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...And Still Growing
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Business New Haven
8/10/98
By: Kristine Hansen
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First Union Corp. (NYSE: FTU) announced operating earnings of $883 million (92 cents per share) for its 1998 second quarter vs. $719 million (74 cents a share) for the second quarter of 1997. Not affecting its second quarter results were $2.2 billion in adjustments as a result of First Union's acquisition of the Money Store. The company also charged $634 million due to merger and restructuring involved with its acquisition of CoreStates Financial Corp. After these charges the company's earnings for the quarter were 26 cents per share. First Union is headquartered in Charlotte, N.C. with operations in Connecticut and elsewhere.
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