 31, 1993 Statement of Net Assets Available for Benefits as of December 31, 1992 Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 1993 Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 1992 Notes to Financial Statements Supplemental Schedules (b) EXHIBIT INDEX (c) Exhibit - Consent of Independent Auditors SIGNATURE Financial statement schedules not included with this report have been omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. Financial Statements and Supplemental Schedules CoreStates Savings Plan Years ended December 31, 1993 and 1992 with Report of Independent Auditors CoreStates Savings Plan Financial Statements and Supplemental Schedules Years ended December 31, 1993 and 1992 Contents Report of Independent Auditors.......................................... 1 Audited Financial Statements Statement of Net Assets Available for Plan Benefits, December 31, 1993.. 2 Statement of Net Assets Available for Plan Benefits, December 31, 1992.. 3 Statement of Changes in Net Assets Available for Plan Benefits, Year ended December 31, 1993......................................... 4 Statement of Changes in Net Assets Available for Plan Benefits, Year ended December 31, 1992......................................... 5 Notes to Financial Statements........................................... 6 Supplemental Schedules Assets Held for Investment.............................................. 13 Transactions in Excess of 5% of Plan Assets............................. 14 Report of Independent Auditors The Board of Directors CoreStates Financial Corp We have audited the accompanying statements of net assets available for plan benefits of the CoreStates Savings Plan as of December 31, 1993 and 1992, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992 and the changes in its net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment and reportable transactions as of or for the year ended December 31, 1993, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ Ernst & Young June 20, 1994 CoreStates Savings Plan Statement of Net Assets Available for Plan Benefits December 31, 1993
Trust Funds ------------------------------------------------------------------------ CoreStates Financial CoreStates CoreStates CoreStates Corp Common Equity Bond Liquidity Total Stock Fund Fund Fund Fund ---------------------------------------------------------------------------------------- Assets Investments, at market (cost $194,809,305): CoreStates Financial Corp Common Stock $ 91,223,511 $ 91,223,511 $ -- $ -- $ -- Mutual funds 132,365,179 537,701 48,723,055 14,922,139 39,225,144 Participants' notes receivable 11,027,409 -- -- ---------------------------------------------------------------------------------------- Total investments 234,616,099 91,761,212 48,723,055 14,922,139 39,225,144 Due from broker 330,230 137,806 -- 192,424 -- Accrued investment income 1,373,817 1,041,321 47,244 52,313 -- Interfund receivable 1,893,614 -- 4,042 -- -- Cash and cash equivalents (501,846) 166,709 255,935 (236,075) (794,109) Other assets 2,937 1,500 -- 141 -- ---------------------------------------------------------------------------------------- Total assets 237,714,851 93,108,548 49,030,276 14,930,942 38,431,035 Liabilities Amounts payable to withdrawing participants 1,284,088 -- -- -- -- Interfund payable 1,893,614 567,063 318,792 95,988 727,065 Due to broker 694,598 -- 405,706 -- -- ---------------------------------------------------------------------------------------- Total liabilities 3,872,300 567,063 724,498 95,988 727,065 ---------------------------------------------------------------------------------------- Net assets available for Plan benefits $ 233,842,551 $ 92,541,485 $ 48,305,778 $ 14,834,954 $ 37,703,970 ======================================================================================== Trust Funds ----------------- CoreStates Employee Balanced Loan Distribution Fund Fund Fund ----------------------------------------------------- Assets Investments, at market (cost $194,809,305): CoreStates Financial Corp Common Stock $ -- $ -- $ -- Mutual funds 28,957,140 -- -- Participants' notes receivable -- 11,027,409 -- ----------------------------------------------------- Total investments 28,957,140 11,027,409 -- Due from broker -- -- -- Accrued investment income 232,939 -- -- Interfund receivable 3,162 602,322 1,284,088 Cash and cash equivalents 105,694 -- -- Other assets 1,296 -- -- ----------------------------------------------------- Total assets 29,300,231 11,629,731 1,284,088 Liabilities Amounts payable to withdrawing participants -- -- 1,284,088 Interfund payable 184,706 -- Due to broker 288,892 -- -- ----------------------------------------------------- Total liabilities 473,598 1,284,088 ----------------------------------------------------- Net assets available for Plan benefits $ 28,826,633 $ 11,629,731 $ -- =====================================================
