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Media Contact:   Ken Darby
(704) 383-8178

Investor Contact:   Alice Lehman
(704) 374-4139

April 21, 1998
First Union Corporation Declares Cash Dividend on Common Stock

CHARLOTTE - The board of directors of First Union Corporation today declared a regular quarterly dividend of 37 cents per share on its common stock (NYSE:FTU).

The common stock dividend is payable on June 15, 1998, to holders of record as of the close of business on May 29, 1998.

First Union Corporation is a leading provider of financial services to more than 12 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 $172 billion as of March 31, 1998.

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