Press Releases

First Union began underwriting corporate debt after being granted the authority to underwrite debt and equity by the Federal Reserve in May 1995. The activation of equity powers was subject to a standard examination of the firm's infrastructure and systems by the Fed. First Union invited the Fed to begin the equity examination earlier this year. This review was conducted in early May 1996.

The equity authority includes allowing the company's growing high yield business to further expand into equity warrants and preferred stock activities. "The strength of our client relationships, as well as the b demand for equity underwriting within our market, gives us confidence in our ability to succeed in this business," said Jerry Schmitt, co-managing director of First Union's Capital Markets Group. "Building a team of experienced veterans will be our priority over the next several months. As is evident throughout First Union's Capital Markets organization, we have a successful track-record of attracting and retaining top investment banking talent."

First Union Capital Markets Corp. offers a broad range of products and services to corporate clients including high yield debt finance, private placements, loans syndications, asset securitization, risk management and merger and acquisition advisory.

First Union Corp. is a full financial services provider with more than 12 million corporate clients and retail customers throughout the East Coast and the nation. First Union is the nation's sixth-largest bank holding company with assets of approximately $137 billion.

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