BARNETT BANKS SELLS 3.3 MILLION COMMON SHARES
BARNETT BANKS SELLS 3.3 MILLION COMMON SHARES JACKSONVILLE, Fla., March 13 /PRNewswire/ -- Barnett Banks, Inc.
(NYSE: BBI) sold 3.3 million shares of common stock yesterday at a price of $32.25 per share.
Proceeds will be used for general corporate purposes. The sale brings Barnett's outstanding common shares to 73 million. This sale adds more than $100 million to Barnett's shareholders' equity. Earlier this year, the company sold $100 million in subordinated debt, which counts as Tier 2 capital under regulatory standards. The company's total risk-based capital ratio, based on Dec. 31, 1991 balance sheet data, now exceeds 11 percent, compared to a regulatory requirement of 8 percent at the end of this year. Barnett's leverage ratio is approximately 5.75 percent. With $32.7 billion in assets and 593 offices in Florida and Georgia, Barnett is the leading financial institution in Florida and the 20th-largest in the United States. The company's stock (BBI) is listed on the New York Stock Exchange. -0- 3/13/92 /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-JJ -- FL006 -- 7798 03/13/92 12:18 EST
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|Date:||Mar 13, 1992|
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