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FIRST UNION CORPORATION DECLARES CASH DIVIDENDS ON COMMON AND PREFERRED STOCK

 CHARLOTTE, N.C., Feb. 16 /PRNewswire/ -- The board of directors of First Union Corporation today declared a quarterly cash dividend of 35 cents per share for its common stock (NYSE: FTU FTUpr).
 The common stock dividend is payable March 15 to holders of record as of Feb. 26. On an annualized basis, the dividend rate is $1.40 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 8.45 percent per annum, applied against $50.00 ($1.0563 per share), and is payable March 31 to holders of record as of March 15.
 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 during the first half of 1993, the corporation will operate approximately 1,300 banking offices and have assets of approximately $68 billion, based upon Dec. 31, 1992 assets, making it the nation's eighth largest bank holding company.
 -0- 2/16/93
 /CONTACT: (Media) Jeep Bryant, 704-374-2957, or (Investor) Maggie Norris, 704-374-4353, both of First Union Corporation/
 (FTU)


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

MM -- CH010 -- 6920 02/16/93 15:55 EST
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Publication:PR Newswire
Date:Feb 16, 1993
Words:253
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