Fitch Affs Bank One's Rtgs; Purchase Of Credit Card Portfolio.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 9, 2001

Fitch affirms the ratings of Bank One Corporation (ONE) and its operating units, following the announcement that ONE has agreed to purchase Wachovia Corporation's (Wachovia) credit card portfolio. The Outlook remains Stable. Ratings of Wachovia and its subsidiaries are also affirmed with a Stable Outlook.

A complete list of ratings of ONE, Wachovia and their subsidiaries is provided at the end of this release.

Fitch believes the transaction has significant strategic value for ONE. The North American credit card industry is consolidating rapidly, and ONE is well positioned to be one of a handful of surviving participants. Through its subsidiary First USA Bank, N.A. (First USA), ONE is the third-largest credit card issuer in the nation. This purchase of this high quality portfolio allows First USA to expand its account base by approximately 12%.

ONE will offer Wachovia customers additional card products and choices. The transaction is expected to be immediately accretive to earnings. While tangible capital will decline after consummation of the transaction, Fitch believes the bank's earnings power should restore capital within a reasonable period.

Fitch notes that First USA experienced significant operational difficulties and customer service problems during 1999. Since then, there have been significant management changes, both at ONE and in First USA. New management has addressed the practices that caused the problems, and has achieved increased customer satisfaction and retention. Fitch believes that First USA has regained the managerial capacity to execute a major acquisition.

Fitch expects that the transaction will add to ONE's franchise strength and earnings power without significantly straining its financial flexibility. Fitch also expects that the conversion of acquired accounts to First USA's platform should proceed smoothly. Nonetheless, Fitch will monitor changes to ONE's financial profile and the integration of the acquired portfolio as part of Fitch's ongoing surveillance.

Ratings affirmed:

Bank One Corporation

      --  Individual rating 'B';

      --  Senior short-term 'F1';

      --  Senior long-term 'A+';

      --  Subordinated long-term 'A';

      --  Support '5'.

First USA Bank N.A.

      --  Individual rating 'B/C';

      --  Senior short-term 'F1+';

      --  Senior long-term 'A+';

      --  Subordinated long-term 'A';

      --  Uninsured deposits long-term 'AA-';

      --  Uninsured deposits short-term 'F1+';

      --  Support '4'.

American National Bank
Bank One Michigan
Bank One Arizona, N.A.
Bank One Colorado, N.A.
Bank One, N.A (Chicago)
Bank One N.A. (Indianapolis)
Bank One Kentucky, N.A
Bank One Louisiana, N.A.
Bank One, N.A (Columbus OH)
Bank One Oklahoma
Bank One Texas, N.A
Bank One, Utah, N.A.
Bank One West Virginia
Bank One Wisconsin

      --  Individual rating 'B';

      --  Senior short-term 'F1+';

      --  Senior long-term 'A+';

      --  Subordinated long-term 'A';

      --  Uninsured deposits long-term 'AA-';

      --  Uninsured deposits short-term 'F1+';

      --  Support '4'.

First Chicago NBD Capital I

      -- Trust preferred 'A'.

Wachovia Corporation

      --  Individual rating 'A/B';

      --  Senior short-term 'F1+';

      --  Senior long-term 'AA-';

      --  Subordinated long-term 'A+';

      --  Support '5'.

Wachovia Bank N.A.

      --  Individual rating 'A/B';

      --  Senior short-term 'F1+';

      --  Senior long-term 'AA-';

      --  Uninsured deposits long-term 'AA';

      --  Uninsured deposits short-term 'F1+';

      --  Support '4'.

Wachovia Capital Trust I
Wachovia Capital Trust II
Wachovia Capital Trust V
Central Fidelity Capital Trust I

      --  Trust Preferred 'A+'.