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FIRST UNION ACQUIRES SOUTH CAROLINA FEDERAL

 CHARLOTTE, N.C., Jan. 15 /PRNewswire/ -- First Union Corporation (NYSE: FTU FTUpr) has acquired South Carolina Federal Corporation (NASDAQ-NMS: SCFB), the parent company of South Carolina Federal Savings Bank, effective January 15, 1993. The acquisition agreement was previously announced on June 11, 1992.
 Columbia-based South Carolina Federal had $861 million in assets and 32 offices statewide as of Sept. 30, 1992. First Union expects to issue approximately 2.1 million shares of its common stock in connection with the acquisition.
 The merger agreement provided for an exchange ratio of either 0.76 or 0.745 shares of First Union common stock for each share of South Carolina Federal common stock, depending upon settlement of a pending environmental matter prior to closing. Although this matter has not been settled, First Union and South Carolina Federal have agreed that the exchange ratio will initially be 0.745, subject to upward adjustment to 0.76 if the matter is settled prior to December 31, 1993. Pending such settlement, the difference between the whole shares issuable based on the 0.745 exchange ratio and the shares (including fractional share interests) issuable based on the 0.76 exchange ratio will be held in escrow.
 First Union and South Carolina Federal will continue to operate as separate banks until the final systems conversion has been completed later in the first quarter. Once the banks are combined, First Union National Bank of South Carolina will have $2.6 billion in assets and 65 offices across the state.
 At Dec. 31, 1992, First Union Corporation reported assets of $51.3 billion, and operated 896 banking offices in Florida, North Carolina, South Carolina, Georgia and one banking office in Tennessee, 45 savings bank offices in Virginia, Maryland, the District of Columbia and Florida, and 190 nonbanking offices in 36 states and the District of Columbia. When pending acquisitions have been completed, the corporation will operate approximately 1,300 banking offices and have assets of approximately $66 billion, based upon Sept. 30, 1992 assets, making it the nation's eighth largest bank holding company.
 -0- 1/15/93
 /CONTACT: (Media) Donna Stockton, 704-374-6999, or (Investor) Maggie Norris, 704-374-4353, both of First Union/
 (FTU SCFB)


CO: First Union Corporation; South Carolina Federal Corporation ST: South Carolina, North Carolina IN: FIN SU: TNM

SB -- CH002 -- 5510 01/15/93 16:25 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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