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CORAL GABLES FEDCORP MERGER WITH FIRST UNION RECEIVES FEDERAL REGULATORS APPROVAL

CORAL GABLES, Fla., May 3 /PRNewswire/ -- Coral Gables Fedcorp, Inc. (Nasdaq: CGFC) announced today that all required federal regulatory approvals have been received for Coral Cables Fedcorp's merger with First Union Corporation of Florida. A closing date of June 1, 1995 is anticipated, subject to certain additional conditions of closing.

Under terms of the merger, Coral Gables Fedcorp shareholders will receive $26.59 in cash per share. The merger was overwhelmingly approved by Coral Gables Fedcorp shareholders at a special meeting last month (April 21), when 98% of the votes cast were for the merger. Shareholders will receive instructions from First Union on tendering their stock certificates after the closing date.
 -0- 5/3/95


/CONTACT: Karl Steene, V.P., or Bernard Lipskin, 305-529-6000, both of Coral Gables Fedcorp/

(CGFC FTU)

CO: Coral Gables Fedcorp; First Union Corporation of Florida ST: Florida IN: FIN SU: TNM

AD-RK -- FL003 -- 4171 05/03/95 09:10 EDT
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Publication:PR Newswire
Date:May 3, 1995
Words:155
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