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FIRST UNION REDEEMS ITS CONVERTIBLE PREFERRED STOCK

 CHARLOTTE, N.C., April 20 /PRNewswire/ -- The board of directors of First Union Corporation (NYSE: FTU) today elected to redeem on June 18, 1993, its Series A $2.50 Cumulative Convertible Class A Preferred Stock issued in connection with the acquisition of Dominion Bankshares Corporation on March 1, 1993.
 The redemption price is $25 per share, plus accrued dividends to the date of redemption. Dividends on the convertible preferred stock will cease to accrue from and after the redemption date. On or before June 11, 1993, the shares are convertible into shares of First Union common stock on the basis of 1.2889 shares of common stock for each share of convertible preferred stock. The last reported sale price per share of the common stock on the NYSE Composite Tape on April 19, 1993, was $49.875.
 Accrued dividends on the convertible preferred stock are not payable upon conversion to common stock. Holders of the convertible preferred stock who convert prior to the May 28, 1993 record date for the common stock dividend of 35 cents per share, payable on June 15, 1993, would be eligible to receive such dividend.
 At Mar. 31, 1993, First Union Corporation reported assets of $63.2 billion, and operated 1,238 banking offices in Florida, North Carolina, South Carolina, Georgia Virginia, Tennessee, Maryland, and Washington D.C., and 238 nonbanking offices in 36 states and the District of Columbia. Including pending acquisitions expected to be completed in the second quarter of 1993, the corporation is expected to operate approximately 1,300 banking offices and have assets of approximately $71 billion, which would make it the nation's eighth largest bank holding company.
 -0- 4/20/93
 /CONTACT: (Media) Jeep Bryant, 704-374-2957, (Investor) Sean Fox, 704-374-4353, both of First Union Corporation/
 (FTU)


CO: First Union Corp. ST: North Carolina IN: FIN SU:

MM -- CH012 -- 8260 04/20/93 16:08 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
Words:315
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