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Media Contact: Sandy Deem
(704) 374-2710

January 14, 2002
First Union Names Linda Delaney Head of Corporate Trust Services

CHARLOTTE, N.C. - First Union today announced it has promoted Linda Delaney to head its Corporate Trust Services group in Charlotte. Delaney has 21 years of experience in the asset management business at First Union and predecessor banks. Delaney has served most recently as president of Delaware Trust Capital Management and will retain that title as well.

Delaney, as senior vice president and managing director, will be responsible for managing growth and expansion of the core products and services under the Corporate Trust Services group. These include bond and trustee administration, escrow agent, transfer agent and class-action and bankruptcy settlement administration services. Delaney will also be heavily involved with the introduction of the Wachovia brand in the marketplace in conjunction with the Sept. 1, 2001, merger of First Union and Wachovia Corp.

“I have been in this business for more than 30 years,” said Jeff Powell, chief operating officer for the group, “and I have never seen a corporate trust shop that has been able to sustain the level of growth First Union has while maintaining the highest standards of customer care. Linda is the perfect leader to face the ongoing challenge of balancing these two critical factors,” Powell added.

Delaney brings a broad experience base that includes financial management, custody and support services management. She was previously with CoreStates Asset Management as senior vice president of Institutional Administration and Support Services, and prior to that, chief financial officer for Meridian Asset Management.

Delaney holds a bachelor’s degree from Dickinson College of Carlisle, Pa., and also graduated from the Bucknell University School of Trust.

First Union’s Corporate Trust Services is part of the Capital Management Group, which also includes First Union’s asset management and insurance businesses, as well as the fifth largest national brokerage firm.

Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, with assets of $326 billion as of Sept. 30 and $29 billion in stockholders' equity, is a leading provider of financial services to 19 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11East Coast states and Washington, D.C., and provides full-service brokerage with offices in 48 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.

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