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BARNETT, FINANCIAL ALLIANCE PROCESSING SERVICES ANNOUNCE AGREEMENT

 JACKSONVILLE, Fla. & LOUISVILLE, Ky., Feb. 10 /PRNewswire/ -- Barnett Banks, Inc. (NYSE: BBI) and Financial Alliance Processing Services, Inc. today announced an agreement for Barnett to sell the majority of the merchant portfolio of First Florida Banks, Inc. to Financial Alliance.
 Under the agreement, Financial Alliance would provide processing services for clients of First Florida's Charge Card Center, including approximately 160 agents and correspondent banks and 14,000 merchants.
 "We believe Financial Alliance is well positioned to provide a high quality level of service to our bank clients," said Linda T. Miles, director of Barnett Merchant Services Corporation.
 Frank M. Knego, president of Financial Alliance Processing Services, Inc., noted the purchase will now increase the company's merchant base to more than 35,000 customers. "It is our objective to provide our banks and merchants with the finest products available in our industry today," he said.
 As a result of the portfolio sale, approximately 100 positions within Barnett's First Florida affiliate will be impacted. It is Financial Alliance's intention to consolidate a number of positions into its Louisville operations. Additionally, Financial Alliance has offered positions to First Florida's sales representatives and will be establishing district offices in Tampa, Orlando, Jacksonville, Tallahassee, Pensacola, Melbourne, Fort Myers, Miami and Fort Lauderdale.
 Financial Alliance was formed in 1991 under the leadership of long time bankcard executives Frank M. Knego, John J. Leehy III and Gregory W. Sahrmann. Financial Alliance is the endorsed credit card processor of the Florida Restaurant Association.
 With $39 billion in assets and 737 offices in Florida and Georgia, Barnett is Florida's leading financial institution and the 18th-largest in the United States. Its stock (BBI) is listed on the New York Stock Exchange.
 -0- 2/10/93
 /CONTACT: Bob Stickler of Barnett Banks, 904-791-5437, or home, 904-396-9284; or Tom Grossjung of Financial Alliance, 502-339-0595/
 (BBI)


CO: Barnett Banks, Inc.; Financial Alliance Processing Services, Inc. ST: Florida IN: FIN SU:

JB-SS -- FL009 -- 5324 02/10/93 16:16 EST
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Publication:PR Newswire
Date:Feb 10, 1993
Words:326
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