See accompanying notes. 2 CoreStates Savings Plan Statement of Net Assets Available for Plan Benefits December 31, 1992
Trust Funds ------------------------------------------------------------------------ CoreStates Financial CoreStates CoreStates CoreStates Corp Common Equity Bond Liquidity Total Stock Fund Fund Fund Fund ---------------------------------------------------------------------------------------- Assets Investments, at market (cost $155,753,354): CoreStates Financial Corp Common Stock $ 86,858,476 $ 86,858,476 $ -- $ -- $ -- Common trust funds of CoreStates Bank, N.A. 19,786,004 -- -- -- -- Mutual funds 81,004,847 161,962 29,155,656 12,033,636 39,110,128 Participants' notes receivable 8,404,162 -- -- -- -- ---------------------------------------------------------------------------------------- Total investments 196,053,489 87,020,438 29,155,656 12,033,636 39,110,128 Contributions receivable 1,040,410 329,242 230,128 86,852 212,521 Accrued investment income 1,130,855 797,500 60,418 214,873 -- Interfund receivable 3,479,539 44,331 422,324 147,908 67,897 Cash and cash equivalents 112,588 1,056 429 294 105,776 Other assets 2,939 1,500 -- 142 -- ---------------------------------------------------------------------------------------- Total assets 201,819,820 88,194,067 29,868,955 12,483,705 39,496,322 Liabilities Amounts payable to withdrawing participants 1,901,900 -- -- -- -- Interfund payable 3,479,539 1,099,102 407,581 148,027 1,399,128 Due to broker 2,049,387 2,049,387 -- -- -- ---------------------------------------------------------------------------------------- Total liabilities 7,430,826 3,148,489 407,581 148,027 1,399,128 ---------------------------------------------------------------------------------------- Net assets available for Plan benefits $ 194,388,994 $ 85,045,578 $ 29,461,374 $ 12,335,678 $ 38,097,194 ======================================================================================== Trust Funds ----------------- CoreStates Employee Balanced Loan Distribution Fund Fund Fund ----------------------------------------------------- Assets Investments, at market (cost $155,753,354): CoreStates Financial Corp Common Stock $ -- $ -- $ -- Common trust funds of CoreStates, Bank, N.A. 19,786,004 -- -- Mutual funds 524,937 18,528 -- Participants' notes receivable 8,404,162 -- ----------------------------------------------------- Total investments 20,310,941 8,422,690 -- Contributions receivable 181,667 -- -- Accrued investment income 58,064 -- -- Interfund receivable 528,282 347,078 1,921,719 Cash and cash equivalents 1,087 3,946 -- Other assets 1,297 -- -- ----------------------------------------------------- Total assets 21,081,338 8,773,714 1,921,719 Liabilities Amounts payable to withdrawing participants -- 1,901,900 Interfund payable 275,669 130,213 19,819 Due to broker -- -- ----------------------------------------------------- Total liabilities 275,669 130,213 1,921,719 ----------------------------------------------------- Net assets available for Plan benefits $ 20,805,669 $ 8,643,501 $ -- =====================================================
See accompanying notes. 3 CoreStates Savings Plan Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1993
Trust Funds ----------------------------------------------------------------------------- CoreStates Financial CoreStates CoreStates CoreStates CoreStates Corp Common Equity Bond Liquidity Balanced Total Stock Fund Fund Fund Fund Fund ------------------------------------------------------------------------------------------- Contributions: Employer $ 15,656,831 $ 7,410,690 $ 2,727,320 $ 1,042,802 $ 2,256,484 $ 2,219,535 Employee 16,730,671 5,599,896 3,827,976 1,411,728 2,908,762 2,982,309 ------------------------------------------------------------------------------------------- Total contributions 32,387,502 13,010,586 6,555,296 2,454,530 5,165,246 5,201,844 Investment income: Interest 585,174 3,155 2,217 2,628 7,813 2,131 Dividends on CoreStates Financial Corp common stock 3,744,380 3,744,380 -- -- -- -- Dividend income 2,969,940 22,781 224,034 708,157 1,172,174 842,483 Distribution of common trust funds' income 23,430 -- -- 23,147 283 -- ------------------------------------------------------------------------------------------- Total investment income 7,322,924 3,770,316 226,251 733,932 1,180,270 844,614 Realized gain on investments 6,147,013 2,368,450 152,892 50,193 -- 3,575,478 Unrealized (depreciation) appreciation on investments (493,341) (10,880,119) 12,623,194 (103,479) -- (2,132,937) Participants' withdrawals (18,179,233) (721,757) -- (645) -- -- Transfer from First Peoples Savings Plan 5,473,568 1,072,486 474,175 828,578 2,590,316 508,013 Participants' interfund transfers -- (1,122,471) (1,180,846) (1,463,142) (9,325,544) 21,571 Other (disbursements) receipts 6,795,124 (1,584) (6,558) (691) (3,512) 2,381 Increase (decrease) in net assets ------------------------------------------------------------------------------------------- available for Plan benefits during the year 39,453,557 7,495,907 18,844,404 2,499,276 (393,224) 8,020,964 Net assets available for Plan benefits at beginning of year 194,388,994 85,045,578 29,461,374 12,335,678 38,097,194 20,805,669 ------------------------------------------------------------------------------------------- Net assets available for Plan benefits at end of year $233,842,551 $ 92,541,485 $ 48,305,778 $ 14,834,954 $ 37,703,970 $ 28,826,633 =========================================================================================== Employee Loan Distribution Fund Fund ------------------------------- Contributions: Employer -- -- Employee -- -- ------------------------------- Total contributions -- -- Investment income Interest 567,230 -- Dividends on CoreStates Financial Corp common stock -- -- Dividend income 311 -- Distribution of common trust funds' income -- -- ------------------------------- Total investment income 567,541 -- Realized gain on investments -- -- Unrealized (depreciation) appreciation on investments -- -- Participants' withdrawals (7,076,477) (10,380,354) Transfer from First Peoples Savings Plan -- -- Participants' interfund transfers 2,688,977 10,381,455 Other (disbursements) receipts 6,806,189 (1,101) Increase (decrease) in net assets ------------------------------- available for Plan benefits during the year 2,986,230 -- Net assets available for Plan benefits at beginning of year 8,643,501 -- ------------------------------- Net assets available for Plan benefits at end of year $ 11,629,731 $ -- ===============================
See accompanying notes. 4 CoreStates Savings Plan Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1992
Trust Funds ----------------------------------------------------------------------------- CoreStates Financial CoreStates CoreStates CoreStates CoreStates Corp Common Equity Bond Liquidity Balanced Total Stock Fund Fund Fund Fund Fund ------------------------------------------------------------------------------------------- Contributions: Employer $ 11,047,337 $ 3,536,499 $ 2,314,352 $ 895,991 $ 2,333,616 $ 1,966,879 Employee 15,721,530 4,814,449 3,446,836 1,320,926 3,333,828 2,805,491 ------------------------------------------------------------------------------------------- Total contributions 26,768,867 8,350,948 5,761,188 2,216,917 5,667,444 4,772,370 Investment income: Interest 479,263 -- -- -- -- -- Dividends on CoreStates Financial Corp common stock 2,920,823 2,920,823 -- -- -- -- Dividend income 1,794,601 12,236 151,417 582,494 1,037,100 10,510 Distribution of common trust funds' income 1,367,999 7,556 133,143 164,314 439,582 623,169 ------------------------------------------------------------------------------------------- Total investment income 6,562,686 2,940,615 284,560 746,808 1,476,682 633,679 Realized gain on investments 10,216,710 2,529,819 7,219,372 467,499 -- 20 Unrealized (depreciation) appreciation on investments 2,586,733 10,572,575 (7,464,297) (576,742) -- 55,197 Participants' withdrawals (10,381,273) (730,014) (168) (658) -- -- Participants' interfund transfers -- (6,174,260) 1,528,458 (337,613) (7,335,051) 630,168 Other (disbursements) receipts 295,158 355 (14,986) (1,452) 12,160 14,520 ------------------------------------------------------------------------------------------- Increase (decrease) in net assets available for Plan benefits during the year 36,048,881 17,490,038 7,314,127 2,514,759 (178,765) 6,105,954 Net assets available for Plan benefits at beginning of year 158,340,113 67,555,540 22,147,247 9,820,919 38,275,959 14,699,715 ------------------------------------------------------------------------------------------- Net assets available for Plan benefits at end of year $194,388,994 $ 85,045,578 $ 29,461,374 $ 12,335,678 $ 38,097,194 $ 20,805,669 =========================================================================================== Employee Loan Distribution Fund ------------------------------- Contributions: Employer -- -- Employee -- -- ------------------------------- Total contributions -- -- Investment income: Interest 479,263 -- Dividends on CoreStates