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Press Releases

Media Contact: Carrie Ruddy
(704) 383-5392

June 27, 2001
First Union Lowers Prime Rate

CHARLOTTE - First Union Corporation (NYSE:FTU) announced today that it is lowering its prime interest rate to 6.75 percent from 7.0 percent at all of its banks, effective tomorrow, June 28, 2001.

The prime rate is a benchmark used to set interest rates on various forms of corporate and consumer credit. The prime rate last changed on May 16, 2001.

About First Union Corporation
First Union (NYSE:FTU), with $253 billion in assets and stockholders' equity of $16 billion at March 31, 2001, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 47 states. Online banking products and services can be accessed through www.firstunion.com.