WACHOVIA
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News Announcement                                        Wachovia Corporation
For Additional Information:                              Atlanta, GA 30383
Paul E. Mason, Wachovia, 910-732-6387                    Winston-Salem, NC 27150
December 16, 1997

FOR RELEASE: Immediately

                   Wachovia, Central Fidelity Merger Completed

     Wachovia Corporation today announced that it has completed its merger with
Central Fidelity Banks Inc. in Richmond, Va. The merger was completed following
the close of business Monday. Central Fidelity's principal banking subsidiary,
Central Fidelity National Bank, will continue to operate as a separate bank
until March 20, 1998, when its merger and integration with Wachovia Bank, N.A.,
is expected to be completed, subject to the receipt of all required regulatory
approvals. Wachovia Corporation, an interstate bank holding company with dual
headquarters in Winston-Salem, N.C., and Atlanta, had assets totaling $47.7
billion at Sept. 30, 1997. With the completion of its mergers with Central
Fidelity, Jefferson Bankshares of Charlottesville, Va., and 1st United Bancorp
of Boca Raton, Fla., Wachovia ranks as the 18th largest bank holding company in
the country with assets exceeding $60 billion.