<PAGE>
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
<PAGE>
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.
<PAGE>
Financial Statements
and Supplemental Schedules
CoreStates Savings Plan
Years ended December 31, 1993 and 1992
with Report of Independent Auditors
<PAGE>
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
<PAGE>
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
<PAGE>
CoreStates Savings Plan
Statement of Net Assets Available for Plan Benefits
December 31, 1993
<TABLE>
<CAPTION>
Trust Funds
------------------------------------------------------------------------
CoreStates
Financial CoreStates CoreStates CoreStates
Corp Common Equity Bond Liquidity
Total Stock Fund Fund Fund Fund
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
========================================================================================
<CAPTION>
Trust Funds
-----------------
CoreStates Employee
Balanced Loan Distribution
Fund Fund Fund
-----------------------------------------------------
<S> <C> <C> <C>
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 $ --
=====================================================
</TABLE>
See accompanying notes.
2
<PAGE>
CoreStates Savings Plan
Statement of Net Assets Available for Plan Benefits
December 31, 1992
<TABLE>
<CAPTION>
Trust Funds
------------------------------------------------------------------------
CoreStates
Financial CoreStates CoreStates CoreStates
Corp Common Equity Bond Liquidity
Total Stock Fund Fund Fund Fund
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
========================================================================================
<CAPTION>
Trust Funds
-----------------
CoreStates Employee
Balanced Loan Distribution
Fund Fund Fund
-----------------------------------------------------
<S> <C> <C> <C>
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 $ --
=====================================================
</TABLE>
See accompanying notes.
3
<PAGE>
CoreStates Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1993
<TABLE>
<CAPTION>
Trust Funds
-----------------------------------------------------------------------------
CoreStates
Financial CoreStates CoreStates CoreStates CoreStates
Corp Common Equity Bond Liquidity Balanced
Total Stock Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
===========================================================================================
<CAPTION>
Employee
Loan Distribution
Fund Fund
-------------------------------
<S> <C> <C>
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 $ --
===============================
</TABLE>
See accompanying notes.
4
<PAGE>
CoreStates Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1992
<TABLE>
<CAPTION>
Trust Funds
-----------------------------------------------------------------------------
CoreStates
Financial CoreStates CoreStates CoreStates CoreStates
Corp Common Equity Bond Liquidity Balanced
Total Stock Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
===========================================================================================
<CAPTION>
Employee
Loan Distribution
Fund
-------------------------------
<S> <C> <C>
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 $ --
===============================
</TABLE>
See accompanying notes.
5
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
CoreStates Savings Plan
Notes to Financial Statements (continued)
4. Investments
Investments at December 31, 1993 and 1992 were comprised of the following:
<TABLE>
<CAPTION>
December 31, 1993
----------------------------------
Shares Average Market
or Units Cost Value
--------------------------------------------------
<S> <C> <C> <C>
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
==============================
</TABLE>
10
<PAGE>
CoreStates Saving Plan
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
December 31, 1992
----------------------------------
Shares Average Market
or Units Cost Value
--------------------------------------------------
<S> <C> <C> <C>
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
==============================
</TABLE>
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
<PAGE>
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:
<TABLE>
<CAPTION>
CoreStates
Financial
Corp CoreStates CoreStates CoreStates
Common Equity Bond Balanced
Total Stock Fund Fund Fund Fund
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
==================================================================
</TABLE>
6. Unrealized Appreciation (Depreciation) on Investments
The change in unrealized appreciation (depreciation) on investments at December
31, 1993 and 1992 is summarized below:
<TABLE>
<CAPTION>
CoreStates
Financial
Corp CoreStates CoreStates CoreStates
Common Equity Bond Balanced
Total Stock Fund Fund Fund Fund
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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)
===================================================================
</TABLE>
12
<PAGE>
Supplemental Schedules
<PAGE>
CoreStates Savings Plan
Assets Held for Investment
December 31, 1993
<TABLE>
<CAPTION>
Description Shares or Units Average Cost Market Value
----------- --------------- ------------ ------------
<S> <C> <C> <C>
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
=============================
</TABLE>
*--Indicates a party-in-interest to the Plan.
<PAGE>
CoreStates Savings Plan
Transactions in Excess of 5% of Plan Assets
December 31, 1993
<TABLE>
<CAPTION>
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
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
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
<CAPTION>
Category II--A series of transactions (other than security transactions)
- ------------------------------------------------------------------------
with the same person aggregating in excess 5% of plan assets
------------------------------------------------------------
<S>
None
</TABLE>
14
<PAGE>
CoreStates Savings Plan
Transactions in Excess of 5% of Plan Assets (continued)
December 31, 1993
<TABLE>
<CAPTION>
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
------------------------------
<S> <C> <C> <C> <C>
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
<CAPTION>
Category IV--Any single or series of transactions with a person involving
- -------------------------------------------------------------------------
securities in excess of 5% of plan assets
-----------------------------------------
<S>
None
</TABLE>
15
<PAGE>
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
<PAGE>
EXHIBIT INDEX
Consent of Independent Auditors
<PAGE>
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
