PRESS RELEASES

Media Contact: Mary Eshet
(704) 383-7777

Investor Contact: Alice Lehman
(704) 374-4139

Investor Contact: Herb Althouse
(704) 383-9404

October 21, 1997
First Union Corporation Declares Cash Dividend on Common Stock

CHARLOTTE - The board of directors of First Union Corporation (NYSE:FTU) today declared a regular quarterly dividend of $0.32 per share on its common stock.

The common stock dividend is payable on December 15, 1997 to holders of record as of the close of business on November 28, 1997.

Beginning with its predecessor, Union National Bank, First Union has paid a dividend every year since 1914 and has increased the dividend annually for the past 20 consecutive years.

First Union Corp. is a leading provider of financial services to more than 12 million retail and corporate customers throughout the East Coast and the nation. It is the nation's sixth-largest bank holding company with assets of $144 billion as of September 30, 1997.

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