twentieth century by an increasingly ambitious and risk-taking board of directors. Another merger with First National Bank in 1955 brought another name change, prepending "First," and the First National branch at 315 Chestnut Street was maintained until the Wells Fargo period. Serendipitously, 315 Chestnut is next door to the original location of the Bank of North America at 305 Chestnut. PNB, on the other hand, maintained a reputation for financial caution and civic responsibility. On occasion, the bank made headlines for quiet innovations, such as when during the late 1960s it led all the nation's banks in ending the practice of "redlining" poorer neighborhoods so that personal and small business loans could be extended to residents of poorer city districts, or when, during the middle 1970s, the bank helped universalize ATM banking by building one of the nation's first and largest network of banking machines, known by their acronym, "MAC", for Money Access Center or Money Access Card. By the dawn of the new age of banking in the late 1970s and 1980s, when lending grew highly competitive and banks began vying for power and influence by buying each other, PNB was well positioned to compete. It maintained offices in all of the major financial capitals of the world with headquarters of its subsidiary, Philadelphia International Bank (PIB), in London and New York City, through its practice of Correspondent banking. PNB was particularly aggressive in the then-developing Middle East oil-rich states. The real estate bust of the late 1970s, accompanied by high interest rates and rates of foreclosure, did not hurt PNB to the extent it did its more highly exposed crosstown rival, First Pennsylvania, which never completely recovered from the temporary collapse of the real estate investment trust (REIT) industry and was eventually purchased by PNB in 1990. Creation of CoreStates PNB's first merger involved Hamilton Bank of central Pennsylvania in 1982; later, in the mid-1980s, it would take control of New Jersey National Bank of Trenton, New Jersey. Corestates Financial Corporation evolved out of the merger of PNB with Hamilton. Meanwhile, Corestates Bank of Delaware would focus on lending to the many corporations, including chemical giant DuPont, headquartered in the low-tax First State just south of the Pennsylvania border. After it acquired First Pennsylvania Bank in 1990, CoreStates/PNB spent $20 million to win naming rights for 20 years for the new arena being built next to Philadelphia's Spectrum