First Union Postpones Annual Shareholder Meeting

    CHARLOTTE, N.C., April 16 /PRNewswire/ -- First Union (NYSE:   FTU) has
 postponed its annual meeting of shareholders, scheduled to be held on Tuesday,
 April 17, at 9:30 a.m., in light of today's merger announcement with Wachovia
 (NYSE:   WB).  First Union currently expects that its 2001 annual meeting of
 shareholders will be held in conjunction with the meeting at which its
 shareholders will vote on the merger with Wachovia.  Information relating to
 that meeting will be released when available.
     First Union, 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 .
     Shareholders are urged to read the joint proxy statement/prospectus
 regarding the proposed transaction with Wachovia Corporation when it becomes
 available, because it will contain important information.  Shareholders 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,
 without charge, 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, Charlotte, North Carolina,
 28288-0206 (704-374-6782) or to Wachovia Corporation, 100 North Main Street,
 Winston-Salem, North Carolina 27150 (888-492-6397).  Information regarding the
 participants in the proxy solicitation and a description of their direct and
 indirect interest, by security holdings or otherwise, is contained in the
 materials filed with the SEC by each of First Union and Wachovia on April 16,
 2001.
 
 

SOURCE  First Union Corporation

    CHARLOTTE, N.C., April 16 /PRNewswire/ -- First Union (NYSE:   FTU) has
 postponed its annual meeting of shareholders, scheduled to be held on Tuesday,
 April 17, at 9:30 a.m., in light of today's merger announcement with Wachovia
 (NYSE:   WB).  First Union currently expects that its 2001 annual meeting of
 shareholders will be held in conjunction with the meeting at which its
 shareholders will vote on the merger with Wachovia.  Information relating to
 that meeting will be released when available.
     First Union, 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 .
     Shareholders are urged to read the joint proxy statement/prospectus
 regarding the proposed transaction with Wachovia Corporation when it becomes
 available, because it will contain important information.  Shareholders 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,
 without charge, 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, Charlotte, North Carolina,
 28288-0206 (704-374-6782) or to Wachovia Corporation, 100 North Main Street,
 Winston-Salem, North Carolina 27150 (888-492-6397).  Information regarding the
 participants in the proxy solicitation and a description of their direct and
 indirect interest, by security holdings or otherwise, is contained in the
 materials filed with the SEC by each of First Union and Wachovia on April 16,
 2001.
 
 SOURCE  First Union Corporation