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FIRST UNION CORPORATION NEWS RELEASE

 FIRST UNION CORPORATION NEWS RELEASE
 CHARLOTTE, N.C., Sept. 17 /PRNewswire/ -- First Union Corporation


(NYSE: FTU FTUpr) announced today that it is engaged in merger discussions with other financial institutions. There can be no assurance that any definitive agreement will result from such discussions.
 If a definitive agreement were to be reached, First Union has stated that any dilution would be minimal at most in the first year after consummation and accretive thereafter.
 First Union also announced today that it currently expects to report earnings of approximately $139 million, or approximately $1.05 per common share, for the third quarter, which would represent an increase of more than 100 percent over the $67.7 million, or $.61 per common share, reported for the third quarter of 1991.
 First Union Corporation reported assets of $47.7 billion as of June 30, 1992. The corporation has 990 banking offices in Florida, North Carolina, South Carolina, Georgia and one banking office in Tennessee, and 201 nonbanking offices in 36 states.
 -0- 9/17/92
 /CONTACT: Investor -- Barbara Massa, 704-374-2555 or Maggie Norris, 704-374-4353; Media -- Jeep Bryant, 704-374-2957 (office) or 704-335-0415 (home), all of First Union Corporation/
 (FTU) CO: First Union Corporation ST: North Carolina IN: FIN SU: TNM


DF -- CH001 -- 0422 09/17/92 07:14 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
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