Tuesday                                     Media Contact:
November 14, 2000                           Mary Eshet    704-383-7777
                                            Ginny Mackin  704-383-3715

                                            Investor Contact:
                                            Alice Lehman  704-374-4139
                                            Herb Althouse 704-383-9404

FIRST UNION AFFIRMS EARNINGS GUIDANCE

CHARLOTTE, N.C. - In order to avoid any confusion following comments made at its
analyst and investor conference on Tuesday, First Union (NYSE:FTU) today
affirmed its guidance for fourth quarter 2000 operating earnings in the range of
69 cents to 71 cents per share. It expects to achieve these results despite
potential problems with a single, large loan as referenced in the Third Quarter
Report on Form 10Q. The loan totals $450 million, of which $125 million is
classified as assets held for sale.

The potential impact of this loan in the fourth quarter is not expected to
exceed an estimated $100 million to $125 million. Of this amount, it is
estimated that approximately $50 million would be reflected as a charge-off and
approximately $50 million to $75 million would be reflected as a reduction in
the value of assets held for sale, which is expected to be offset by gains in
the same portfolio.

The company also said that full year 2000 net charge-offs, including the impact
of this potential charge-off, are expected to be at the high end of its
previously announced range of 50 to 60 basis points.

This news release contains various forward-looking statements. A discussion of
various factors that could cause First Union's actual results to differ
materially from those expressed in such forward-looking statements is included
in First Union's 2000 filings with the SEC.