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December 15, 1998
FIRST UNION CORPORATION INCREASES CASH DIVIDEND ON COMMON STOCK
CHARLOTTE - The board of directors of First Union Corporation (NYSE:FTU) today approved an increase in the company's regular quarterly cash dividend on its common stock from $0.42 to $0.47 per share.
This dividend represents a 27 percent increase from the dividend declared in the same quarter last year, and is the third increase in the past 12 months.
Including its predecessor, Union National Bank, First Union has paid a dividend every year since 1914 and has increased the dividend at least annually for the past 20 consecutive years.
The common stock dividend is payable on March 15, 1999 to holders of record as of the close of business on February 26, 1999.
Charlotte-based First Union Corporation is a leading financial services company with assets of $235 billion at Sept. 30, 1998, and market capitalization that places it among the top 15 financial services companies in the world. Ranked as the nation's sixth largest banking company and eighth largest brokerage, it serves 16 million customers who can access account information and purchase financial products at 2,400 retail offices, 3,400 automated teller machines, through the Internet at www.firstunion.com, or by calling First Union Direct at 1-800-ASK-FUNB.
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