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First Union Announces Executive Promotions for John Georgius, Kennedy Thompson and Charles Coltman CHARLOTTE - The Board of Directors of First Union Corporation (NYSE: FTU) today approved three key executive promotions. First Union President John R. Georgius has been given the additional title of Chief Operating Officer of the corporation. First Union Executive Vice Presidents G. Kennedy Thompson and Charles L. Coltman III have both been promoted to Vice Chairman of the corporation. "John Georgius has been my close teammate for more than a decade. He has been the architect of our Future Bank, our redesigned commercial bank, our due diligence and merger integration process, as well as dozens of other initiatives that have revolutionized the way we anticipate and respond to changing customer needs," said Edward E. Crutchfield, First Union's chairman and chief executive officer. "John's achievements have already made him the best chief operating officer of any financial services company in the nation, so it is appropriate that we formally recognize that with this well deserved title." Georgius, 54, began his banking career in 1963 and joined First Union in 1975. During his early career at First Union, he led the Trust Division and the General Banking Group for First Union's North Carolina bank, where he later became Chairman and Chief Executive Officer. As President of First Union Corporation, Georgius has led all of First Union's state banking operations, its growing Capital Management Group (which includes First Union's retail brokerage, mutual funds, trust and insurance products), the Consumer Banking Group (including mortgage, card products and telephone banking), the Automation and Operations Group and other staff functions. Thompson, 47, becomes Vice Chairman of the corporation with responsibility for Global Capital Markets, which includes First Union's funds management activities, specialized industry finance, risk management products, syndicated loans, public and private finance, securitizations and asset-backed finance, equity and debt underwriting, merger and acquisition advisory services, and other investment banking products and services. Thompson joined First Union in 1976 and held several key management positions within First Union's commercial bank during the early years of his career. He later served as president of First Union's Georgia and Florida banks before being named Managing Director of Capital Markets in 1996. "As a leader in our commercial bank and as president of our Florida bank, Ken achieved tremendous success as First Union expanded into new markets and attracted new customers. His recent leadership role in Capital Markets has been a key factor in advancing our business in a challenging market environment," Crutchfield said. Coltman, 55, joined First Union through its merger with CoreStates Financial Corp in April 1998. He now becomes Vice Chairman of the corporation with responsibility for expanding opportunities for First Union globally through prudent expansion of its international products and services. Coltman began his banking career with Philadelphia National Bank (which later became CoreStates) in 1970 in the International Division. He was appointed head of the division in 1982. Coltman later served as chief credit officer, president and chief operating officer of CoreStates and vice chairman. At the time of the merger with First Union, he was named executive vice president for Global Corporate Banking. "For more than two decades, Chuck has successfully managed global risk while producing outstanding results. His extensive international banking experience has already strengthened our service to our customers in the global marketplace. First Union is fortunate to have his leadership in this important position," said Crutchfield. First Union is a leading provider of financial services to more than 16 million customers throughout the nation. First Union is the nation's 6th largest bank holding company, with assets of approximately $235 billion as of Sept. 30, 1998. NOTE TO EDITORS: Photos of Georgius, Thompson and Coltman are available through the photo news service at PRNewswire. |
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