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FEDERAL RESERVE APPROVES BARNETT/BANK SOUTH TRANSACTION

 JACKSONVILLE, Fla., Oct. 25 /PRNewswire/ -- Barnett Banks, Inc. (NYSE: BBI) and Bank South Corporation (NASDAQ: BKSO) today announced they have received approval from the Federal Reserve Board for the purchase of Barnett's Atlanta banking franchise by Bank South and of Bank South's Pensacola banking franchise by Barnett.
 The Barnett and Bank South transaction calls for a total consideration to Barnett of $125 million. Of that, $70 million is the value of Bank South's $422-million-asset Citizens and Peoples National Bank of Pensacola. In addition, Barnett will receive approximately 1.7 million shares of Bank South's common stock, subject to typical standstill conditions, with the remainder of the consideration in cash.
 Bank South will acquire the two Barnett banks in the Atlanta area, which have a total of $840 million in assets and 25 offices. The transaction is expected to close later in the fourth quarter.
 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.
 Bank South Corporation (NASDAQ: BKSO) is a $5.1 billion bank holding company with 131 offices throughout Georgia and Pensacola.
 -0- 10/25/93
 /CONTACT: Bob Stickler (media), 904-791-5437, or home, 904-396-9284, or Susan Friloux (analysts), 904-791-7627, or home, 904-246-2965, both of Barnett Banks/
 (BBI)


CO: Barnett Banks, Inc.; Bank South Corporation ST: Florida, Georgia IN: FIN SU:

JV-RK -- FL017 -- 6583 10/25/93 17:49 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
Words:247
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