First Union Corp., Charlotte, N.C., said that after a Securities and Exchange Commission review of its planned $500 million offering of senior or subordinated debt, it has revised its investment securities accounting policy as of the second quarter.

The company said the revision has no impact on either income or capital.

First Union said the revision resulted in the reclassification of $4.5 billion of securities, which it said it would hold for indefinite periods.

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