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BARNETT TO CLOSE ACQUISITION OF FIRST FLORIDA ON DEC. 7

 JACKSONVILLE, Fla., Dec. 2 ~PRNewswire~ -- Barnett Banks, Inc. (NYSE: BBI) today said that it plans to close its merger with First


Florida Banks, Inc. (NASDAQ-NMS: FFBK) at the close of business on Dec. 7.
 "This merger combines two banking companies which have a strong history of service to their communities," said Charles E. Rice, Barnett chairman and chief executive officer. "We started here, we've invested here, and we plan to stay here, helping our markets grow and prosper."
 First Florida Bank, N.A., which operates 146 offices in 20 counties throughout western and central Florida, will become a subsidiary of Barnett Banks, Inc. Barnett expects to convert First Florida offices to Barnett offices by the end of the first quarter of 1993. At that time, First Florida customers will become Barnett customers. Until then, First Florida customers should continue to conduct business as usual through First Florida facilities.
 First Florida shareholders will receive 1.42 shares of Barnett stock for each First Florida share. As a result, Barnett will issue 22.5 million common
share ? The addition of First Florida's $5.5 billion in assets makes Barnett the 17th-largest banking company in the United States with more than $38 billion in assets. Its pro forma market capitalization will be more than $4 billion.
 The merger combines the banks with the two oldest charters in Florida. Barnett was founded in 1877 and, combined with First Florida, is one of the largest private employers in the state. It is the only SuperRegional banking company based in Florida.
 Barnett has fulfilled or committed to fulfill all regulatory requirements.
 Barnett is Florida's leading banking company and the 9th-largest in Georgia. Its stock (BBI) is listed on the New York Stock Exchange.
 -0- 12~2~92
 ~CONTACT: Bob Stickler (media), 904-791-5437, or home, 904-396-9284, or Charles Cauthen (analysts), 904-791-7050, or home, 904-636-7731, both of Barnett Banks~
 (BBI FFBK)


CO: Barnett Banks, Inc.; First Florida Banks, Inc. ST: Florida IN: FIN SU: TNM

AW-JB -- FL002 -- 2763 12~02~92 09:04 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:336
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