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Mary Eshet
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August 24, 1999
First Union Raises Prime Rate
CHARLOTTE - First Union Corporation (NYSE:FTU) announced today that it is raising its prime interest rate to 8.25 percent from 8.00 percent at all of its banks, effective Wednesday, August 25, 1999.
The prime rate is a benchmark used to set interest on various forms of corporate and consumer credit. Prime rate last changed on July 1, 1999.
First Union is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. It is the nation's sixth largest bank holding company with assets of $230 billion as of June 30, 1999. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C.
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