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FIRST UNION PRICES COMMON STOCK OFFERING

 FIRST UNION PRICES COMMON STOCK OFFERING
 CHARLOTTE, N.C., April 2 /PRNewswire/ -- First Union Corporation


(NYSE: FTU FTUpr) today announced that the initial public offering price for its public sale of 8.5 million shares of its common stock has been set at $34.75 per share.
 Sale of the 8.5 million shares will bring First Union's outstanding common shares to 129.5 million and will represent approximately $287.1 million in additional common equity capital.
 On Feb. 28, First Union announced it had filed a registration statement with the Securities and Exchange Commission (SEC) covering a proposed public offering of 7 million shares of common stock plus 1.05 million shares to cover over-allotment options to the underwriters.
 First Union today amended the registration statement, increasing the number of shares to 8.5 million and the over-allotment options to 1.275 million shares due to increased demand.
 The primary purposes of the sale of the stock will be to redeem all of the remaining shares of the corporation's 11 percent class A preferred stock issued to the FDIC in connection with the corporation's September 1991 Southeast Banks transaction and to further strengthen the corporation's capital base.
 The redemption price of the class A preferred stock is $100 million plus accrued dividends. The proceeds may also be used for general corporate purposes, which may include acquisitions, including government-assisted transactions, the repurchase of other preferred stock, the reduction of short-term indebtedness and investments in subsidiaries.
 Of the shares being offered, 7.3 million shares are being offered in the United States and 1.2 million shares are being offered in a concurrent offering outside the United States.
 The managing underwriters for the domestic offering are Goldman, Sachs & Co.; The First Boston Corporation; and Smith Barney, Harris Upham & Co. Incorporated. The managing underwriters for the concurrent international offering are Goldman Sachs International Limited; Credit Suisse First Boston Limited and Smith Barney, Harris Upham & Co. Incoporated.
 First Union Corporation is the nation's 13th largest bank holding company, based on assets of $46.1 billion as of Dec. 31, 1991. First Union operates banking offices in Florida, North Carolina, South Carolina, Georgia, one banking office in Tennessee, and 209 non- banking offices in 36 states.
 -0- 4/2/92
 /CONTACT: Investor Contact - Barbara Massa, 704-374-2555 or Maggie Norris, 704-374-4353; Media Contact - George Owen, 800-669-5855, all of First Union Corporation/
 (FTU FTUpr) CO: First Union Corporation ST: North Carolina IN: FIN SU: OFR


DF -- CH014 -- 4579 04/02/92 17:02 EST
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Publication:PR Newswire
Date:Apr 2, 1992
Words:418
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