PRESS RELEASES

Media Contact: Agnes Stevens
(919) 417-0858

November 26, 1997
FIRST UNION RECEIVES FED APPROVAL FOR WHEAT FIRST MERGER

CHARLOTTE - The Federal Reserve has approved First Union Corporation's (NYSE:FTU) pending merger with Wheat First Butcher Singer Inc., an investment banking and brokerage firm based in Richmond, Va.

The merger was first announced on August 20, 1997. Pending approval from Wheat First shareholders and other regulatory authorities and the satisfaction of other customary conditions of closing, the merger is expected to be consummated in early 1998.

First Union Corp. is a leading provider of financial services to more than 12 million retail and corporate clients throughout the East Coast and the nation. It is the nation's sixth-largest bank holding company with assets of $144 billion as of Sept. 30, 1997.

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