Exhibit 99.1

For Additional Information:
Ed L. Hutchins, 336-732-4200
ed.hutchins@wachovia.com
June 15, 2000

FOR RELEASE: Immediately

                  Wachovia Expects Revenue Growth To Moderate

         Wachovia Corporation (NYSE: WB) announced today that it expects
reported revenue and net earnings growth for the second quarter and full year to
moderate from the estimates being projected by analysts. This slowing has been
caused primarily by the dampening of activity in market-sensitive businesses.
Specifically, rising interest rates have tempered growth in the company's
capital markets, mortgage and investment businesses and caused modestly reduced
margins in lending. Robert S. McCoy Jr., chief financial officer, stated,
"Notwithstanding the difficult interest rate environment, Wachovia should still
achieve good growth in revenue and earnings although at a somewhat slower pace
than the growth rate reported in 1999 or previously expected by management in
2000."

         Additionally, Wachovia plans to take a special provision expense of
approximately $200 million in the second quarter to increase its allowance for
loan losses and coverage of non-performing assets. "As growth in the economy has
diminished, pressure on customer performance has increased," said McCoy. "This
has led us to review in considerable detail the impact of the slowing economy on
the financial performance of customers. While the overall quality of the loan
portfolio remains strong, we have experienced a rise in non-performing loans."

         Wachovia Corporation is a financial holding company with reported
assets of $68.8 billion and shareholders' equity of $5.8 billion as of March 31,
2000. In 1999, Wachovia reported revenues, excluding loan loss provision expense
and securities gains, of $4.121 billion, up 13.6 percent from 1998. Wachovia's
operating earnings in 1999, excluding merger-related charges, were $1.024
billion, up 10.1 percent over 1998.