Financial Corp common stock -- -- Dividend income 844 -- Distribution of common trust funds' income 235 -- ------------------------------- Total investment income 480,342 -- Realized gain on investments -- -- Unrealized (depreciation) appreciation on investments -- -- Participants' withdrawals (683,992) (8,966,441) Participants' interfund transfers 2,723,582 8,964,716 Other (disbursements) receipts 282,836 1,725 ------------------------------- Increase (decrease) in net assets available for Plan benefits during the year 2,802,768 -- Net assets available for Plan benefits at beginning of year 5,840,733 -- ------------------------------- Net assets available for Plan benefits at end of year $ 8,643,501 $ -- ===============================
See accompanying notes. 5 CoreStates Savings Plan Notes to Financial Statements Year ended December 31, 1993 and 1992 1. Summary of Significant Accounting Policies Basis of Investments Investments are stated at market value (Note 4). Cost of investments sold is determined on an average historical cost basis. Loans are carried at unpaid principal balance. Income Tax Status Management believes that the Plan as amended and restated is exempt from federal income taxes. However, a letter of determination as to the tax status of the Plan as amended and restated has not yet been received. 2. Description of the Plan The following brief description of the Plan is provided for general information only. Participants should refer to the Plan agreement for more complete information. A. General As amended, the Plan is a defined contribution, profit-sharing plan which covers qualified employees of CoreStates or "the employers" and its subsidiaries which include CoreStates Bank, N.A. (formerly The Philadelphia National Bank and First Pennsylvania Bank, N.A.), Philadelphia International Bank, New Jersey National Bank, Hamilton Bank, First Peoples Bank of New Jersey and CoreStates Bank of Delaware, N.A. ("the Company"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). B. Plan Termination While the Company has not expressed any intent to discontinue its contributions, it is free to do so at any time, subject to the provisions of ERISA. Upon complete discontinuance of contributions by employers, or termination or partial termination of the Plan, the rights of all affected participants to benefits accrued to that date shall become fully vested, except to the extent that law or regulations may preclude such vesting in order to prevent discrimination in favor of highly compensated employees. 6 CoreStates Savings Plan Notes to Financial Statements (continued) 2. Description of the Plan (continued) B. Plan Termination (continued) Upon final termination or partial termination of the Plan, and after payment of all expenses not paid by the employers and proportional adjustment of the separate accounts of participants affected thereby to reflect such expenses and a reallocation of profits and losses to the date of such termination or partial termination, affected participants and beneficiaries shall be entitled to distribution of their accrued benefits; provided, however, that amounts credited to a participant's before-tax contribution account shall not be distributed prior to the participant's attainment of age 59-1/2, separation from service, disability, death, or financial hardship, except as a lump-sum distribution. C. Contributions Employee The Plan provides for employee contributions on either an after-tax basis or a before-tax basis (up to $8,994 in 1993 and $8,728 in 1992) equal to any whole percentage of the participant's compensation up to 10% (5% is considered a basic contribution and amounts in excess of 5% are considered an optional contribution) for each payroll period. Employer The Company makes a matching contribution to the Plan on behalf of each participant who has made basic contributions (up to 5%) for each payroll period. The employer contribution allocated to the participant's account for a given payroll period shall be as follows: Participant's Years Employer of Vesting Service Matching Contribution - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Fewer than 2 years 50% At least 2 years but fewer than 3 years 75% 3 years or more 100% In 1993, the Company made a special qualified non-elective contribution to the CoreStates Common Stock Fund within the Plan for all eligible Plan participants who are defined as non-highly compensated employees. The contribution was made in an amount sufficient to purchase five shares of stock for each recipient, and totaled $3,091,905 which is reported as an employer contribution on the Statement of Changes in Net Assets Available. 