CHARLOTTE, N.C. - Frank Dunn Jr., chairman and chief executive of First Union National Bank of North Carolina, said he will retire, effective March 31, and be replaced by Malcolm Everett 3d.

A company spokesman said First Union is unsure whether Mr. Everett will eventually be replaced as president.

Mr. Dunn is retiring to pursue personal goals, including a new career as an educator, the company said.

First Union National Bank of North Carolina is a unit of First Union Corp.

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