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SOUTH CAROLINA FEDERAL SHAREHOLDERS APPROVE FIRST UNION MERGER

 COLUMBIA, S.C., Dec. 15 /PRNewswire/ -- The shareholders of South Carolina Federal Corporation (NASDAQ: SCFD), the parent company of South Carolina Federal Savings Bank, have approved the proposed merger with a wholly-owned subsidiary of First Union Corporation (NYSE: FTU FTUpr) at a special meeting at South Carolina Federal's Columbia headquarters today.
 Approximately 75 percent of the eligible shares were voted and 98.5 percent of the shares voted were in favor of the merger, announced June 11. The closing date of the merger is expected to be in January 1993, subject to customary closing conditions, including certain additional regulatory approvals.
 First Union National Bank of South Carolina, a subsidiary of First Union Corporation, is based in Greenville. After the merger, the combined South Carolina organization will have assets of $2.3 billion and will operate banking offices in 36 communities across the state.
 First Union Corporation is the nation's 12th largest bank holding company, based on assets of $48.3 billion (excluding pending acquisitions) as of Sept. 30, 1992, and as of such date operated 898 banking offices in Florida, North Carolina, South Carolina and Georgia, one banking office in Nashville, Tennessee and 200 nonbanking offices in 36 states.
 -0- 12/15/92
 /CONTACT: (Media) Donna Stockton, 704-374-6999, or (Investor) Margaret Norris, 704-374-4353, both of First Union Corporation/
 (FTU SCFD)


CO: First Union Corporation; South Carolina Federal Corporation ST: North Carolina, South Carolina IN: FIN SU: TNM

MM -- CH008 -- 4674 12/15/91 12:43 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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