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FIRST UNION CORPORATION CORRECTS WIRE SERVICE REPORT AND ISSUES EARNINGS ESTIMATE

 CHARLOTTE, N.C., April 21 /PRNewswire/ -- First Union Corporation (NYSE: FTU FTUpr) expects to report second quarter 1993 earnings of approximately $1.15 to $1.20 per common share. This would compare with earnings of $0.78 per common share on a restated basis for the same period a year ago, and earnings of $1.17 per common share for the first quarter of 1993. First Union issued the earnings estimate at this time following a wire service report of a lower earnings estimate.
 The earnings estimate does not include anticipated merchant banking gains, and is based on various other assumptions which include relative stability in the corporation's market areas and no significant changes in the current interest rate environment.
 First Union also said that the 1993 dilution for the pending acquisitions of First American Metro Corp. and Georgia Federal Bank, FSB, will be less than the 13 cents per share originally estimated.
 First Union's historical financial data has been restated for pooling of interests accounting acquisitions completed during the first quarter of 1993. As of March 31, 1993, First Union Corporation reported assets of approximately $63 billion and operated banking offices in seven states and the District of Columbia, and nonbanking offices in 36 states.
 -0- 4/21/93
 /CONTACT: Investor -- Barbara Massa and Sean Fox, 704-374-7060; Media -- Jeep Bryant, 704-374-2957 (office) and 704-335-0415 (home); all of First Union Corporation/
 (FTU FTUpr)


CO: First Union Corporation ST: North Carolina IN: FIN SU:

DF -- CH017 -- 9053 04/21/93 18:59 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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