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BARNETT SELLS BOND ADMINISTRATION BUSINESS TO THE BANK OF NEW YORK

 JACKSONVILLE, Fla., Dec. 6 /PRNewswire/ -- Barnett Banks, Inc. (NYSE: BBI) announced today that its wholly owned affiliate, Barnett Banks Trust Company, N.A., has entered into an agreement to sell its bond administration business to The Bank of New York (NYSE: BK). Terms of the transaction, which is expected to be completed during the first quarter of 1994, were not disclosed.
 "Barnett's strategic plan calls for the company to focus on businesses with strong profit margins and promising growth potential," said Barnett Trust Company Chief Executive Officer Michael Baker. "While we have been able to compete successfully in the bond administration market, it's clear that specialized, larger-scale providers such as The Bank of New York are best positioned to compete in this area going forward."
 Through its bond administration group, Barnett serves as trustee, paying agent or escrow agent on debt issued by clients such as school districts, hospitals, municipalities or corporations. This business represents less than 10 percent of Barnett's total trust business. The remaining 90 percent, which consists of Personal Trust, Institutional Trust, retirement plan management and other investment management services, is not impacted by the sale.
 According to Thomas A. Renyi, vice chairman of The Bank of New York, The Bank of New York will open an office of its Miami-based Florida Trust Company in Jacksonville. The office in Jacksonville will be staffed, according to Renyi, with Barnett's former bond administration employees to ensure continuous service.
 Baker added that The Bank of New York has been involved in running Barnett's bond processing back office operations since 1991, and as such is extremely well equipped to handle the needs of Barnett's current bond administration clients.
 With $37 billion in assets and 633 offices in Florida and Georgia, Barnett Banks, Inc. is the leading financial institution in Florida and the 21st-largest in the United States. The company's stock (BBI) is listed on the New York Stock Exchange.
 -0- 12/6/93
 /CONTACT: Bob Stickler, 904-791-5437, or home, 904-396-9284, or Susan Friloux, 904-791-7627, or home, 904-246-2965, both of Barnett Banks/
 (BBI BK)


CO: Barnett Banks, Inc.; The Bank of New York; Barnett Banks Trust
 Company, N.A. ST: Florida, New York IN: FIN SU: TNM


AW-PC -- FL008 -- 0869 12/06/93 14:27 EST
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Publication:PR Newswire
Date:Dec 6, 1993
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