Starting in 1985, with the Supreme Court decision upholding regional interstate banking legislation, First Union focused on an aggressive growth strategy.

It continued to operate The Bank of North America's first branch at 6th and Chestnut streets in Philadelphia, which opened in 1782.

It is now the longest continuously operated branch in the nation, and is part of Wells Fargo through multiple subsequent mergers.

[citation needed] First Union acquired Bowles Hollowell Conner & Co. on April 30, 1998, adding to its merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public finance capabilities.

[14][15] On June 30, 1998, First Union paid $2.1 billion for The Money Store, a specialist in home equity loans known for its commercials featuring Baseball Hall of Fame shortstop Phil Rizutto and pitcher Jim Palmer.

Analysts, remembering the problems with the CoreStates acquisition, were concerned First Union's ability to merge with another large company.

Winston-Salem's citizens and politicians suffered a blow to their civic pride because the merged company would be based in Charlotte, home to First Union.

Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids.

In April 2001, Wachovia agreed to sell its $8 billion credit card portfolio to Bank One.

After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA.

The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania.