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Media Contact: Ken Darby
(704) 383-8178

April 28, 1999
Mark Treanor to Become First Union's General Counsel; Marion Cowell to Retire Following 27 Years of Service

CHARLOTTE - First Union Corporation (NYSE: FTU) announced today that Mark C. Treanor will become General Counsel of the corporation following the upcoming retirement of Marion A. Cowell Jr. Cowell plans to retire August 1 following 27 years of service.

"Marion Cowell has been the kind of leader who is always looking ahead, and that is the way he has approached his retirement plans," said First Union Chairman and Chief Executive Officer Edward E. Crutchfield. "He strengthened our legal team last year with the appointment of Mark Treanor as senior deputy general counsel. We are fortunate to have someone with Mark's extensive experience already on board. He will have some very wise shoes to fill."

Treanor, 52, joined First Union in August 1998 from the Maryland-based law firm Treanor, Pope & Hughes, where he served as president and senior partner and specialized in banking litigation and related issues. His extensive experience included representing First Union as special counsel in various litigation matters for more than 15 years. Treanor is a graduate of the United States Naval Academy and a former Marine Corps captain. Following duty as an infantry and artillery officer, including a tour in Viet Nam, he graduated with honors from the University of Maryland School of Law where he was a member of the Law Review and Order of the Coif.

Cowell, 64, has served as General Counsel of First Union Corporation since 1978. From 1972 to 1978 he was General Counsel of First Union Mortgage Corporation, formerly known as Cameron-Brown Company. Among his many achievements and honors, Cowell received the National Public Service Award from the Business Law section of the American Bar Association in 1998 for his work in providing free legal services to individuals and community organizations in need.

"Marion's wise counsel and legal prowess were invaluable as First Union grew to be one of the nation's leading financial services providers, and his commitment to community has proven that he is a lawyer with a very large heart. On a personal level, I will miss him greatly," said Crutchfield. "Mark will help us build upon Marion's valuable legacy."

First Union Corporation is a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation. It is the nation's sixth largest bank holding company with assets of $223 billion as of March 31, 1999.

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