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February 27, 1998
More Than 90% of CoreStates and First Union Shareholders Approve Merger
CHARLOTTE-Shareholders of CoreStates Financial Corp (NYSE:CFL) and First Union Corporation (NYSE:FTU) approved the proposed merger of the two companies today in separate meetings.
Total votes cast by CoreStates shareholders represented 78% of shares eligible to vote, and 90.3% of the votes cast were in favor of the merger. First Union votes in favor of the merger represented 97% of votes cast.
The combination of the two organizations will create the leading financial institution on the East Coast with assets of approximately $206 billion. Earlier this week, First Union announced a commitment of more than $13 billion in community reinvestment loans, contributions and training over a five-year period in the communities served by CoreStates.
"I am very enthusiastic about the expanded ability to serve customers that this merger between First Union and CoreStates generates," said Edward E. Crutchfield, chairman and chief executive officer of First Union Corp. "Our combined company will have the resources and the dedication to improving the economic growth of the communities and neighborhoods we serve."
The merger is expected to be consummated by April 30, 1998, subject to regulatory approvals and other conditions of closing.
In addition, First Union's shareholders approved an amendment to First Union's articles of incorporation increasing the authorized number of shares of First Union common stock that may be issued from 750,000,000 to 2,000,000,000.
CoreStates Financial Corp, based in Philadelphia, reported assets of $48 billion as of Dec. 31, 1997. First Union Corporation is the nation's sixth largest bank holding company with assets of $157 billion as of Dec. 31, 1997.
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