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FIRST UNION MAKES $250,000 INVESTMENT IN ATLANTA'S CAPITOL CITY BANK & TRUST COMPANY

 ATLANTA, July 1 /PRNewswire/ -- A start-up minority-owned bank is getting off the ground with help from one of the Southeast's established banking institutions.
 First Union Corporation (NYSE: FTU FTUpr) is making a $250,000 investment in Capitol City Bank & Trust Company, a new bank that plans to open two branches in Southwest Atlanta as soon as its initial stock offering is completed.
 First Union will purchase 25,000 shares of Capitol City common stock at the offering price of $10 per share.
 "First Union's investment is critically important in helping us build a strong foundation to attract additional investors and proceed with our business plan," said George G. Andrews, president of Capitol City. "The need for banking services in Southwest Fulton County is great. We plan to meet that need by providing targeted products and services that will directly benefit this area, while providing value to shareholders like First Union who join us in this important venture."
 Capitol City's headquarters and main branch will be located at 562 Lee Street, S.W. In addition, the bank plans to open a branch at 2358 Cascade Road.
 First Union currently operates two offices in Southwest Atlanta under the Georgia Federal name. First Union's merger with Georgia Federal was completed on June 14, and the name will change to First Union in August.
 "We could square off as competitors in Southwest Fulton County, but we wouldn't accomplish as much as we can by working together," explained R. Stanley Kryder, executive vice president for First Union National Bank of Georgia. "First Union's investment in Capitol City is tangible evidence of our desire to see this new bank succeed. In the underserved areas of our community, we need more bankers, not fewer."
 Capitol City will begin operation as soon as $6 million of its $7.5 million offering has been raised. "In addition to institutional investors such as First Union, we want to continue reaching out to the community, and to thank the many individuals from the Southwest Community who have already given us their support," said Andrews.
 Earlier this week, First Union formed a partnership with the Harper Cluster of The Atlanta Project, a program designed to strengthen the quality of life in Southwest Atlanta through financial education, professional training and related support.
 First Union National Bank of Georgia, with headquarters in Atlanta, has approximately $12 billion in assets and operates approximately 174 banking offices statewide.
 -0- 7/1/93 R
 /CONTACT: (Media) Jeep Bryant of First Union Corporation, 704-374-2957 or (home) 704-335-0415/
 (FTU)


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

MM -- CH007R -- 7773 07/01/93 13:06 EDT
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Date:Jul 1, 1993
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