PRESS RELEASES

Contact: Arati Sontakay
(704) 383-6996

May 11, 1998
First Union Promotes Cash Management Head Nina Archer to Executive Vice President
Archer leads the third largest cash management division in the country

CHARLOTTE - First Union has promoted Nina Archer, Global Cash Management Division Head, to Executive Vice President. Archer heads one of the nation's fastest growing cash management divisions.

The cash management division has more than doubled in product revenue under Archer's five-year tenure, and it is now ranked third largest in the country, according to Ernst & Young. Last year, First Union cash management grew at 18%, three times the industry average.

In addition, Archer has committed significant energy and resources toward bringing First Union customers the latest technology and products that best fit their needs. Under her leadership, First Union has developed innovative products such as WebInvision, an Internet-based information reporting system that allows clients to access account information and initiate transactions at any time. As a result of Archer's technology investment, First Union's cash management products have earned top marks in surveys by Ernst &Young and Phoenix-Hecht. First Union cash management has also been named one of Future Banker's top ten Masters of Electronic Delivery.

"Nina has grown the cash management division into a significant contributor to First Union's growth and success. Today, First Union is a cash management industry leader with consistently highly rated products," said Ben Maffitt, First Union Executive Vice President and Commercial Bank Head. "In addition, Nina is a remarkable leader and mentor for her team members, and her participation on First Union's Key Managers Committee has been invaluable."

Archer became division head in December 1992 after eight years in First Union cash management sales and service managerial roles. In addition to her role as division head, Archer also led the development of First Union's Commercial Customer Service Center in 1994. Before joining First Union, Archer was a commercial lender for Ameritrust Bank of Cleveland. She is a magna cum laude graduate of the University of Akron in Ohio.

Archer is a member of the National Treasury Management Association and the Bank Administration Institute Peer Group Round Table and a permanently Certified Cash Manager. She is an active supporter of The United Way, the Arts and Science Council and Habitat For Humanity.

Electronic commerce, Internet services, nationwide lockbox processing 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 $172 billion as of March 31, 1997. First Union serves more than 16 million retail and commercial customers and has offices throughout the East Coast from Florida to Connecticut.

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