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BARNETT SELLS STUDENT LOAN UNITS

 JACKSONVILLE, Fla., Aug. 12 /PRNewswire/ -- Barnett Banks, Inc. (NYSE: BBI) announced today that it has signed a letter of intent to sell BTI Services, Inc., its student loans servicing unit, and Barnett Higher Education Loan Program (BHELP), its student loan origination division, to Union Bank & Trust Company of Lincoln, Neb.
 BTI now services a total portfolio of over $4 billion in student loans and guaranty agency assets for various clients, including Barnett. Over the last two years, BHELP has booked approximately $400 million in new student loans.
 Under the agreement, BHELP will continue to originate new student loans in Florida and Georgia for Barnett's portfolio and BTI will service them, maintaining Barnett's commitment to schools of higher education and students in its markets.
 Current BTI Services and BHELP management and staff are to continue in place. The businesses will remain in Jacksonville and continue to serve a national client base.
 The sale is subject to execution of a definitive agreement and due diligence. Although terms of the transaction were undisclosed, Barnett's 1993 earnings will not be impacted. However, the transaction should enhance future results by allowing the company to take advantage of economies of scale while continuing to grow its student loan portfolio.
 With $37 billion in assets and 632 offices in Florida and Georgia, Barnett 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- 8/12/93
 /CONTACT: Bob Stickler (media), 904-791-5437, or home, 904-396-9284; or Helen Rowan (analysts), 904-791-7627, or home, 904-272-6915, both of Barnett Banks, Inc./
 (BBI)


CO: Barnett Banks, Inc.; Union Bank & Trust Company ST: Florida, Nebraska IN: FIN SU:

RC-AW -- FL014 -- 2229 08/12/93 15:46 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
Words:288
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