7 CoreStates Savings Plan Notes to Financial Statements (continued) 2. Description of the Plan (continued) D. Vesting Employee contributions, rollovers, and qualified voluntary employee contribution accounts, as affected by investment results, are fully vested at all times. Employer contributions, also as affected by investment results, are fully vested upon termination of employment because of normal retirement, death, or if the participant incurs a disability. In all other cases, Employer contributions, other than qualified non-elective contributions, as affected by investment results, vest as follows: Years of Vesting Services Percent Vested ______________________________________________________ Fewer than 2 years 0% At least 2 years but fewer than 3 years 50% 3 years or more 100% Upon the participant's employment termination date, that portion of the employer's contributions applicable to such participant which is not vested is forfeited and applied to reduce future employer contributions. Unvested portions are restored to participant's accounts if the participant is reemployed by the Company before incurring a five-year break in service. E. Expenses The expenses of the Plan, including but not limited to legal and accounting fees, shall be paid by the Trust unless paid by the employers. F. Payment of Benefits Upon termination of employment, a participant may receive vested benefits as a lump-sum payment or if the participant's vested accrued benefit exceeds $3,500, the participant may elect to receive equal annual installments over a period not exceeding ten years. Also, a participant may elect to receive a distribution from the accounts invested in the CoreStates Common Stock Fund in the form of CoreStates common stock. G. Loans Active participants, terminated participants and beneficiaries with accrued benefits under the Plan, may borrow funds from the Plan subject to requirements of the Plan. Loans advanced against employees' vested benefits in the Plan are deducted from the amount of any benefits which are payable to the participant upon termination. 8 CoreStates Savings Plan Notes to Financial Statements (continued) 2. Description of the Plan (continued) H. Withdrawals A participant shall be permitted to withdraw all or a portion of the amount in the participant's after-tax contribution account subject to the restriction or penalties as set forth in the Plan. Participants who apply for a hardship withdrawal under IRS regulations, or who cease to be a participant in the Plan, may receive their deferred account balance in full. Participants who elect to receive all or part of their award in cash are paid at the end of the Plan year. The balance due to withdrawing participants reflected in the statements of financial condition at December 31. 1993 and 1992 represents amounts due participants who elected a withdrawal or who elected a cash award. 3. Investment Programs CoreStates Bank, N.A. (CBK) serves as a Trustee for the Plan. Five funds are maintained under the Plan for accumulation and investment of the participants' allocated shares of employer' contributions. The funds are as follows: A. CoreStates Financial Corp Common Stock Fund invests primarily in common stock of CoreStates Financial Corp, the parent company of CBK; B. CoreStates Equity Fund invests principally in the CoreFund Growth Equity Reserve, a mutual fund of CoreFund, Inc. for which CoreStates Financial Corp provides investment advisory and custodial services; C. CoreStates Bond Fund invests principally in the CoreFund Intermediate Bond Fund Reserve, a mutual fund of CoreFund, Inc. for which CoreStates Financial Corp provides investment advisory and custodial services; D. CoreStates Liquidity Fund invests in the CoreFund Cash Reserve Fund, a mutual fund of CoreFund, Inc. for which CoreStates Financial Corp provides investment advisory and custodial services; E. In 1993, CoreStates Balanced Fund invests principally in the CoreFund Balanced Fund Series A, a mutual fund of CoreFund, Inc. for which CoreStates Financial Corp provides investment advisory and custodial services. In 1992, the fund invested principally in the CoreStates Balanced Fund, a common trust fund of CBK. 9 CoreStates Savings Plan Notes to Financial Statements (continued) 4. Investments Investments at December 31, 1993 and 1992 were comprised of the following:
