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BARNETT COMMITS $2 BILLION TO LOW AND MODERATE INCOME MARKETS

 BARNETT COMMITS $2 BILLION TO LOW AND MODERATE INCOME MARKETS
 JACKSONVILLE, Fla., June 26 /PRNewswire/ -- Barnett Bank, Florida's leading bank, today announced that as part of its continuing commitment to reinvest in the communities it serves, it has set a goal of lending more than $2 billion to low and moderate-income families.
 Specifically, Barnett intends from 1993 through 1997 to originate to this target group:
 -- $1 billion in residential mortgages, including loans through such programs responsive to low and moderate-income borrowers as government-backed mortgages, the Fannie Mae 3/2 Homebuyers Program and Barnett's affordable mortgage loan program, Home Ownership Made Easy (H.O.M.E).
 -- $180 million in loans to small businesses owned by women or minorities.
 -- $800 million in consumer loans, including home-improvement loans, need-based student loans and small consumer loans of under $3,000.
 -- $26.7 million to First Housing Development Corporation to finance multi-family real estate projects for low or moderate income people.
 In addition, Barnett intends to augment its existing credit counseling efforts by forming additional partnerships with local community groups to deliver technical assistance, as well as home ownership and personal finance counseling.
 "These goals underscore Barnett's commitment to serve all segments of our communities," said Allen L. Lastinger Jr., Barnett president and chief operating officer. "We recognize our responsibility to make products available to help low and moderate income families build for their futures, by buying a home, borrowing for their children's education or running a family business."
 Barnett is taking a number of steps to reach these goals. For example, each of Barnett's 33 banks has designated a bank officer responsible for working with community groups on loan consortia supporting affordable housing, small business and other activities. Barnett's small business lending unit will develop specific initiatives targeting minority small business development.
 These commitments will complement the existing activities by each bank's Community Affairs Committee, which is composed of senior management and is chaired by each bank's chief executive officer. Each Barnett Bank that has been examined since Community Reinvestment Act ratings became public in 1990 has received a satisfactory rating.
 Barnett has a number of products designed for low to moderate income individuals including H.O.M.E., a fixed-rate mortgage featuring eased downpayment terms and lower origination costs. The bank also offers Economy Checking, a low-cost transaction account for people who can't easily keep minimum balances in order to avoid fees. The bank is the largest originator of need-based student loans in its markets.
 Barnett this year also began offering small consumer loans (less than $3,000) featuring simple interest and no application fee as well as a small business commercial mortgage program, featuring long-term financing.
 With $32.9 billion in assets and 597 offices in Florida and Georgia, Barnett Banks, Inc. is Florida's leading financial institution and the 19th-largest in the United States. Its stock (BBI) is listed on the New York Stock Exchange.
 -0- 6/26/92
 /CONTACT: Bob Stickler of Barnett Banks, Inc., 904-791-5437 (office) or 904-396-9284 (home)/
 (BBI) CO: Barnett Banks, Inc. ST: Florida IN: FIN SU:


SS-AW -- FL009 -- 4262 06/26/92 13:56 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
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