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First Union Gives $1 Million to Build National Constitution Center First Corporate Pledge Demonstrates Company's Commitment to Education PHILADELPHIA - Charles P. Connolly Jr., president of First Union-Pennsylvania/ Delaware, today announced First Union's contribution of $1 million toward the construction of the National Constitution Center on Independence Mall in Philadelphia. The gift is the first corporate pledge to the construction of the center, which will provide interactive educational exhibits explaining and honoring the Constitution of the United States. "We at First Union are delighted to provide the leadership gift for the National Constitution Center," said Connolly. "The principles of constitutional democracy must be learned and interpreted by each new generation. This gift is a demonstration of First Union's long-standing commitment to education and evidence of our continuing involvement in the Philadelphia region." Connolly said that the gift highlights First Union's involvement in the development of the region. The $1 million pledge is part of First Union's commitment to give more than $17 million a year to cultural, civic and educational projects in eastern Pennsylvania, Delaware and New Jersey for five years. In addition, the bank established the $100 million First Union Regional Foundation to focus grant monies to support comprehensive community revitalization in the same region. The National Constitution Center has said it expects to attract one million visitors a year when it opens in 2002. As a part of the $1 million contribution to the capital campaign, First Union has earmarked $250,000 toward an endowment that will help to fund the Center's ongoing educational programs. First Union is a strong supporter of education in its communities. The company encourages employee involvement in education and gives employees paid time away from work to volunteer in the schools. During the 1997-98 school year, First Union employees volunteered 753,000 hours to schools and education programs. First Union Corporation (NYSE: FTU) is a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation. First Union is the nation's sixth largest bank holding company based on assets of $229 billion as of June 30, 1998, and ranks among the top 15 financial services companies in the world based on market capitalization. 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, DC. --END-- |
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