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THOMSON BANKWATCH UPGRADES RATING FOR FIRST UNION CORPORATION

 CHARLOTTE, N.C., Sept. 3 /PRNewswire/ -- Thomson BankWatch, Inc., has upgraded its rating for First Union Corporation (NYSE: FTU FTUpr). The rating change affects First Union's issuer rating, which has been raised to B from B/C.
 "First Union has exhibited solid financial performance with particularly strong earnings contributions from several areas," according to the Thomson BankWatch report.
 The report cited First Union's March 1 acquisition of Dominion Bankshares, Inc., and its June 23 acquisition of First American Metro Corp. as evidence of the company's ability to strengthen its franchise through financially-driven acquisitions.
 The acquisitions have "broadened the company's geographic diversity," the report noted. "Given First Union's successful track record in managing the acquisition process, we feel comfortable in management's ability to integrate its new subsidiaries."
 Thomson BankWatch affirmed its short-term debt ratings for First Union Corporation and all of its banking subsidiaries (all are TBW-1).
 At June 30, 1993, First Union Corporation reported assets of $72 billion, and operated 1,434 banking offices in Florida, North Carolina, South Carolina, Georgia, Virginia, Tennessee, Maryland and Washington, D.C., and 232 nonbanking offices in 36 states and the District of Columbia.
 -0- 9/3/93
 /CONTACT: (Media) Jeep Bryant, 704-374-2957, or (Investor) Sean Fox, 704-374-7060, both of First Union Corporation/
 (FTU)


CO: First Union Corporation; Thomson Bankwatch, Inc. ST: North Carolina IN: FIN SU:

CM -- CH003 -- 8727 09/03/93 09:33 EDT
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Publication:PR Newswire
Date:Sep 3, 1993
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