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BARNETT AND BANK SOUTH SIGN DEFINITIVE AGREEMENT ON EXCHANGE OF BANKS

 JACKSONVILLE, Fla., May 5 /PRNewswire/ -- Barnett Banks, Inc. (NYSE: BBI) and Bank South Corporation (NASDAQ-NMS: BKSO) today announced they have signed a definitive agreement for the purchase of Barnett's Atlanta banking franchise by Bank South and of Bank South's Pensacola banking franchise by Barnett.
 The agreement, which follows a previously announced agreement in principle, calls for a total consideration to Barnett of $125 million. Of that, $70 million is the value of Bank South's $422-million-asset Citizens and Peoples National Bank of Pensacola. In addition, Barnett will receive 1,678,838 shares of Bank South's common stock, subject to typical standstill conditions, with the remainder of the consideration in cash.
 Bank South will acquire the two Barnett banks in the Atlanta area, which have a total of $784 million in assets and 25 offices.
 The transaction is expected to close in the fourth quarter, upon receipt of all required regulatory approvals.
 With $38 billion in assets and 634 offices in Florida and Georgia, Barnett Banks, Inc. is the leading financial institution in Florida and the 18th-largest in the United States. The company's stock (BBI) is listed on the New York Stock Exchange.
 -0- 5/5/93
 /CONTACT: Bob Stickler (media), 904-791-5437, or home, 904-396-9284, or Helen Rowan (analysts), 904-791-7627, or home, 904-272-6915, both of Barnett Banks, Inc./
 (BBI BKSO)


CO: Barnett Banks, Inc.; Bank South Corporation ST: Florida IN: FIN SU: TNM

JB-AW -- FL003 -- 4736 05/05/93 09:10 EDT
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Publication:PR Newswire
Date:May 5, 1993
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