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Media Contact: Mary Eshet
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Investor Contact: Alice Lehman
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April 16, 2002
Wachovia Corporation Declares Cash Dividend on Common Stock

CHARLOTTE, NC - The board of directors of Wachovia Corporation (NYSE:WB) today approved the company's regular quarterly cash dividend on its common stock of $0.24 per share. The board also declared a quarterly cash dividend on its shares of Dividend Equalization Preferred Shares (DEPS) of $0.06 per share. The DEPS were issued in connection with the merger between First Union Corporation and the former Wachovia Corporation on September 1, 2001.

The common stock dividend and the DEPS dividend are each payable on June 17, 2002 to holders of record, respectively, as of the close of business on May 31, 2002.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $330 billion and $28 billion in stockholders' equity at December 31. Wachovia is a leading provider of financial services throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.