PRESS RELEASES

Charles M. Barber will serve as vice president and director of First Union's Charitable Funds Services Group in Florida. He joins First Union from Mellon Bank, where he specialized in working with private and public nonprofit organizations.

Beth G. Kernan will serve as vice president and director of First Union's Charitable Funds Services Group in Georgia. She previously worked at Fleet Financial Corp., handling charitable and nonprofit relationships in the state of Rhode Island.

"We are excited to have Charles and Beth join our team as we continue to expand our focus on the nonprofit market," said Kenneth R. Brown, senior vice president and managing director of First Union's Charitable Funds Services Group. "Each brings an enormous amount of talent, experience and expertise that will benefit charitable organizations and other nonprofit groups in Florida and Georgia."

First Union is one of only a few financial service companies nationwide that has established a dedicated unit to meet the needs of nonprofit groups. Founded two years ago, the Charitable Funds Services Group provides a variety of financial planning services, including an asset allocation process designed specifically for foundations and endowments, planned giving, investment counseling, investment management and comprehensive administrative services.

"Through listening to our customers, we determined that nonprofit organizations had a significant need for professional business management and investment services," said Don McMullen, executive vice president and head of First Union's Capital Management Group. "Serving the nonprofit sector is another illustration of our commitment to providing customers a full array of products and services that meet their investment and financial needs."

Barber and Kernan will work with nonprofit groups in their respective states to determine which products and services best meet their needs. "We want to be a resource to nonprofit organizations and provide them customized products and services," Brown said.

Barber has 18 years of financial, investment management and administration experience working with nonprofit institutions. At Mellon, he provided a number of services to nonprofit groups, including consultation, asset allocation strategies and planned giving. He has a particular expertise in socially screened portfolios.

Barber graduated from George Washington University with a bachelor's degree in physics. He also is a graduate of the Cannon Financial Institute's Foundation Management School and is completing his master's degree in business administration at the University of Pittsburgh. Barber sits on the board of directors of a number of social service organizations and is active in a variety of chapters of the National Planned Giving Council.

Kernan has 20 years of financial services experience, including investment management, estate planning, fiduciary law, fiduciary tax and trust administration. At Fleet, Kernan was responsible for the administration of more than 260 charitable trusts, endowment accounts and planned giving relationships in Rhode Island.

Kernan holds degrees from Concordia Teachers College in Nebraska, New England School of Banking at Williams College and National Graduate Trust School at Northwestern University. She is a member of various organizations, including the Rhode Island Planned Giving Counsel and the Advisory Board of Diocese of Providence.

First Union's Charitable Funds Services Group manages more than $4 billion in assets for over 2,200 organizations, including hospitals, educational institutions, religious organizations and churches, cultural groups and private and community foundations.

Charlotte-based First Union Corp. is a leading provider of financial products and services to more than 12 million customers nationwide. First Union is the nation's sixth-largest bank holding company with $137 billion in assets as of March 31, 1997.

-- END --