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                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, January 16, 1993                   TAG: 9301160148
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: Staff report
DATELINE:                                 LENGTH: Short

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FIRST UNION FINISHES BUYOUTS OF 2 THRIFTS

First Union Corp. on Friday completed acquisitions of two thrifts, deals that were announced last June.

One merger was with South Carolina Federal Corp., parent of South Carolina Federal Savings Bank. The other was DFSoutheastern Corp., parent of Decatur Federal Savings and Loan Association in Georgia.

First Union is the Charlotte, N.C.-banking company that has agreed to buy Roanoke's Dominion Bankshares Corp. on March 31.

First Union expects to issue about 6 million shares of its common stock in connection with the acquisitions.

First Union and its new affiliates will continue to operate as separate banks until their systems are converted by June.

First Union has assets of $51.3 billion. When pending acquisitions are completed, it will operate 1,300 banking offices and have assets of about $66 billion, making it the nation's eighth-largest bank holding company.

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