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Media Contact: Sarah Holden
(704) 383-7157

November 05, 1999
First Union Establishes Alliance with National Association of Women Business Owners

CHARLOTTE, N.C. - First Union today announces a regional alliance with the National Association of Women Business Owners (NAWBO). Mary Mack, president of First Union's Metrolina region will make the announcement tonight at NAWBO's Southeast Region retreat in Charlotte.

First Union - NAWBO alliances will be concentrated within NAWBO's Southeast and Atlantic regions, including all 12 states within First Union's franchise area and the District of Columbia. As a corporate sponsor and financial services associate for the Southeast and Atlantic regions of NAWBO, First Union's efforts will be focused on local chapters and will include:

Participating in local chapter programs;
Conducting seminars in select markets and
Hosting business forums for women business owners.

In addition, select products will be available to NAWBO members, including online banking, a web site for women business owners, cash management, private banking, trust services and small ticket leasing. First Union defines small business as a company with up to $10 million in annual sales.

"Women-owned businesses are growing both in number and rate of success everyday," said Mack. "First Union welcomes the opportunity to work with NAWBO and be an integral part of that growth."

"During NAWBO's first 25 years, we focused on helping women owned businesses start and grow their companies," said Whitney Johns Martin, President of NAWBO. "In the next 25 years, we will help women grow their businesses to higher levels and we will transform the way business is done. It is through relationships with partners like First Union that makes us all successful."

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