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                              WACHOVIA CORPORATION
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                (Name of Registrant as Specified In Its Charter)


                              SUNTRUST BANKS, INC.
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    (Name of Person(s) Filing Proxy Statement if other than the Registrant)


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THE FOLLOWING IS A PRESS RELEASE ISSUED TODAY BY SUNTRUST BANKS, INC.

[SunTrust Logo]

CONTACTS:
Investors           Media
Gary Peacock        Barry Koling      George Sard/Debbie Miller/Denise DesChenes
SunTrust            SunTrust          Citigate Sard Verbinnen
404-658-4879        404-230-5268      212-687-8080

For Immediate Release
- ---------------------
July 23, 2001

                        SUNTRUST DISPUTES ISS CONCLUSIONS
             - - SEES LITTLE IMPACT ON WACHOVIA SHAREHOLDER VOTE - -

      ATLANTA, GA - SunTrust Banks, Inc. (NYSE:STI) today said it believes
Institutional Shareholder Services ("ISS") reached the wrong conclusion in its
voting recommendation regarding the proposed First Union-Wachovia merger.
SunTrust added that ISS' recommendations are directed to its institutional
clients, who are free to reject or accept the recommendations. Given Wachovia's
large retail shareholder base and the fact that most larger institutions make
their own decisions, SunTrust believes that ISS' position will sway few votes.

         L. Phillip Humann, Chairman, President and Chief Executive Officer of
SunTrust, said, "Our proposal is financially superior and simply a better deal
for all Wachovia constituents - shareholders, employees, customers and
communities. The SunTrust proposal offers a higher current value - approximately
$800 million higher based on today's closing prices - a simpler and better
dividend, and SunTrust's stronger currency and track record. Moreover, First
Union's merger projections are based on growth assumptions that it has never
achieved in the past."

         Humann continued, "We believe that when Wachovia shareholders cast
their votes on August 3, they will act in their own economic best interests. We
continue to urge Wachovia shareholders to vote against the First Union merger in
order to send a strong message to the Wachovia Board and to take an essential
step to securing the benefits of the superior SunTrust proposal."

      SunTrust Banks, Inc., based in Atlanta, Georgia, is the nation's 9th
largest commercial banking organization. The Company provides a wide range of
services to meet the financial needs of its growing customer base in Alabama,
Florida, Georgia, Maryland, Tennessee, Virginia, and the District of Columbia.
Its primary businesses include traditional deposit and credit services as well
as trust and investment services. Through various subsidiaries the Company
provides credit cards, mortgage banking, insurance, brokerage and investment
services. SunTrust's Internet address is www.suntrust.com

                                      # # #


                                       2

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements include, but
are not limited to, (i) statements about the benefits of a merger between
SunTrust and Wachovia Corporation, including future financial and operating
results, cost savings and accretion to reported and cash earnings that may be
realized from such merger; (ii) statements with respect to SunTrust's plans,
objectives, expectations and intentions and other statements that are not
historical facts; and (iii) other statements identified by words such as
"believes", "expects", "anticipates", "estimates", "intends", "plans",
"targets", "projects" and similar expressions. These statements are based upon
the current beliefs and expectations of SunTrust's management and are subject to
significant risks and uncertainties. Actual results may differ from those set
forth in the forward-looking statements.

The following factors, among others, could cause actual results to differ
materially from the anticipated results or other expectations expressed in the
forward-looking statements: (1) the businesses of SunTrust and Wachovia may not
be integrated successfully or such integration may be more difficult,
time-consuming or costly than expected; (2) expected revenue synergies and cost
savings from the merger may not be fully realized or realized within the
expected time frame; (3) revenues following the merger may be lower than
expected; (4) deposit attrition, operating costs, customer loss and business
disruption, including, without limitation, difficulties in maintaining
relationships with employees, customers, clients or suppliers, may be greater
than expected following the merger; (5) the regulatory approvals required for
the merger may not be obtained on the proposed terms or on the anticipated
schedule; (6) the failure of SunTrust's and Wachovia's stockholders to approve
the merger; (7) competitive pressures among depository and other financial
institutions may increase significantly and may have an effect on pricing,
spending, third-party relationships and revenues; (8) the strength of the United
States economy in general and the strength of the local economies in which the
combined company will conduct operations may be different than expected,
resulting in, among other things, a deterioration in credit quality or a reduced
demand for credit, including the resultant effect on the combined company's loan
portfolio and allowance for loan losses; (9) changes in the U.S. and foreign
legal and regulatory framework; and (10) adverse conditions in the stock market,
the public debt market and other capital markets (including changes in interest
rate conditions) and the impact of such conditions on the combined company's
capital markets and asset management activities. Additional factors that could
cause SunTrust's results to differ materially from those described in the
forward-looking statements can be found in SunTrust's reports (such as Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K) filed with the Securities and Exchange Commission and available at the
SEC's Internet site (http://www.sec.gov). All subsequent written and oral
forward-looking statements concerning the proposed transaction or other matters
attributable to SunTrust or any person acting on its behalf are expressly
qualified in their entirety by the cautionary statements above. SunTrust does
not undertake any obligation to update any forward-looking statement to reflect
circumstances or events that occur after the date the forward-looking statements
are made.

On May 14, 2001, SunTrust delivered a merger proposal to the Board of Directors
of Wachovia. Subject to future developments, SunTrust intends to file with the
SEC a registration statement at a date or dates subsequent hereto to register
the SunTrust shares to be issued in its proposed merger with Wachovia. Investors
and security holders are urged to read the registration statement (when
available) and any other relevant documents filed or to be with the SEC, as well
as any amendments or supplements to those documents, because they contain (or
will contain) important information. Investors and security holders may obtain a
free copy of the registration statement (when available) and such other
documents at the SEC's Internet web site at www.sec.gov. The registration
statement (when available) and such other documents may also be obtained free of
charge from SunTrust by directing such request to: SunTrust Banks, Inc., 303
Peachtree Street, N.E., Atlanta, GA 30308, Attention: Gary Peacock
(404-658-4753).