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FIRST UNION CREATES 400 NEW JOBS IN THE ROANOKE VALLEY

 ROANOKE, Va., March 3 /PRNewswire/ -- Officials at First Union National Bank of Virginia announced plans to create 400 new jobs in the Roanoke Valley.
 First Union's Virginia Chairman Warner N. Dalhouse and President Benjamin P. Jenkins III told employees and city and county officials that half of the new positions will be located in downtown Roanoke, and half will be located in the former Dominion Bank service center on Plantation Road in Roanoke County.
 "On Monday we consummated our merger with Dominion Bank, and today we are pleased to celebrate our new beginning with this commitment today, a commitment that represents a long-term investment in the Roanoke Valley," Jenkins said.
 Jenkins said 200 of the new jobs that will be added at the Plantation Road site are from First Union's Charlotte-based Consumer Loan Servicenter and Bankcard Customer Service units. The consumer loan service center will be closed in July.
 The Bankcard customer service unit will begin the consolidation beginning early in 1994.
 The remaining 200 new jobs will be generated by growth in First Union's mortgage servicing operation. These new jobs will be located in downtown Roanoke by the end of 1994, as part of First Union Mortgage Corporation.
 Approximately 100 employees currently working at the bank's Valley Court location will also be moved downtown.
 Dalhouse applauded city, county and state officials for their support and encouragement in making the new jobs possible. "We hope this will be the first of many announcements over the coming months that will help Roanoke's economy prosper as First Union continues to grow," Dalhouse said.
 First Union's executives said the acquisition of First American Metro Corporation of McLean, Va., will also benefit the Roanoke Valley, as additional jobs are created in the Roanoke area to support the growing Virginia, Maryland and D.C. operations. First Union announced plans to acquire First American February 26, and expects to complete the acquisition during the second quarter.
 Jenkins also announced plans to study 26 former Dominion and Meritor branch bank locations for possible consolidation. "As we continue to grow, we will continue to fine tune our branch system to make sure that we are providing top quality service to our customers in the most efficient, cost-effective manner possible," said Jenkins.
 "As a final step in this study, we will be talking with community groups and assessing community needs to determine the feasibility of consolidating these branch locations," Jenkins added.
 "We are working to ensure the bank's return to a position of strength from which we can grow and expand. Restoring the Virginia bank to profitability has been a top priority with First Union since we entered into the merger agreement with Dominion last September."
 Jenkins said that branches selected for consolidation do not fit the guidelines First Union sets for its branch offices in terms of size, growth potential, profitability and market area.
 "As we make these tough decisions, we must keep our focus on the long-term strength and stability for our company, and the long-term investment in what's best for the community at large," Jenkins said.
 First Union and Dominion consummated the merger transaction on March 1, 1993. At Dec. 31, 1992, First Union Corporation (NYSE: FTU FTUpr) 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 during the first half of 1993, the corporation will operate approximately 1,300 banking offices and have assets of approximately $71 billion, based upon Dec. 31, 1992 assets, making it the nation's eighth largest bank holding company.
 -0- 3/3/93
 /CONTACT: (Virginia) Brenda McDaniel or Jeep Bryant, 703-563-7719, or (North Carolina) Sandra Deem, 704-374-2710, all of First Union Corporation/
 (FTU)


CO: First Union National Bank of Virginia; First Union Corporation ST: Virginia IN: FIN SU: PER

CM -- CH008 -- 2522 03/03/93 13:41 EST
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Date:Mar 3, 1993
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