Wachovia
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News Announcement
   For Additional Information:                       Wachovia Corporation
   Lisa Park, 1st United Bancorp, 561-832-7766       Atlanta, GA 30383
   Paul E. Mason, Wachovia, 910-732-6387             Winston-Salem, N.C. 27150
   August 7, 1997

   FOR RELEASE: Immediately

                  WACHOVIA, 1ST UNITED BANCORP ANNOUNCE MERGER

         Wachovia Corporation today announced that it is has reached a
definitive agreement to acquire 1st United Bancorp, an $820 million-asset
commercial banking company headquartered in Boca Raton, Fla. The agreement has
been approved by the boards of directors of both companies and is subject to the
approval of 1st United's shareholders and appropriate regulatory agencies. The
merger is expected to close by year-end.

         1st United Bancorp is the parent of 1st United Bank, a state-chartered
bank that operates 33 full service banking centers in Palm Beach, Martin,
Broward and Brevard counties. It is the largest commercial bank headquartered in
Palm Beach County and specializes in serving individuals and small businesses
within its trade area.

         The agreement with 1st United will be structured on a purchase
accounting basis and provides for a tax-free exchange of Wachovia Corporation
common shares for 1st United common shares at a value of $20.875 per share of
1st United, or a purchase price of $222 million. The exchange ratio will be a
minimum of 0.3 and a maximum of 0.366 of a share of Wachovia common stock.
Wachovia intends to repurchase up to approximately 3.5 million of its
outstanding shares in connection with the transaction, which is expected to be
nondilutive to Wachovia's earnings in 1998 and have a positive impact on
earnings in 1999.

         Wachovia has provided corporate financial services and residential and
commercial mortgage loans in Florida for many years. This merger represents the
first acquisition of a Florida bank holding company by Wachovia.

         Wachovia Chief Executive L. M. Baker Jr. said, "Florida is a state
Wachovia has admired for some time and 1st United is well located in several
extremely attractive markets along


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Merger Agreement - Page 2

Florida's Atlantic coast. This merger is consistent with Wachovia's intention of
seeking opportunities in strong growth markets. It also provides an initial base
upon which Wachovia can expand its consumer and commercial franchise, offering a
broad array of services to individuals and businesses."

         "Since 1st United was formed 10 years ago, our unwavering commitment
has been to provide the best possible services to individuals and businesses in
core markets. We have done that by acquiring those capabilities through internal
growth and through a series of acquisitions. Our commitment remains the same. By
joining forces with Wachovia, we are now able to expand the array of products
and services provided to our clients," said 1st United Chief Executive Warren
S. Orlando.

         1st United has granted Wachovia a stock option representing
approximately 19.9 percent of 1st United's outstanding shares. Directors of 1st
United collectively holding more than 20 percent of 1st United's common stock
have agreed to vote in favor of the transaction. 1st United's stock is traded
under the symbol FUBC through the NASDAQ National Market.

         In June, Wachovia announced that it had reached definitive agreements
to acquire Central Fidelity Banks Inc., a $10.6 billion-asset bank headquartered
in Richmond, Va., and Jefferson Bankshares Inc., a $2.1 billion-asset bank
headquartered in Charlottesville, Va. Those mergers are expected to be completed
by year-end.

         The acquisition of 1st United, combined with the Central Fidelity and
Jefferson mergers, will give Wachovia a retail network totalling more than 800
banking offices and 1,100 ATMs throughout Virginia, the Carolinas, Georgia and
Florida. The mergers also will make Wachovia the 17th largest bank in the
country with assets of more than $60 billion and deposits of more than $39
billion.

         Wachovia Corporation, which has dual headquarters in Winston-Salem,
N.C., and Atlanta, currently is the 20th largest banking company in the U.S.
with assets totaling $48.5 billion. U.S. Banker magazine recently rated Wachovia
the No. 1 bank in the country for 1996 among banks with assets of more than $25
billion.