Corestates Won't Change States

TERRENCE LARSEN, THE cautious and deliberate economist who runs CoreStates Financial, never really warmed to the idea of moving headquarters out of Philadelphia. So perhaps it was a good thing his deal to merge with Bank of Boston collapsed in July. Instead, CoreStates announced on Oct. 11 that it will pay some $3 billion in stock for Meridian Bancorp, just outside town. But investors, unhappy with the deal's 24% premium clipped CoreStates stock by 3%--but sent it back up the next day.

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