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BARNETT-FIRST FLORIDA MERGER RECEIVES FEDERAL RESERVE APPROVAL

 BARNETT-FIRST FLORIDA MERGER RECEIVES FEDERAL RESERVE APPROVAL
 TAMPA, Fla., Oct. 28 /PRNewswire/ -- The Federal Reserve Board approved today the merger of Tampa-based First Florida Banks, Inc. (NASDAQ-NMS: FFBK) with Barnett Banks, Inc. (NYSE: BBI) of Jacksonville, Fla.
 The Federal Reserve Board's approval of the two companies merging is conditioned upon the divestiture of four offices in Citrus and Highlands counties containing approximately $99 million in deposits as of June 30, 1991, together with the loans associated with those offices. First Florida and Barnett have been advised that the U.S. Department of Justice has completed its review of the transaction and will not impose additional divestitures on the merger.
 Barnett and First Florida have provided the Attorney General of the state of Florida the same materials furnished to the Federal Reserve Board and the U.S. Department of Justice for their review of the transaction.
 Barnett Banks, Inc. with $32.6 billion in assets and 596 offices in Florida and Georgia is Florida's leading financial institution and is the 19th-largest banking company in the United States. Based in Tampa, First Florida has total assets of $5.5 billion and 144 banking offices along Florida's West Coast from Pensacola to Naples/Marco Island, and throughout the Central Florida area to the Atlantic Coast.
 The union of the two companies will make Barnett the 17th-largest banking company in the United States with $38 billion in assets and 27 percent of the bank deposits in Florida. The two banking companies plan to consummate the merger by year-end 1992.
 -0- 10/28/92
 /CONTACT: Jerri Franz, vice president of corporate communications of First Florida Banks, Inc., 813-224-1972/
 (FFBK BBI) CO: First Florida Banks, Inc.; Barnett Banks, Inc. ST: Florida IN: FIN SU: TNM


JB-AW -- FL018 -- 6292 10/28/92 17:35 EST
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Publication:PR Newswire
Date:Oct 28, 1992
Words:298
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