Center Financial shareholders approve merger with First Union.

WATERBURY, Conn.--(BUSINESS WIRE)--Sept. 25, 1996--Shareholders of Center Financial Corp. (NASDAQ: CFCX), the holding company of Centerbank, today approved the proposed merger of the company into Charlotte, N.C.-based First Union Corp. (NYSE: FTU).

Completion of the merger is subject to approval of banking regulators and other conditions of closing.

The approval required that two-thirds of Center Financial's approximately 15 million shares of common stock be voted in favor of the merger. The result of the voting was: 11,727,969 shares in favor; 87,352 shares against and 32,863 shares abstained for a total of 11,848,184 shares voted.

Centerbank will be merged into First Union Bank of Connecticut, which is headquartered in Stamford and operates 65 offices. At June 30, 1996, First Union Bank of Connecticut had $2.6 billion in assets and deposits of $2.1 billion. First Union Bank of Connecticut is a subsidiary of First Union Corp., the sixth largest United States banking company with assets of $140 billion as of June 30, 1996, and offices in 12 eastern states, stretching from Connecticut to Florida, as well as in the District of Columbia.

Center Financial Corp. is the holding company for Centerbank, Centerbank Mortgage Co., Affiliated Business Credit Corp. and Center Capital Corp. Centerbank delivers banking services throughout central Connecticut via 44 traditional branches in 27 communities, seven supermarket branches and alternative delivery systems, such as ATMs and telephone banking. At June 30, 1996, it had $4.0 billion in assets and deposits of $2.6 billion. It is insured by the FDIC. Centerbank Mortgage Co. is a full-service mortgage banking company with a residential servicing portfolio of $7.8 billion. Affiliated Business Credit Corp. is a commercial finance company serving the Northeast. Center Capital Corp. is an equipment leasing firm that provides lease financing services nationwide to manufacturers and end-users of capital equipment. Pending completion of the merger between Center Financial and First Union, Center Capital Corp. will be sold to Center Capital's management.

CONTACT: Center Financial Corp., Waterbury

Patricia B. Sweet, 203/578-6296

Fax: [phone]