“The board reviewed the numbers and clearly communicated with their vote that our merger of equals is the better choice for Wachovia shareholders. We are confident that shareholders will agree when they look at the facts. We believe that the SunTrust proposal simply won’t work, and we are glad that the board has validated our view.
“Merging Wachovia and First Union will create a new Wachovia with a platform for sustained growth and increasing shareholder value. As we work with our counterparts at Wachovia during the integration process, we are more certain than ever that this merger is the best course of action for both companies. It is an unprecedented opportunity for both companies’ shareholders, customers, employees and communities.
“The new Wachovia will be a powerful force in banking, wealth and asset management, and capital markets. We will have over 19 million customers and diversified income from international, national and regional businesses. We look forward to continuing our integration with our Wachovia colleagues – in an atmosphere of mutual respect and cooperation – to harness the tremendous potential of the new Wachovia.”
First Union (NYSE:FTU), with $253 billion in assets and stockholders' equity of $16 billion at March 31, 2001, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 47 states and internationally. Online banking products and services can be accessed through www.firstunion.com.
The information presented herein may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in First Union’s and Wachovia’s public reports filed with the Securities and Exchange Commission. In addition, in connection with the proposed transaction with Wachovia, on April 26, 2001, First Union filed a registration statement on Form S-4 with the SEC containing a preliminary joint proxy statement/prospectus of First Union and Wachovia. Stockholders are urged to read the definitive joint proxy statement/prospectus regarding the proposed transaction when it becomes available and any other relevant documents filed with the SEC because they will contain important information. You may obtain a free copy of the registration statement and the joint proxy statement/prospectus, without charge, at the SEC's internet site (http://www.sec.gov). Copies of these documents can also be obtained, without charge, by directing a request to First Union Corporation, Investor Relations, One First Union Center, 301 South College Street, Charlotte, NC 28288-0206, 704-374-6782, or to Wachovia Corporation, Investor Relations, 100 North Main Street, Winston-Salem, NC 27150, 888-492-6397. Information regarding the director and officer participants in the proxy solicitation and a description of their direct and indirect interest, by security holdings or otherwise, is contained in the proxy materials filed with the SEC by First Union on March 13, 2001 and by Wachovia on March 19, 2001.
