First Union, Center Financial Complete Merger, Creating $6.7 Billion Connecticut Bank, Financial Services Company.

STAMFORD and WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 14, 1996-- First Union Corporation (NYSE:FTU) and Center Financial Corporation (NASDAQ:CFCX) have completed their previously announced merger and all Centerbank offices opened today as branches of First Union Bank of Connecticut.

The new, merged Connecticut banking and financial services company, with $6.7 billion in assets and $4.6 billion in deposits, offers customers more than 100 traditional branches, seven supermarket branches and 135 ATMs at which to do their banking in the state as well as seamless access to First Union's 2,000 branches and 2,300 ATMs along the East Coast.

The conversion of Centerbank to First Union's platform of operating systems will begin in the pre-dawn hours Friday and will be completed by noon Saturday. Signage on Centerbank's branches and office buildings will be changed to the green diagonal First Union logo, over a four-day period, beginning tonight.

More than 400,000 personalized mailing pieces have been sent to Centerbank retail and commercial customers. New ATM cards have been issued to Centerbank customers which they can begin using immediately. Centerbank cards will not work after midnight Sunday Nov. 17.

First Union offices in Ansonia, Hamden, North Haven, Wallingford and West Haven will be consolidated at the close of business Thursday into nearby Centerbank offices in the same towns.

"We are committed to providing our customers superior products and superior service," Thomas H. O'Brien, Jr., president of First Union Bank of Connecticut, said. "We offer true convenience in terms of geography in Connecticut and down the East Coast to Florida. We look forward to helping our new customers meet, not only their banking needs, but their broader financial goals. We welcome Centerbank's customers to First Union."

Robert J. Narkis, president and chief executive officer of Center Financial Corporation and chairman and chief executive officer of Centerbank, said: "Our customers will be well served by First Union, which is a leader in providing new and imaginative financial services products through both traditional and technology-driven delivery systems. It also clearly shares the Centerbank philosophy that community involvement is both good for business and the right thing to do."

Under terms of the transaction, Center Financial Corporation shareholders will receive .3539 shares of First Union common stock for each share of Center Financial common stock, representing a value of $25.44, based on the average closing price of First Union common stock during the 10-day trading period that ended Tuesday, Nov. 12. Fractional shares will not be provided; these values will be paid in cash. Center Financial shareholders will receive detailed instructions by mail within two weeks on how to exchange their shares for First Union shares.

First Union Corporation, with assets of $133.9 billion at Sept. 30, 1996, provides financial services to 12 million customers in a market area that stretches from Hartford, Conn. to Key West, Fla. and includes 12 states and the District of Columbia.

CONTACT: First Union

Media: Paul Levine, 201/565-2949

Analysts: Leah Long, 704/374-4353

or

Center Financial, Waterbury

Media and Analysts:

Pat Sweet, 203/578-6296