December 31, 1993 ---------------------------------- Shares Average Market or Units Cost Value -------------------------------------------------- CoreStates Financial Corp Common Stock Fund: Common Stock 3,491,484 shares $ 66,622,378 $ 91,223,511 CoreFund Cash Reserve Rebate 537,701 units 537,701 537,701 ------------------------------ 67,160,079 91,761,212 ------------------------------ CoreStates Equity Fund: CoreFund Cash Reserve Rebate 469,105 units 469,105 469,105 CoreFund Growth Equity Reserve Rebate 3,591,559 units 34,555,790 48,253,950 ------------------------------ 35,024,895 48,723,055 ------------------------------ CoreStates Bond Fund: CoreFund Cash Reserve Rebate 133,662 units 133,662 133,662 CoreFund Intermediate Bond Fund Rebate 1,469,872 units 14,666,573 14,788,477 ------------------------------ 14,800,235 14,922,139 ------------------------------ CoreStates Liquidity Fund: CoreFund Cash Reserve Rebate 39,225,144 units 39,225,144 39,225,144 ------------------------------ 39,225,144 39,225,144 ------------------------------ CoreStates Balanced Fund: CoreFund Cash Reserve Rebate 369,438 units 369,438 369,438 CoreFund Balanced Rebate Fund Series A 2,689,343 units 27,202,105 28,587,702 ------------------------------ 27,571,543 28,957,140 ------------------------------ Employee Loan Fund: Participant Notes Receivable, with interest rates ranging from 5.5% to 11% 11,027,409 11,027,409 ------------------------------ Total investments $194,809,305 $234,616,099 ==============================
10 CoreStates Saving Plan Notes to Financial Statements (continued)
December 31, 1992 ---------------------------------- Shares Average Market or Units Cost Value -------------------------------------------------- CoreStates Financial Corp Common Stock Fund: Common Stock 1,520,519 shares $ 51,377,224 $ 86,858,476 CoreFund Cash Reserve Rebate 161,962 units 161,962 161,962 ------------------------------ 51,539,186 87,020,438 ------------------------------ CoreStates Equity Fund: CoreFund Cash Reserve Rebate 112,239 units 112,239 112,239 CoreFund Growth Equity Reserve 2,948,686 units 27,968,451 29,043,417 ------------------------------ 28,080,690 29,155,656 ------------------------------ CoreStates Bond Fund: CoreFund Cash Reserve Rebate 33,012 units 33,012 33,012 CoreFund Intermediate Bond Fund Rebate 1,189,358 units 11,775,241 12,000,624 ------------------------------ 11,808,253 12,033,636 ------------------------------ CoreStates Liquidity Fund: CoreFund Cash Reserve Rebate 39,110,128 units 39,110,128 39,110,128 ------------------------------ 39,110,128 39,110,128 ------------------------------ CoreStates Balanced Fund: CoreFund Cash Reserve Rebate 524,937 units 524,937 524,937 CoreFund Balanced Fund 997,267 units 16,267,470 19,786,004 ------------------------------ 16,792,407 20,310,941 ------------------------------ Employee Loan Fund: CoreFund Cash Reserve Rebate 18,528 units 18,528 18,528 Participant Notes Receivable, with interest rates ranging from 5.5% to 11.00% 8,404,162 8,404,162 ------------------------------ 8,422,690 8,422,690 ------------------------------ Total investments $155,753,354 $196,053,489 ==============================
Market values are determined: (1) for CoreStates Financial Corp Common Stock on the basis of the reported bid price in the over-the-counter securities market as reported by NASDAQ; (2) short-term liquid assets are valued at amortized cost which approximates market value; and (3) CoreFund mutual funds are valued at net asset valued at the close of business on December 31, 1993. 11 CoreStates Savings Plan Notes to Financial Statements (continued) 5. Investment Purchases and Dispositions Realized gain on investments, excluding short-term investments, disposed of during the year ended December 31, 1993 is summarized below:
CoreStates Financial Corp CoreStates CoreStates CoreStates Common Equity Bond Balanced Total Stock Fund Fund Fund Fund ------------------------------------------------------------------ Proceeds $93,425,896 $23,562,886 $12,461,624 $7,408,875 $49,992,511 Cost 87,278,883 21,194,436 12,308,732 7,358,682 46,417,033 ------------------------------------------------------------------ Realized gain $ 6,147,013 $ 2,368,450 $ 152,892 $ 50,193 $ 3,575,478 ==================================================================
6. Unrealized Appreciation (Depreciation) on Investments The change in unrealized appreciation (depreciation) on investments at December 31, 1993 and 1992 is summarized below:
CoreStates Financial Corp CoreStates CoreStates CoreStates Common Equity Bond Balanced Total Stock Fund Fund Fund Fund ------------------------------------------------------------------- Unrealized appreciation (depreciation): At December 31, 1993 $39,806,794 $ 24,601,133 $13,698,160 $ 121,904 $ 1,385,597 At December 31, 1992 40,300,135 35,481,252 1,074,966 225,383 3,518,534 ------------------------------------------------------------------- Unrealized appreciation (depreciation) $ (493,341) $(10,880,119) $12,623,194 $(103,479) $(2,132,937) ===================================================================
