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October 19, 1999
First Union Corporation Declares Cash Dividend on Common Stock
CHARLOTTE - The board of directors of First Union Corporation (NYSE:FTU) today approved the company's regular quarterly cash dividend on its common stock of $0.47 per common share.
The common stock dividend is payable on December 15, 1999 to holders of record as of the close of business on November 30, 1999.
Beginning with its predecessor, Union National Bank, First Union has paid a dividend every year since 1914.
In the first nine months of 1999 ending September 30, First Union's operating earnings were $2.6 billion, representing a return on average stockholders' equity of 21.74% and a return on average assets of 1.56%.
First Union (NYSE:FTU) is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. At September 30, 1999, First Union had assets of $235 billion and total stockholders' equity of $16 billion. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C.
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