FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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OMB Number: 3235-0104
Expires: September 30, 1998
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person*
Wachovia Corporation
(Last) (First) (Middle)
100 North Main Street
(Street)
Winston-Salem NC 27101
(City) (State) (Zip)
2. Date of Event Requiring Statement
(Month/Day/Year)
08/06/97
3. IRS or Social Security Number of Reporting Person (Voluntary)
56-1473727
4. Issuer Name AND Ticker or Trading Symbol
1st United Bancorp FUBC
5. Relationship of Reporting Persons to Issuer
(Check all applicable)
____ Director /X/ 10% Owner
____ Officer (give title below) ____ Other (specify below)
____________________________________________________________
6. If Amendment, Date of Original (Month/Day/Year)
N/A
7. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
TABLE I -- Non-Derivative Securities Beneficially Owned
<TABLE>
<CAPTION>
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial Ownership
(Instr. 4) Indirect (I) (Instr. 5)
(Instr. 5)
<S> <C> <C> <C>
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
5(b)(v).
(Over)
SEC 1473 (7/96)
<PAGE>
FORM 3 (continued)
TABLE II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1. Title of 2. Date Exercisable 3. Title and Amount 4. Conversion or 5. Ownership 6. Nature of
Derivative and Expiration of Securities Exercise Price Form of Indirect
Security Date (Month/Day/ Underlying of Derivative Derivative Beneficial
(Instr. 4) Year) Derivative Security Security: Ownership
Security Direct (D) or (Instr. 5)
(Instr. 4) Indirect (I)
(Instr. 5)
Date Expira- Amount or
Exer- tion Title Number of
cisable Date Shares
<S> <C> <C> <C> <C> <C> <C> <C>
Option to purchase + + 1st United 2,020,000 ++ D
1st United Bancorp Bancorp Common
Common Stock Stock
<FN>
Explanation of Reponses:
+ Beneficial ownership of 2,020,000 shares reported hereunder is being reported solely as a result of the Stock
Option Agreement, dated as of August 6, 1997 (the "Stock Option Agreement"), by and between Wachovia Corporation and
1st United Bancorp. The option may be exercised, in whole or in part, only upon certain events (none of
which, as of the date hereof, has occurred), as set forth in the Stock Option Agreement. The option expires upon
certain events, as set forth in the Stock Option Agreement. The option granted pursuant to the Stock Option
Agreement has not yet become exercisable. Wachovia expressly disclaims ownership of such shares.
++ A price per share equal to $18.75; provided, however, that in the event 1st United Bancorp issues or
agrees to issue any shares of Common Stock at a price less than $18.75 per share (subject to certain exceptions),
the price will be equal to such lesser price.
</FN>
</TABLE>
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Kenneth W. McAllister August 15, 1997
-------------------------------- ---------------
** Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed. If
space is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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SEC 1473 (7/96)