12 Supplemental Schedules CoreStates Savings Plan Assets Held for Investment December 31, 1993
Description Shares or Units Average Cost Market Value ----------- --------------- ------------ ------------ CoreStates Financial Corp Common Stock* 3,491,484 shares $ 66,622,378 $ 91,223,511 CoreFund Balanced Rebate Fund Series A* 2,689,343 units 27,202,105 28,587,702 CoreFund Cash Reserve Rebate* 40,735,050 units 40,735,050 40,735,050 CoreFund Growth Equity Reserve Rebate* 3,591,559 units 34,555,790 48,253,950 CoreFund Intermediate Bond Fund Rebate* 1,469,872 units 14,666,573 14,788,477 Participant Notes Receivable with interest rates ranging from 5.5% to 11.0% 11,027,409 11,027,409 ----------------------------- Total investments $194,809,305 $234,616,099 =============================
*--Indicates a party-in-interest to the Plan. CoreStates Savings Plan Transactions in Excess of 5% of Plan Assets December 31, 1993
Identity of Description Purchase Selling Gain Parties Involved of Assets Price Price (Loss) - --------------------------------------------------------------------------------------------------------------------------------- Category I--A single transaction in excess of 5% of plan assets - --------------------------------------------------------------- CoreFund Cash Reserve Rebate Sold 762,149 units at 100% of par value on April 22, 1993 $ 762,149 CoreFund Cash Reserve Rebate Purchased 1,408,536 units at 100% of par value on April 1, 1993 $ 1,408,536 CoreFund Intermediate Purchased 74,794 units at $10.19 Bond Fund Rebate on April 21, 1993 762,149 CoreStates Balance Fund Sold 997,267 units at $19.84 19,786,004 $3,518,533 on January 7, 1993 CoreFund Cash Reserve Rebate Sold 19,735,914 units at 100% of par value on January 4, 1993 19,735,914 CoreFund Balance Rebate Purchased 1,973,591 units at $10.00 Fund Series A on January 5, 1993 19,735,914 CoreFund Cash Reserve Rebate Purchased 19,408,440 units at 100% of par value on January 4, 1993 19,408,440 Category II--A series of transactions (other than security transactions) - ------------------------------------------------------------------------ with the same person aggregating in excess 5% of plan assets ------------------------------------------------------------ None
14 CoreStates Savings Plan Transactions in Excess of 5% of Plan Assets (continued) December 31, 1993
Identity of Description Purchase Selling Gain Parties Involved of Assets Price Price (Loss) - --------------------------------------------------------------------------------------------------------------------------------- Category III--A series of transactions in a security issue aggregating - ---------------------------------------------------------------------- in excess of 5% of plan assets ------------------------------ CoreFund Intermediate Purchased 499,250 units in 46 transactions; Bond Fund Rebate Sold 199,609 units in 11 transactions $ 5,066,732 $ 2,033,168 $ 48,627 CoreFund Cash Reserve Rebate Purchased 68,467,756 units in 436 transactions; Sold 67,674,984 units in 349 transactions 68,467,756 67,674,984 -- CoreFund Balanced Rebate Purchased 2,791,922 units in 36 transactions; Fund Series A Sold 129,737 units in 10 transactions 28,216,269 1,355,252 52,196 CoreStates Financial Corp. Purchased 431,819 units in 52 transactions; Sold 134,644 units in 34 transactions 21,770,974 6,731,917 2,563,216 CoreStates Growth Equity Rebate Purchased 904,172 units in 35 transactions; Sold 277,767 units in 13 transactions 8,834,845 2,805,932 152,891 Category IV--Any single or series of transactions with a person involving - ------------------------------------------------------------------------- securities in excess of 5% of plan assets ----------------------------------------- None
15 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the plan administrator had duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. CORESTATES SAVINGS PLAN Date: June 28, 1994 By /s/ Nancy M. Miller ______________________ Nancy M. Miller Secretary of the Benefit Plans Committee EXHIBIT INDEX Consent of Independent Auditors EX-23 2 CONSENT OF INDEPENDENT AUDITORS CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-32934) pertaining to the CoreStates Savings Plan of CoreStates Financial Corp and in the related Prospectus of our report dated June 20, 1994, with respect to the financial statements and schedules of the CoreStates Savings Plan included in this annual report (Form 11-K) for the year ended December 31, 1993. /s/ Ernst & Young Philadelphia, Pennsylvania June 25, 1994 -----END PRIVACY-ENHANCED MESSAGE-----