American Savings stockholders approve acquisition by First Union Corp.

MIAMI--(BUSINESS WIRE)--June 14, 1995--American Savings of Florida, F.S.B. (NASDAQ:ASFL) announced today that its stockholders have approved its merger into a subsidiary of First Union Corp. (NYSE:FTU).

American Savings reported that 9.5 million shares, or 81 percent of the shares outstanding, were voted in favor of the merger at American Savings' special and annual meeting of stockholders, held today in Miami. This affirmative vote is more than the two-thirds of the outstanding shares required for approval of the merger. Among the "non-interested" shares (those shares not held by the Enstar Group -- the principal stockholders of American Savings -- Enstar Group's officers and directors, or the directors and certain officers of American Savings) that were voted at the meeting, the merger received the approval of 94 percent, more than the majority of affirmative votes required by the merger agreement.

The merger has received preliminary approval from the Office of the Comptroller of the Currency and is currently expected to close on July 1, 1995, or the first business day thereafter, subject to certain conditions of closing.

In other voting at the meeting, stockholders re-elected American Savings' nine incumbent directors, who are expected to serve until the merger is effective, and ratified the appointment of the bank's independent auditors.

American Savings, with approximately $3.5 billion in assets, operates a network of 29 retail offices in Dade, Broward and Palm Beach counties and has eight mortgage origination offices in Florida and in Chicago. First Union Corporation, headquartered in Charlotte, North Carolina, is the nation's ninth largest bank holding company with $77.3 billion in assets at year-end 1994.

CONTACT: American Savings of Florida, F.S.B., Miami

Carlos Fernandez-Guzman, 305/770-2430