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FIRST UNION CORPORATION INCREASES COMMON STOCK DIVIDEND

 FIRST UNION CORPORATION INCREASES COMMON STOCK DIVIDEND
 CHARLOTTE, N.C., Feb. 18 /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, an increase of 3 cents per share, or 11 percent, from the fourth quarter of 1991.
 First Union also announced that its first quarter earnings are currently estimated to be in the range of 78 to 83 cents per common share. This would compare with earnings of 67 cents per common share for the first quarter of 1991.
 "The dividend increase reflects our present views regarding the company's ongoing earnings potential in the challenging banking environment of the 1990s. Our current earnings estimate for the first quarter reflects in part the significant progress we have made in strengthening our Florida operations following the FDIC- assisted transaction with Southeast Banks last September," said Edward E. Crutchfield Jr., chairman and chief executive officer of First Union Corporation.
 The earnings estimate assumes that the economies in the corporation's market areas do not deteriorate further, that interest rates do not increase materially, and other factors.
 The common stock dividend is payable March 16 to stockholders of record as of February 28. On an annualized basis, the dividend has increased to $1.24 per share.
 The board also declared a quarterly cash dividend for its series 1990 cumulative perpetual adjustable rate preferred stock and its series A cumulative perpetual class A preferred stock. The dividend rate for the Series 1990 preferred stock is 8.75 percent per annum, applied against $50.00 ($1.0938 per share per quarter), and is payable March 31 to holders of record as of March 16.
 The dividend rate for the series A class A preferred stock is 11 percent per annum, applied against $25, and is also payable March 31 to holders of record on March 16.
 As of Dec. 31, 1991, First Union Corporation had assets of $46.1 billion and operated 1,001 banking offices in North Carolina, South Carolina, Georgia and Florida, one banking office in Tennessee and 209 nonbanking offices in 36 states.
 -0- 2/18/92
 /CONTACT: Media Contact - Jeep Bryant, 704-374-2957 (W) or 704-335-0415 (H) or Investor Contact - Maggie Norris, 704-374-4353 (W), both of First Union Corporation/
 (FTU) CO: First Union Corporation ST: North Carolina IN: FIN SU: DIV


DF -- CH002 -- 9889 02/18/92 11:29 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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