First Union and Wachovia Name State and Regional Leadership for New Company

Apr 27, 2001, 01:00 ET from First Union Corporation from ,Wachovia Corporation

    CHARLOTTE and WINSTON-SALEM, N.C., April 27 /PRNewswire/ -- First Union
 Corporation (NYSE:   FTU) and Wachovia Corporation (NYSE:   WB) announced today
 the state and regional leadership for the new Wachovia's General Banking
 division, which will be formed following the completion of the merger of the
 two companies.
     The merger of equals was announced last week, and the transaction is
 expected to close in the third quarter.  The new company will be headquartered
 in Charlotte, and the leadership changes will be effective upon merger
 consummation.
     The General Bank is the foundational core of the company and includes the
 state-based banking operations as well as the retail, small business,
 commercial and commercial real estate lines of business.  The new combined
 General Bank will provide a broader distribution network for customers and be
 a leading financial services provider along the East Coast with the #1 market
 share in eight of the top 15 markets the combined company will serve.
     "We want our combined company to reflect the two strong organizations that
 will come together to form it, and this new leadership structure will achieve
 that balance," said Ben Jenkins, vice chairman and head of General Banking for
 First Union and the new Wachovia.  "This new leadership team is committed to
 making the transition as seamless as possible for customers and fellow
 employees and to maintaining strong relationships with the community.  This
 early identification of regional leaders will allow us to focus firmly on
 customer service."
 
     New York/New Jersey/Connecticut
     The New York/New Jersey/Connecticut region, headquartered in Summit N.J.,
 will be led by Reginald E. Davis, with James E. Fitzgerald Jr. as regional
 president for New York, Connecticut and Northern New Jersey and Susanne
 Svizeny as regional president for Southern New Jersey.
 
     Pennsylvania/Delaware
     Robert L. Reid will lead the Pennsylvania/Greater Delaware region,
 headquartered in Philadelphia, with Pamela J. Lolley as regional president for
 Philadelphia and Jan S. Armfield as regional president for Northeast/Central
 Pennsylvania.
 
     Virginia/Maryland/Washington, D.C.
     James C. Cherry will lead the Virginia/Maryland/Washington, D.C., region,
 headquartered in Richmond, Va., with W. Jeffrey Dyckman as regional president
 for Hampton Roads, Va., Spencer D. Hamrick Jr. as regional president for
 Richmond, Va., Lindy Cockman as regional president for Charlottesville, Va.,
 Pete Jones as regional president for Roanoke/Lynchburg/Southwest Virginia,
 Samuel A. Schreiber as regional president for the Metro Washington, D.C., area
 and J. William Knott as regional president for Baltimore, Md.
 
     North and South Carolina
     The Carolinas region, headquartered in Winston-Salem, will be led by Will
 B. Spence and will include David H. Parker as regional president for Eastern
 North Carolina, Jack O. Clayton as regional president for the Triangle area,
 Robert G. Hoak as regional president for the Piedmont area, Rebekah M. Lowe as
 regional president for Asheville/Western North Carolina, Paul G. Grube as
 regional president for Greater Charlotte, Kendall K. Alley as regional
 president for the Upstate area of South Carolina and Charles T. Cole Jr. as
 regional president for Columbia/Coastal South Carolina.
 
     Georgia
     D. Gary Thompson will lead Georgia, headquartered in Atlanta, with Hugh C.
 Long as regional president for Atlanta and David A. Stevens as regional
 president for Greater Georgia.
 
     Florida
     Florida, led by Robert W. Helms and headquartered in Jacksonville, will
 include C. Winston Wilkinson as regional president for North Florida, Marshall
 E. Vermillion as regional president for Central Florida, Kent S. Ellert as
 regional president for Broward County, Harry W. Weede Jr. as regional
 president for Palm Beach County, David H. Scaff as regional president for the
 town of Palm Beach, Adria D. Parsons as regional president for Gulf Coast,
 J. Kenneth Coppedge as regional president for Tampa/St. Petersburg and
 Carlos A. Migoya as regional president for Dade and Monroe Counties.
 
