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PAT MULCRONE WINS FIRST UNION'S THIRD ANNUAL 10TH LEGION AWARD

 PAT MULCRONE WINS FIRST UNION'S THIRD ANNUAL 10TH LEGION AWARD
 CHARLOTTE, N.C., Oct. 22 /PRNewswire/ -- Pat Mulcrone, who has led First Union Corporation's (NYSE: FTU FTUpr) comprehensive "due diligence" exams of potential acquisitions for the last two years, has won the corporation's most prestigious honor, the Tenth Legion Award for leadership and excellence.
 "Pat has played an absolutely vital role in our company," said First Union Chairman and Chief Executive Officer Edward E. Crutchfield Jr., who presented the award at the corporation's annual senior leadership conference. "These due diligence exams analyze the risks and determine the value of other banks we are considering for acquisition. This homework can make or break First Union's future."
 Banking industry analysts have praised the thoroughness of First Union's due diligence exams, which Mulcrone has coordinated since the exam leading to the acquisition of Southeast Banks of Florida in 1991.
 First Union Personnel Director Flo Phillips said the Tenth Legion Award recognizes "the one soldier who charges into the thick of battle with such energy and effectiveness that he or she captures the attention of the entire army." The award, open to all employees, is named after a legendary unit of the Roman Empire that overcame all obstacles.
 Mulcrone was praised for his determination, enthusiasm, organizational skills and sensitivity to his teammates. "He either puts himself second, or he puts himself in your shoes," said Steve Parker, an assistant vice president who works for Mulcrone. "If we're both working late, he says, 'You go home.' He drags me out the door, then he stays all night to finish the project."
 Mulcrone, accustomed to operating in secrecy, was surprised twice by Crutchfield -- once with the award and then with the introduction of 13 members of his family, including his wife, Elaine, children Daniel and Colleen, parents Tom and Helen Mulcrone, mother-in-law Delia MacArthur, and four of his five brothers and sisters with spouses.
 In accepting the award, Mulcrone said it should be shared by his family, co-workers and due diligence teammates. "People from all over the company work together on these projects," he said. "It brings us together as a company."
 Mulcrone, 44, joined First Union in 1978 as a systems developer, and has worked in the corporation's Automation, Audit and Finance divisions. Now a senior vice president, he recently was named to head a new area that examines and monitors all forms of risk.
 A native of Parma Heights, Ohio, near Cleveland, Mulcrone earned his bachelor's degree at Michigan State University and his MBA at Baldwin- Wallace College in Berea, Ohio.
 The Tenth Legion Award, a crystal sculpture resembling the Roman numeral "X," was designed for First Union by North Carolina artist Gilbert Johnson, whose works have been displayed at the Smithsonian Institution and other leading U.S. museums.
 The award was introduced in 1990. The first two recipients were George Varnell, senior vice president for Consumer Credit for First Union National Bank of Georgia, and Frank Hobby, a vice president in the Systems Development Division.
 At September 30, 1992, First Union Corporation had assets of $48.3 billion, excluding pending acquisitions. It operated 899 banking offices in Florida, North Carolina, South Carolina, Georgia and Tennessee and 200 nonbanking offices in 36 states.
 -0- 10/22/92
 /CONTACT: Jeep Bryant, First Union Corporation, 704-374-2957 or (home) 704-335-0415/
 (FTU) CO: First Union Corporation ST: North Carolina IN: FIN SU: PER


CM -- CH008 -- 3445 10/22/92 10:37 EDT
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Date:Oct 22, 1992
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