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FIRST UNION ACQUIRES DEPOSITS AND SELECTED ASSETS OF SECURITY FIRST FEDERAL SAVINGS AND LOAN

 FIRST UNION ACQUIRES DEPOSITS AND SELECTED
 ASSETS OF SECURITY FIRST FEDERAL SAVINGS AND LOAN
 JACKSONVILLE, Fla., Apr. 10 /PRNewswire/ -- First Union National Bank of Florida has acquired the insured deposits and selected assets of Security First Federal Savings and Loan Association from the Resolution Trust Corporation (RTC).
 First Union acquired $893 million in insured deposits from the Daytona Beach-based savings and loan, which has 28 offices in Flagler, Leon, Marion, Putnam, St. Johns, and Volusia counties. In addition to the deposits, First Union agreed to purchase $378.1 million in selected assets with liberal putback options.
 First Union paid a total premium of $46 million to the RTC for the deposits and the option to purchase the assets. Internally, First Union allocated $13 million of the total premium to the deposits and the remainder to the assets which may be acquired. Based on that allocation, the premium represents 1.4 percent of the deposits. Because of the in-market nature of this transaction, First Union estimates that the after-tax return on this investment will exceed 17 percent on allocated capital in 1993 and beyond.
 "We are committed to making sure the transition to First Union is a smooth one for our new customers," said Byron E. Hodnett, chairman and chief executive officer of First Union National Bank of Florida. "First Union's experience in successfully integrating acquired institutions will enable us to meet the needs of the Security First customers immediately."
 The announcement by the RTC at the close of business today that First Union National Bank of Florida was the winning bidder clears the way for the Security First branches to become branches of First Union immediately. Security First offices will resume normal schedules beginning Monday morning.
 Since many Security First offices serve neighborhoods already served by First Union, certain overlapping offices will be consolidated over the next few months.
 As of March 31, 1992, First Union National Bank of Florida had $28.3 billion in assets, $23 billion in deposits and operated 581 offices statewide.
 First Union Corporation (NYSE: FTU FTUpr), the parent company of First Union National Bank of Florida, reported assets of $48.1 billion as of March 31, 1992. First Union operates 1,018 banking offices in Florida, North Carolina, South Carolina, Georgia, one banking office in Tennessee, and 207 nonbanking offices in 36 states.
 -0- 4/10/92
 /CONTACT: Media Contact - Jeep Bryant, 704-374-2957 (W) or 704-335-0415 (H), or George Owen, 1-800-669-5855 (W); Investor Contact - Barbara Massa or Maggie Norris 704-374-4353 (W)/
 (FTU) CO: First Union National Bank of Florida; Security First Federal
 Savings and Loan ST: North Carolina, Florida IN: FIN SU: TNM


CM -- CH010 -- 7452 04/10/92 18:52 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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/ FIRST AND FINAL ADD - CHTH001 - FIRST UNION EARNINGS /.
/FIRST AND FINAL ADD -- CHW002 -- First Union Earnings/.

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