HISTORICAL FINANCIAL PRESS RELEASES

Wachovia Media Contact: Jay E. Reed
(336) 732-5855

Investor Contact: Alice Lehman
(704) 374-4139

Contact: Betsy Weinberger
(704) 715-4539

October 26, 2001
Wachovia Declares Cash Dividend on Common Stock

Charlotte, N.C. -- The board of directors of Wachovia Corporation (NYSE:WB) today approved the company's regular quarterly cash dividend on its common stock of $0.24 per share. The board also declared a quarterly cash dividend on its shares of Dividend Equalization Preferred Shares (DEPS) of $0.06 per share. The DEPS have been issued in connection with the merger between First Union Corporation and the former Wachovia Corporation on September 1, 2001.

The common stock dividend and the DEPS dividend are each payable on December 17, 2001, to holders of record, respectively, as of the close of business on November 30, 2001.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia with assets of $326 billion as of September 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 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 47 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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Wachovia common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol WB. Before the September 1, 2001, merger of First Union and the former Wachovia, the common stock traded on the NYSE as FTU.

Information on this site dated after September 1, 2001, is provided under the Wachovia name, while historical information dated before September 1, 2001, is provided under the First Union name. Please note that historical information may have become out of date and should not be considered current. Wachovia does not undertake any obligation to update the information as a result of new information or subsequent developments. In addition, any forward-looking information is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could cause results to differ from expectations may be found in Wachovia's reports filed with the SEC.