The accident occurred around 4:30 a.m. Sunday on the 9300 block of Krewstown Road.
According to police, two men were traveling in a Volkswagen Touareg at a high rate of speed when they lost control of the vehicle and crashed into a fire hydrant.
The impact sent the fire hydrant into a parked car. A man inside the park car was asleep at the time; he was startled, but not injured.
Police say the Volkswagen then continued through the parking lot of the Krewstown Shopping Center and struck a dumpster. The vehicle then ran into the drive-thru of the Citizen's Bank before coming to a stop.
Firefighters had to cut both men from the car so medics could access the victims.
The 28-year-old passenger was pronounced dead at the scene.
The 23-year-old driver was taken by ambulance to Aria Health Torresdale in serious condition with broken bones.
Officials from Licenses and Inspections are surveying the damage to the bank.
Police, meanwhile, continue to investigate the incident.