PRESS RELEASES

Media Contact: Mark Folk
(704) 383-7088

Investor Contact: Alice Lehman
(704) 374-4139

February 18, 1997
First Union Corporation Declares Cash Dividend on Common Stock

CHARLOTTE -- The board of directors of First Union Corporation today declared a regular quarterly dividend of 58 cents per share on its common stock (NYSE:FTU). The common stock dividend is payable on March 17, 1997, to holders of record as of the close of business on February 28, 1997.

Charlotte-based First Union Corporation is a full financial service provider and the nation's sixth-largest bank holding company based on assets of approximately $140 billion as of December 31, 1996. First Union serves more than 12 million retail and corporate clients throughout the East Coast and the nation.

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