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FIRST UNION CORPORATION DECLARES CASH DIVIDENDS ON COMMON AND PREFERRED STOCK

 FIRST UNION CORPORATION DECLARES
 CASH DIVIDENDS ON COMMON AND PREFERRED STOCK
 CHARLOTTE, N.C., April 21 /PRNewswire/ -- The board of directors of First Union Corporation (NYSE: FTU FTUpr) today declared a quarterly cash dividend of 31 cents per share for its common stock.
 The common stock dividend is payable June 15 to stockholders of record as of May 29. On an annualized basis, the dividend rate is $1.24 per share.
 The board also declared a quarterly cash dividend for its series 1990 cumulative perpetual adjustable rate preferred stock. The dividend rate for the series 1990 preferred stock is 9.00 percent per annum, applied against $50.00 ($1.1250 per share), and is payable June 30 to holders of record as of June 15.
 The corporation's remaining 11 percent series A class A preferred stock, issued to the Federal Deposit Insurance Corporation in connection with the September 1991 acquisition by the corporation of most of the assets and deposits of the two banking subsidiaries of Southeast Banking Corporation, was redeemed by the corporation on April 10, 1992, for $100 million, plus accrued dividends.
 The corporation reported record earnings for the first quarter of 1992 of $98 million, a 34 percent increase from $73 million in the same period a year ago.
 First Union Corporation is the nation's 13th largest bank holding company, based on year-end rankings. First Union reported assets of $48.1 billion as of March 31, 1992, with 1,018 banking offices in Florida, North Carolina, South Carolina, Georgia and one banking office in Tennessee, and 207 nonbanking offices in 36 states.
 -0- 4/21/92
 /CONTACT: Media Contact - Jeep Bryant 704-374-2957 (W) or 704-335-0415 (H); Investor Contact - Maggie Norris 704-374-4353, both of First Union Corporation/
 (FTU FTUpr) CO: First Union Corporation ST: North Carolina IN: FIN SU: DIV


DF -- CH007 -- 0826 04/21/92 15:56 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
Words:311
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