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FIRST UNION CORPORATION REVISES ITS INVESTMENT SECURITIES ACCOUNTING POLICY

 FIRST UNION CORPORATION REVISES ITS
 INVESTMENT SECURITIES ACCOUNTING POLICY
 CHARLOTTE, N.C., Sept. 14 /PRNewswire/ -- In connection with a review by the staff of the Securities and Exchange Commission of a shelf registration statement covering the future sale of up to $500 million in senior or subordinated debt securities filed by First Union Corporation (NYSE: FTU FTUpr) in August 1992, the corporation has revised its investment securities accounting policy as of June 30, 1992.
 The revision resulted in the reclassification of $4.5 billion of securities that will be held for indefinite periods of time as available for sale and to be accounted for at the lower of cost or market value. This reclassification has no impact on either income or capital, and does not affect any periods prior to June 30, 1992.
 First Union Corporation is the nation's 11th largest bank holding company, based on assets of $47.7 billion as of June 30, 1992, and operates 990 banking offices in Florida, North Carolina, South Carolina, Georgia and one banking office in Tennessee, and 201 nonbanking offices in 36 states.
 -0- 9/14/92
 /CONTACT: (Investors) Barbara Massa, 704-374-2555, or Maggie Norris, 704-374-4353, or (Media) Jeep Bryant, 704-374-2957 (office) or 704-335-0415 (home), all of First Union Corporation/
 (FTU) CO: First Union Corporation ST: North Carolina IN: FIN SU:


CM -- CH006 -- 9266 09/14/92 15:51 EDT
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Publication:PR Newswire
Date:Sep 14, 1992
Words:228
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