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Contact: Arati Sontakay
(704) 383-6996

February 20, 1998
First Union Cash Management Ranks Among the Nation's Fastest Growing in Ernst & Young Survey

CHARLOTTE - First Union Corporation's Cash Management Division is one of the fastest growing in the country, according to the 1997 Ernst & Young Cash Management Services Survey. During the year, cash management revenue grew 18% at First Union, three times faster than the banking industry average.

First Union's cash management revenue ranks fifth in the industry. According to Ernst & Young, First Union's Cash Management Division also ranks in the top ten for nine of the bank's ten core cash management products. Some of the highest ranked products include corporate check clearing, PC-based information reporting and Automated Clearing House services.

"This excellent ranking reaffirms our cash management philosophy," said Nina Archer, Senior Vice President of First Union's Cash Management division. "Product development, superior technology and exceptional customer service have always been priorities for us, and the Ernst & Young study shows that the market responds to those points of emphasis."

First Union is a leading provider of interstate banking services through its East Coast franchise. First Union's cash management services are available nationwide and meet the needs of a diverse client base.

When First Union completes its acquisition of CoreStates Financial Services Corp., the combined company's Cash Management Division is projected to rank in the top three nationally. In addition, the merger will broaden the scope of product offerings to meet clients' full cash flow requirements such as nationwide lockbox processing, expanded international cash management capabilities and Internet-based electronic commerce services.

"The combination of CoreStates and First Union cash management capabilities will create a larger organization offering a wide range of highly ranked products and services," said Lawrence Forman, Ernst & Young consultant. "In next year's survey, we expect to see the combined organization reach an even higher standing."

Electronic commerce, Internet services and a variety of PC-based options are among the many cash management services available at First Union. First Union offers a full range of collection, disbursement, information reporting and electronic commerce services designed to improve day-to-day efficiency of company treasury operations and maximize company return on cash assets.

Charlotte-based First Union Corporation is the nation's sixth-largest bank with assets of $157 billion as of Dec. 31, 1997. First Union serves more than 12 million retail and commercial customers and has offices throughout the East Coast from Florida to Connecticut.

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