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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report February 5, 1996
(Date of earliest event reported February 5, 1996)
BARNETT BANKS, INC.
(Exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation)
1-7901 59-0560515
(commission file number) (IRS Employer Identification No.)
50 North Laura Street, Jacksonville, Florida 32202
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (904) 791-7720
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ITEM 5. OTHER EVENTS.
See press release dated February 5, 1996 attached hereto.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BARNETT BANKS, INC.
(Registrant)
Date: February 5, 1996 By: /s/ Patrick J. McCann
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(Signature)
Print Name: Patrick J. McCann
Its: Controller
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[LETTERHEAD]
FOR IMMEDIATE RELEASE
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February 5, 1996
BARNETT ANNOUNCES CHANGES IN ORGANIZATIONAL STRUCTURE
TO BETTER SERVE CUSTOMERS AND SIMPLIFY OPERATIONS
JACKSONVILLE, Fla. -- Barnett Banks, Inc. announced today that it plans to
simplify its legal structure to enhance internal operations, reduce reporting
redundancies and focus more resources on serving customer needs.
Under the new structure, all but four of the company's 32 banks and
several of its non-bank affiliates will become part of a newly created
subsidiary, Barnett Bank, N.A. For business reasons, Barnett's affiliate
banks in Southeast Georgia, Southwest Georgia, Marion County and the
Community Bank of the Islands on Sanibel Island will retain their individual
bank charters. This change will have no impact on individual or business
customers, nor will it impact management responsibilities, titles, business
planning, or personnel at Barnett's bank and other customer service
affiliates.
"While our multi-bank structure has served the company very well, this
internal refinement will enable us to focus management time and talent even
more intensely on our local markets," said Charles E. Rice, chairman and
chief executive officer. "Our goal is to improve service, to better use our
local market resources and to be positioned to take full advantage of
opportunities in the evolving financial services industry."
Rice said the change will enable Barnett to reduce much of the redundancy
inherent in overlapping bank regulation and reporting. For example, today
each of Barnett's 32 banking affiliates reports its balance
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Barnett Banks, Inc. - 2
sheets and income statements separately. Consolidating such reporting
functions will enable bank presidents and managers in local markets to devote
more time to meeting customers' product and service needs.
In recent years, Barnett has consolidated much of its back-office and
non-customer contact operations for efficiency reasons. In contrast, this
initiative to simplify the company's legal structure is intended to focus
more resources within local markets on serving customer needs. Barnett
expects that its simplified organizational structure will receive regulatory
approval later this year.
With $42 billion in assets, Barnett Banks, Inc. is the leading financial
institution in Florida and ranked in the top 25 in the United States. The
company provides a complete line of banking and related financial services to
consumers and businesses. Barnett stock (BBI) is listed on the New York Stock
Exchange.
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