PRESS RELEASES

The cash transaction includes $1.416 billion in securitized loans and will be accounted for as a purchase. The transaction is expected to close in the first quarter and be accretive to earnings in 2000.

Bankmont Financial is the majority owner of Partners First. First Annapolis Consulting Inc. is the minority shareholder. Wachovia will assume most assets and liabilities of Partners First. Partners First employees are located in Baltimore and Boston and will join Wachovia following the completion of the transaction.

The purchase agreement includes an exclusive 5-year arrangement for Wachovia to act as the credit card provider for Harris Bank, a $27 billion asset subsidiary of Bankmont Financial. Harris has 865,000 retail customers in Illinois, Arizona and Florida.

"This acquisition will allow Wachovia to leverage its investments in technology and cardholder account analytics across 1.2 million additional customers," said Charles M. Hegarty, president of Wachovia Bank Card Services. "This transaction also fits our strategy of aligning with regional brands like Harris to enhance our credit card business."

Partners First cardholders will be issued Wachovia cards when their current cards expire. Harris customers will continue receiving Harris-branded cards.

Wachovia Bank Card Services is the nation’s 12th largest credit card issuer operating and managing 5 million credit card accounts with outstandings averaging $6.3 billion. Wachovia Bank Card Services is a wholly owned subsidiary of Wachovia Corporation, the nation’s 15th largest bank holding company with assets of $65.8 billion at Sept. 30, 1999.

Note: This news release may contain forward-looking statements that involve risks and uncertainty and various factors could cause actual results to differ materially from the anticipated results. Various factors that could cause actual results to differ materially from those contemplated by such statements are set forth in Wachovia’s Annual Report, 10-K and 10-Q filed with the Securities and Exchange Commission.