PRESS RELEASES

Contact: Betsy Weinberger
(704) 715-4539

February 20, 2001
First Union Hires Charles Dooley to Head its Structured Finance Trust Services Group

CHARLOTTE, NC - February 20, 2001 - First Union (NYSE:FTU) today announced it has hired Charles E. Dooley III from Chase Manhattan Bank to head its Structured Finance Trust Services group. Dooley brings to First Union Corporate Trust Group 19 years of US and International experience in the corporate trust industry.

Dooley has been responsible for managing structured finance administration in Capital Markets Fiduciary Services for the past six years. He has extensive experience in the structured products area in implementing policies and procedures to mitigate risk and liability. He will report to Darryl Fluhme, senior vice president and head of First Union’s Corporate Trust and Institutional Trust Services.
“We are proud Chuck has joined our organization, “ said Fluhme. “He brings a world of experience to our Structured Finance group. We have assembled a team with extraordinary dedication, commitment to quality, and record of success, and we look forward to building strong relationships with our customers and to helping them reach their goals,” Fluhme added.
First Union’s Corporate and Institutional Trust Services is part of the Capital Management Group, First Union’s asset and wealth management business which includes the 6th largest national brokerage firm.
First Union (NYSE:FTU), with $254 billion in assets and stockholders' equity of $15 billion at December 31, 2000, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 47 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.

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