PRESS RELEASES

Anticipating the needs of the 21st century in setting its long-term strategy, First Union has focused on the retail consumer bank area of the company to incorporate more state-of-the-art technology as leverage for its vast branch network, and to increase the choices for customers in the way they access First Union products and services.

Antonini since 1995 has been vice chairman and chief financial officer for First USA Inc. and president and chief executive officer of First USA Federal Savings Bank in Dallas, Texas. He will report to John R. Georgius, vice chairman of First Union Corporation and will join the Key Managers' Committee. Antonini succeeds Burt Melton, who retired effective July 1, 1997.

"I have known and followed First Union for more than 10 years and I have been most impressed with its long-term vision. By making a b early commitment to technology and creating one of the few single-bank system platforms in the country, First Union has laid the groundwork for its innovative retail strategy," said Antonini. "I share First Union's philosophy of allowing their retail customers to direct the way they do business with the company."

In addition to nearly 2,000 branch locations from Connecticut to Key West, Fla., customers can bank by phone through First Union Direct 24 hours a day, seven days a week; by pc-banking with First Union's Cyberbanking on the internet through First Union's home page at http://www.firstunion.com or by Microsoft Money or Intuit's Quicken software systems.

"We have begun the move toward First Union's future bank, giving our customers the choice of how, when and where they do business with First Union," said Georgius. "Jack Antonini will play a key leadership role in helping to ensure our success in this enterprise."

While at First USA, Antonini played a key role in developing strategic alternatives to the traditional branch delivery system. He established a successful direct banking operation and developed multiple product origination and servicing capacity.

A native of Grand Rapids, Mich., Antonini is a graduate of Ferris State University in Big Rapids, Mich. Prior career experience included USAA Federal Savings Bank in San Antonio, Texas, Home Savings of Kansas City, Mo., First National Bank of Midland, Texas, and Pacesetter Financial Corporation and Hastings Manufacturing Company in Grand Rapids.

First Union's Customer Direct Access Division includes all card products, call centers and remote and electronic banking operations. First Union Home Equity Bank, N.A. (FUHEB) provides equity financing to more than 113,000 homeowners in the U.S. through 116 locations in 35 states. Through central processing units, FUHEB makes loans in 13 additional states. First Union Mortgage Corporation is the 12th largest residential mortgage servicer in the U.S. based on volume and market share, and has 26 additional branch offices outside First Union's banking states.

At June 30, 1997, First Union had assets of $143 billion. Total stockholders' equity was $10 billion. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C.

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