SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
C U R R E N T R E P O R T
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
September 23, 1997
Date of Report (Date Of Earliest Event Reported)
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 N. Laura Street
Jacksonville, Florida 32202-3638
(Address Of Principal Executive Offices) (Zip Code)
(904) 791-7720
(Registrant's Telephone Number, including Area Code)
NOT APPLICABLE
(Former Name Or Former Address, If Changed Since Last Report)
ITEM 5. OTHER EVENTS.
Barnett Banks, Inc. ("Barnett") announced on
September 23, 1997 that it anticipates taking an after-
tax charge to its third quarter 1997 earnings of $45
million to $55 million to cover the increased value of
outstanding stock options and certain other benefits as a
result of the recent increase in the market price of
Barnett's common stock. Barnett's stock option plan is
subject to variable accounting rules requiring a
quarterly expense accrual for stock price appreciation.
Barnett's press release announcing the third
quarter charge is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS.
(c) Exhibits
99.1 Press Release issued by Barnett
Banks, Inc. on September 23, 1997.
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
hereunder duly authorized.
Dated: September 24, 1997
BARNETT BANKS, INC.
By: /s/ Gregory M. Delaney
Name: Gregory M. Delaney
Title: Controller and Chief
Accounting Officer
EXHIBIT INDEX
Exhibit
Number Description
99.1 Press Release issued by Barnett Banks, Inc.
on September 23, 1997.
EXHIBIT 99.1
[BARNETT LOGO]
BARNETT BANKS, INC.
FOR FURTHER INFORMATION:
MEDIA ANALYSTS
BOB STICKLER JOHN GLOVER
791-5437--OFFICE 791-7627--OFFICE
396-9284--HOME 981-0031--HOME
AREA CODE 904 AREA CODE 904
FOR IMMEDIATE RELEASE
September 23, 1997
BARNETT EXPECTS STOCK PRICE RELATED EXPENSES
JACKSONVILLE, Fla. -- As a result of the marked
increase in its stock price, Barnett Banks, Inc. anticipates
taking an after-tax charge to third quarter earnings of $45
million to $55 million.
The company's stock option plan is subject to
variable accounting rules requiring a quarterly expense
accrual to be recognized for stock price appreciation. The
third quater charge will cover the increased value of stock
options and certain other benefits related to the increase
in the value of the company's common shares.
Barnett signed a definitive agreement on August
29, 1997 to merge with NationsBank Corporation.
The actual charge will depend on the stock price
as of September 30, 1997. Excluding this charge, third
quarter earnings are expected to be consistent with prior
quarter trends and analysts' expectations.
With $44 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.