     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.  Online banking products and services can be accessed through
 www.firstunion.com.
     Wachovia (NYSE:   WB) is a major interstate financial holding company
 offering banking and financial services to individuals primarily in Florida,
 Georgia, North Carolina, South Carolina and Virginia and to corporations and
 institutions throughout the United States and globally.  Wachovia Corporation
 is headquartered in Winston-Salem, N.C., and Atlanta, and had assets of
 $75.6 billion at March 31, 2001.  www.wachovia.com
 
     Additional Information
     The proposed transaction will be submitted to First Union's and Wachovia's
 stockholders for their consideration, and First Union has filed a registration
 statement on Form S-4 containing a preliminary joint proxy
 statement/prospectus and other relevant documents concerning the proposed
 transaction with the SEC.  Stockholders are urged to read the registration
 statement and the joint proxy statement/prospectus, as well as the definitive
 joint proxy statement/prospectus when it becomes available, and any other
 relevant documents filed with the SEC, and any amendments or supplements to
 those documents, because they will contain important information.  You will be
 able to obtain a free copy of the joint proxy statement/prospectus, as well as
 other filings containing information about First Union and Wachovia, at the
 SEC's Internet site (http://www.sec.gov ).  Copies of the joint proxy
 statement/prospectus and the SEC filings that will be incorporated by
 reference in the joint proxy statement/prospectus 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.
     First Union and Wachovia, and their respective directors and executive
 officers, may be deemed to be participants in the solicitation of proxies from
 the stockholders of First Union and Wachovia in connection with the merger.
 Information about the directors and executive officers of First Union and
 their ownership of First Union common stock is set forth in the proxy
 statement, dated March 13, 2001, for First Union's 2001 annual meeting of
 stockholders, as filed with the SEC on a Schedule 14A.  Information about the
 directors and executive officers of Wachovia and their ownership of Wachovia
 common stock is set forth in the proxy statement, dated March 19, 2001, for
 Wachovia's 2001 annual meeting of stockholders, as filed with the SEC on a
 Schedule 14A.  Additional information regarding the interests of those
 participants may be obtained by reading the definitive joint proxy
 statement/prospectus regarding the proposed transaction when it becomes
 available.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X77813154
 
 

SOURCE First Union Corporation; Wachovia Corporation
    CHARLOTTE and WINSTON-SALEM, N.C., April 27 /PRNewswire/ -- First Union
 Corporation (NYSE:   FTU) and Wachovia Corporation (NYSE:   WB) announced today
 the state and regional leadership for the new Wachovia's General Banking
 division, which will be formed following the completion of the merger of the
 two companies.
     The merger of equals was announced last week, and the transaction is
 expected to close in the third quarter.  The new company will be headquartered
 in Charlotte, and the leadership changes will be effective upon merger
 consummation.
     The General Bank is the foundational core of the company and includes the
 state-based banking operations as well as the retail, small business,
 commercial and commercial real estate lines of business.  The new combined
 General Bank will provide a broader distribution network for customers and be
 a leading financial services provider along the East Coast with the #1 market
 share in eight of the top 15 markets the combined company will serve.
     "We want our combined company to reflect the two strong organizations that
 will come together to form it, and this new leadership structure will achieve
 that balance," said Ben Jenkins, vice chairman and head of General Banking for
 First Union and the new Wachovia.  "This new leadership team is committed to
 making the transition as seamless as possible for customers and fellow
 employees and to maintaining strong relationships with the community.  This
 early identification of regional leaders will allow us to focus firmly on
 customer service."
 
     New York/New Jersey/Connecticut
     The New York/New Jersey/Connecticut region, headquartered in Summit N.J.,
 will be led by Reginald E. Davis, with James E. Fitzgerald Jr. as regional
 president for New York, Connecticut and Northern New Jersey and Susanne
 Svizeny as regional president for Southern New Jersey.
 
     Pennsylvania/Delaware
     Robert L. Reid will lead the Pennsylvania/Greater Delaware region,
 headquartered in Philadelphia, with Pamela J. Lolley as regional president for
 Philadelphia and Jan S. Armfield as regional president for Northeast/Central
 Pennsylvania.
 
