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FIRST UNION ACQUIRES DECATUR FEDERAL

 CHARLOTTE, N.C., Jan. 15 /PRNewswire/ -- First Union Corporation (NYSE: FTU FTUpr) has acquired DFSoutheastern Corporation, the parent company of Decatur Federal Savings and Loan Association, effective January 15, 1993. The acquisition agreement was previously announced on June 29, 1992.
 The exchange ratio will be 0.82 shares of First Union common stock for each share of DFSoutheastern common stock. First Union expects to issue approximately 3.9 million shares of its common stock in connection with the acquisition. Decatur-based DFSoutheastern reported assets of $2.6 billion and 33 banking offices in Georgia as of Sept. 30, 1992.
 First Union and Decatur Federal will continue to operate as separate banks until the final systems conversion has been completed later in the second quarter. Once the banks are combined, First Union National Bank of Georgia will have $7.4 billion in assets and 140 banking offices across the state.
 On Dec. 21, 1992, First Union announced an agreement to acquire Georgia Federal Bank FSB, Georgia's largest savings bank with $4.5 billion in assets and 57 banking branches as of Oct. 31, 1992. Once this transaction has been completed, First Union National Bank of Georgia will have assets of nearly $12 billion.
 At Dec. 31, 1992, First Union Corporation reported assets of $51.3 billion, and operated 896 banking offices in Florida, North Carolina, South Carolina, Georgia and one banking office in Tennessee, 45 savings bank offices in Virginia, Maryland, the District of Columbia and Florida, and 190 nonbanking offices in 36 states and the District of Columbia. When pending acquisitions have been completed, the corporation will operate approximately 1,300 banking offices and have assets of approximately $66 billion, based upon Sept. 30, 1992 assets, making it the nation's eighth largest bank holding company.
 -0- 1/15/93
 /CONTACT: (Media) Donna Stockton, 704-374-6999, or (Investor) Maggie Norris, 704-374-4353, both of First Union/
 (FTU DFSE)


CO: First Union Corporation; DFSoutheastern Corporation ST: Georgia, North Carolina IN: FIN SU: TNM

SB -- CH001 -- 5444 01/15/93 15:01 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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