PRESS RELEASES

Media Contact: Mary Eshet
(704) 383-7777

Investor Contact: Alice Lehman
(704) 374-4139

November 10, 1997
First Union Receives OCC Approval for Signet Merger; Consummation Date Set for November 28, 1997

CHARLOTTE -- The Office of the Comptroller of the Currency (OCC) has approved First Union Corporation's (NYSE:FTU) pending merger with Signet Banking Corporation (NYSE:SBK), a $12 billion financial services company headquartered in Richmond, Va.

The merger was first announced on July 21, 1997, and received approval from the Federal Reserve Board on Oct. 14, 1997.

Pending approval from Signet shareholders on Nov. 13, and other customary conditions of closing, the merger is expected to be consummated on Nov. 28, 1997. If the merger is consummated on such date, Signet stockholders of record on that date would receive First Union's quarterly common stock dividend of 32 cents per share payable on Dec. 15, 1997.

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 Sept. 30, 1997.

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