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WACHOVIA CORPORATION ESTIMATES 1991 EARNINGS

 WACHOVIA CORPORATION ESTIMATES 1991 EARNINGS
 WINSTON-SALEM, N.C., Jan. 3 /PRNewswire/ -- Wachovia Corporation


(NYSE: WB) expects to report a net loss of approximately $40 million or $.45 per fully diluted share for the fourth quarter of 1991. Net income of $230 million or $2.65 per fully diluted share is estimated for the full year of 1991. The figures for both periods include on a pooling-of-interests basis the results of South Carolina National Corporation which became a wholly owned subsidiary of Wachovia Corporation on December 6, 1991.
 The preliminary results reflect previously reported special charges of $97.8 million by South Carolina National in the fourth quarter to conform litigation, real estate and loan valuation policies and practices, and approximately $16 million of merger related expenses
 Also impacting the final quarter are other nonrecurring charges of about $28 million, including writing down the book value of intangible assets of South Carolina National by $23 million.
 The consolidated loan loss provision is estimated to be $163 million for the fourth quarter and $293 million for the year. Credit charge-offs are approximately $103 million for the quarter and $203 million for the year. The provision and charge-offs for both periods include amounts taken by South Carolina National to conform to Wachovia's standards.
 At December 31, the allowance or reserve for loan losses is estimated at $360 million. This represents about 1.7 percent of projected year-end loans and around 1.5 times nonperforming loans which are expected to total about $239 million. Nonperforming assets are expected to total $321 million. Equity capital is estimated to be $2.5 billion or 7.3 percent of total assets.
 "The merger related and special charges during the fourth quarter cloud an excellent performance by Wachovia in the difficult economic climate of 1991," said John G. Medlin Jr., chief executive officer. "After absorbing these adjustments, the capital ratios, credit quality, and reserve coverage of the Corporation remain among the best in banking. Most importantly, the addition of South Carolina National gives us a stronger foundation for the future."
 Wachovia expects to report completed financial results for 1991 around January 15.
 -0- 2/3/91
 /CONTACT: (Media) Nancy P. Lovelace, 919-770-5696, or (Analyst) Graham P. Dozier III, Comptroller, 919-770-5926, or James C. Mabry, Investor Relations, 919-770-5788, all of Wachovia Corporation/
 (WB) CO: Wachovia Corporation ST: North Carolina IN: FIN SU: ERN


CM -- CH001 -- 6388 01/03/92 08:54 EST
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Date:Jan 3, 1992
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