8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported) June 8, 1998
                                                 -------------------------------

                            FIRST UNION CORPORATION
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             (Exact name of Registrant as specified in its charter)

North Carolina                     1-10000                       56-0898180
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(State of other jurisdiction       (Commission                (IRS Employer
of incorporation)                  File Number)            (Identification No.)

       One First Union Center
     Charlotte, North Carolina                    28288-0013
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(Address of principal executive offices)         (Zip Code)

Registrant's telephone number, including area code (704) 374-6565
                                                   ----------------------------

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         (Former name or former address, if changed since last report.)



ITEM 5. OTHER EVENTS.

     On June 8, 1998, First Union Corporation (the "Corporation") issued a news
release regarding a possible increase of the Corporation's quarterly common
stock dividend to be considered at the next scheduled meeting of the
Corporation's board of directors on June 16, 1998. Such news release is being
filed as Exhibit (99) to this report and is incorporated herein by reference.

ITEM 7. EXHIBITS.

(99) The Corporation's News Release dated June 8, 1998.


                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        FIRST UNION CORPORATION


Date: June 8, 1998                      By: /s/ Kent S. Hathaway
                                            ----------------------------
                                            Name: Kent S. Hathaway
                                            Title: Senior Vice President


                                  EXHIBIT INDEX

Exhibit No.         Description
- -----------         -----------
(99)                The Corporation's News Release dated June 8, 1998.

EX-99

Monday,        Media Contact: Sandy Deem, 704/374-2710
June 8, 1998   Investor Contact: Alice Lehman, 704/374-4139


FIRST UNION MANAGEMENT TO RECOMMEND
DIVIDEND INCREASE TO CORPORATE BOARD


CHARLOTTE - First Union Corporation (NYSE:FTU) announced today that, consistent
with its previously announced financial performance guidelines, First Union
managemement intends to recommend to its board of directors that a third quarter
dividend increase on First Union common stock be approved at the next regularly
scheduled meeting of the board on June 16, 1998.

First Union announced new financial performance guidelines last year to lead the
company to the year 2000, including a goal to increase the dividend payout ratio
to a range of 40-45 percent. The current quarterly dividend is 37 cents.

First Union Corporation (NYSE:FTU) is the nation's sixth largest bank holding
company and a leading provider of financial services to more than 16 million
retail and corporate customers. Following its merger with CoreStates Financial
Corp, First Union has $220 billion in assets and stockholders' equity of $16
billion.

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