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First Union Announces Stock Repurchase Program CHARLOTTE - First Union Corporation (NYSE:FTU) announced today that it may repurchase from time to time up to 50 million shares of its outstanding shares of common stock. The stock repurchases, which may include block transactions, would be based on management's assessment of First Union's capital structure and liquidity, the market price of First Union's common stock compared to management's assessment of the stock's underlying value, as well as regulatory, accounting and other factors. First Union stock closed at a price of $58 7/8 per share on November 3. As of Sept. 30, 1998, there were approximately 990.4 million shares outstanding. Charlotte-based First Union Corporation (NYSE:FTU) is a leading financial services company with assets of $235 billion at Sept. 30, 1998, and market capitalization that places it among the top 15 financial services companies in the world. Ranked as the nation's sixth largest bank and eighth largest brokerage, it serves 16 million customers who can access account information and purchase financial products at 2,400 retail offices, 3,400 automated teller machines, through the Internet at www.firstunion.com, or by calling First Union Direct at 1-800-ASK-FUNB. |
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