October 14, 1997
FEDERAL RESERVE BOARD APPROVES FIRST UNION'S ACQUISITION OF SIGNET BANK
CHARLOTTE - First Union Corporation (NYSE:FTU) has received Federal Reserve Board approval to acquire Signet Banking Corporation (NYSE:SBK), a $12 billion financial services company headquartered in Richmond, Va. The merger was first announced on July 21, 1997.
Signet shareholders will meet to vote on the merger on Nov. 13, 1997. First Union Corporation is the nation's sixth largest bank holding company, with assets of $143 billion as of June 30, 1997.
Media contacts are Jeep Bryant of First Union at 704-374-2957 (office) or 704-442-9046 (home); or Kitty Griffith of Signet at 804-771-7251 (office) or 804-649-1090 (home). Investor contacts are Alice Lehman of First Union at 704-374-4139; or Teresa Jones of Signet at 804-771-7767.
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