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Contact: Donna Smart
(704) 374-6999

November 04, 1999
First Union Announces $5 Billion Lending Goal to Women Business Owners
Web Site Provides Access to Information, Resources

CHARLOTTE, N.C. - First Union Corporation has launched a marketing initiative to attract women business owners and, to accomplish this quickly, the company has set a lending target of $5 billion to help them gain access to capital. The women's market is compelling, with the following data about women:

A survey by Arthur Andersen Center for Family Business recently indicated an anticipated five-fold increase in the number of family-owned businesses run by a female CEO within the next generation.
Women own one third of U.S. businesses today and expected to increase to one half by Year 2005.
Women owned businesses employ more than 27.5 million people and generate more than $3.6 trillion in sales.

For women who prefer the Internet, a distinctive section of particular interest to women business owners has been added to First Union's web site, www.firstunion.com/wbo. It features success stories and links to resources, including the Online Women's Business Center, Women's Business Enterprise National Council and the National Women Business Owner's Corporation.

"We plan to be the company that women equate with superior financial advice, both for their business and for their personal financial needs," said Martha Hayes, senior vice president and head of First Union's Small Business Banking Division. "We want to ensure their access to capital, and by going public with this lending goal for women business owners, we are putting a stake in the ground so they know that we take their needs seriously."

"As an investor in two SBA-licensed capital funds targeting women-owned businesses, the Women's Growth Capital Fund and Capital Across America, First Union also will link to these funds from our web site," said Debra Nichols, senior vice president and director of Women's Financial Advisory Services at First Union. Nichols' primary mission is to ensure that employees who serve customers are aware of the unique challenges facing women when planning to save for their own retirement, estate planning, charitable giving and running a family business.

First Union intends to fulfill this $5 billion lending goal through its Small Business Banking Division, which serves small business with annual sales up to $10 million. "We provide 24-hour turnaround on loan decisions with a completed application," said Hayes. "In our focus groups, we learned that women business owners like the idea of financial services that are simple and convenient, with a variety of choices for access." First Union also offers Business Express, a fast and easy credit approval process for loan amounts up to $50,000.

"We know that women business owners have been under-served by the financial services industry and we see this as a great opportunity for First Union," said Georgette Dixon, vice president and commercial bank marketing manager. First Union offers access to financial services either by telephone, Internet or through any of its more than 2,400 financial centers throughout the East Coast. For more information or to apply for credit, visit First Union's Small Business Solutions Center at www.firstunion.com or call 1-800-566-FUNB, Option 4.

First Union (NYSE:FTU) is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. At September 30, 1999, First Union had assets of $235 billion and total stockholders' equity of $16 billion. 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.