     Virginia/Maryland/Washington, D.C.
     James C. Cherry will lead the Virginia/Maryland/Washington, D.C., region,
 headquartered in Richmond, Va., with W. Jeffrey Dyckman as regional president
 for Hampton Roads, Va., Spencer D. Hamrick Jr. as regional president for
 Richmond, Va., Lindy Cockman as regional president for Charlottesville, Va.,
 Pete Jones as regional president for Roanoke/Lynchburg/Southwest Virginia,
 Samuel A. Schreiber as regional president for the Metro Washington, D.C., area
 and J. William Knott as regional president for Baltimore, Md.
 
     North and South Carolina
     The Carolinas region, headquartered in Winston-Salem, will be led by Will
 B. Spence and will include David H. Parker as regional president for Eastern
 North Carolina, Jack O. Clayton as regional president for the Triangle area,
 Robert G. Hoak as regional president for the Piedmont area, Rebekah M. Lowe as
 regional president for Asheville/Western North Carolina, Paul G. Grube as
 regional president for Greater Charlotte, Kendall K. Alley as regional
 president for the Upstate area of South Carolina and Charles T. Cole Jr. as
 regional president for Columbia/Coastal South Carolina.
 
     Georgia
     D. Gary Thompson will lead Georgia, headquartered in Atlanta, with Hugh C.
 Long as regional president for Atlanta and David A. Stevens as regional
 president for Greater Georgia.
 
     Florida
     Florida, led by Robert W. Helms and headquartered in Jacksonville, will
 include C. Winston Wilkinson as regional president for North Florida, Marshall
 E. Vermillion as regional president for Central Florida, Kent S. Ellert as
 regional president for Broward County, Harry W. Weede Jr. as regional
 president for Palm Beach County, David H. Scaff as regional president for the
 town of Palm Beach, Adria D. Parsons as regional president for Gulf Coast,
 J. Kenneth Coppedge as regional president for Tampa/St. Petersburg and
 Carlos A. Migoya as regional president for Dade and Monroe Counties.
 
     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.  Online banking products and services can be accessed through
 www.firstunion.com.
     Wachovia (NYSE:   WB) is a major interstate financial holding company
 offering banking and financial services to individuals primarily in Florida,
 Georgia, North Carolina, South Carolina and Virginia and to corporations and
 institutions throughout the United States and globally.  Wachovia Corporation
 is headquartered in Winston-Salem, N.C., and Atlanta, and had assets of
 $75.6 billion at March 31, 2001.  www.wachovia.com
 
     Additional Information
     The proposed transaction will be submitted to First Union's and Wachovia's
 stockholders for their consideration, and First Union has filed a registration
 statement on Form S-4 containing a preliminary joint proxy
 statement/prospectus and other relevant documents concerning the proposed
 transaction with the SEC.  Stockholders are urged to read the registration
 statement and the joint proxy statement/prospectus, as well as the definitive
 joint proxy statement/prospectus when it becomes available, and any other
 relevant documents filed with the SEC, and any amendments or supplements to
 those documents, because they will contain important information.  You will be
 able to obtain a free copy of the joint proxy statement/prospectus, as well as
 other filings containing information about First Union and Wachovia, at the
 SEC's Internet site (http://www.sec.gov ).  Copies of the joint proxy
 statement/prospectus and the SEC filings that will be incorporated by
 reference in the joint proxy statement/prospectus 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.
     First Union and Wachovia, and their respective directors and executive
 officers, may be deemed to be participants in the solicitation of proxies from
 the stockholders of First Union and Wachovia in connection with the merger.
 Information about the directors and executive officers of First Union and
 their ownership of First Union common stock is set forth in the proxy
 statement, dated March 13, 2001, for First Union's 2001 annual meeting of
 stockholders, as filed with the SEC on a Schedule 14A.  Information about the
 directors and executive officers of Wachovia and their ownership of Wachovia
 common stock is set forth in the proxy statement, dated March 19, 2001, for
 Wachovia's 2001 annual meeting of stockholders, as filed with the SEC on a
 Schedule 14A.  Additional information regarding the interests of those
 participants may be obtained by reading the definitive joint proxy
 statement/prospectus regarding the proposed transaction when it becomes
 available.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X77813154
 
 SOURCE  First Union Corporation; Wachovia Corporation