BANCFLORIDA FINANCIAL CORP
10-Q, 1994-05-13
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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<PAGE>
                               UNITED STATES

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C. 20549

                                FORM 10-Q

(Mark One)
[X]             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 1994



[ ]             TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to

Commission file number: 1-8515

                          BANCFLORIDA FINANCIAL CORPORATION
            (Exact name of registrant as specified in its charter)


     Delaware                                59-2265850
(State or other jurisdiction of            (I.R.S. Employer
incorporation or organization)             Identification No.)

                         5801 Pelican Bay Boulevard
                            Naples, Florida 33963
                 (Address of principal executive offices)
                                 (Zip Code)

                              (813)  597-1611
             (Registrant's telephone number, including area code)

  Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

Yes  X   No


     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date, May 4, 1994.

  $.01 par value of common stock            3,721,012 shares
              (class)                        (outstanding)

<PAGE>
                   BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES
                      FORM 10-Q FOR QUARTER ENDED MARCH 31, 1994
                                     INDEX


PART I - FINANCIAL INFORMATION

  ITEM 1. FINANCIAL STATEMENTS:                          PAGE NUMBERS

        Condensed Consolidated Balance Sheets                       2

        Condensed Consolidated Statements of Income                 3

        Condensed Consolidated Statements of Cash Flows             4

        Notes to Condensed Consolidated Financial Statements        5

  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS
                   OF OPERATIONS                                    8

PART II - OTHER INFORMATION
  ITEM 4. Submission of Matters to a Vote of Security Holders      20
  ITEM 5. Other Information                                        20
  ITEM 6. Exhibits and Reports on Form 8-K                         20

SIGNATURES                                                         21

<PAGE>



                            PART I-FINANCIAL INFORMATION
                BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES
                       Condensed Consolidated Balance Sheets
                                 (In thousands)

<TABLE>
<CAPTION>

Assets                                                                  March 31,       September 30,
                                                                          1994              1993
<S>                                                                  <C>               <C>
Cash (including interest bearing deposits of $15,965 and $8,007).    $    61,920       $     47,056
Trading securities - FNMA mortgage-backed securities.............          7,522             17,297
Assets available for sale:
  Securities.....................................................        211,388            296,589
  Loans (aggregate fair values of $28,144 and $108,519)..........         27,866            106,412
Securities held to maturity (aggregate fair values of $299,486
  and $220,312)..................................................        312,310            220,846
Loans receivable (net of allowance for loan losses of $22,235
  and $26,701)...................................................        775,245            718,313
Investments in real estate.......................................         63,121             58,952
Office properties and equipment..................................         38,621             37,173
Accrued interest receivable, net.................................          8,158              8,728
Federal Home Loan Bank stock.....................................         11,126             15,250
Other assets (including costs in excess of fair value of net
  assets acquired of $2,411 and $2,713)..........................         25,677             24,017
                                                                     $ 1,542,954       $  1,550,633
                                                                   

Liabilities and Stockholders' Equity

Deposit accounts (including non-interest bearing deposits of
  $101,254 and $83,096)..........................................    $ 1,220,711       $  1,142,197
Due to banks.....................................................              -              3,894
Advances from Federal Home Loan Bank.............................        200,000            273,000
Other borrowings.................................................         23,120             23,334
Current income taxes payable.....................................            563              1,562
Deferred income..................................................            749                893
Advance payments by borrowers for taxes and insurance............          8,318             14,483
Other liabilities................................................         13,804             14,940
  Total liabilities..............................................      1,467,265          1,474,303

Stockholders' equity:
  Preferred stock $.01 par value; 2,000,000 authorized
    shares; 1,138,000 shares issued and outstanding..............             11                 11
  Common stock $.01 par value; 16,000,000 authorized shares;
    shares issued and outstanding:  3,707,611 in 1994;
    3,549,870 in 1993............................................             37                 35
  Additional paid-in capital.....................................         71,200             69,929
  Retained earnings..............................................          9,635              7,795
  Unrealized loss on securities available for sale, net..........         (4,278)              (431)
  Employee stock ownership plan obligation.......................           (916)            (1,009)
    Total stockholders' equity...................................         75,689             76,330
                                                                     $ 1,542,954       $  1,550,633
                                                                     
</TABLE>
   See accompanying notes to condensed consolidated financial statements.


<PAGE>

                     BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES
                          Condensed Consolidated Statements of Income
                         (Dollars in thousands, except per share data)
<TABLE>
<CAPTION>

                                                              Three Months Ended          Six Months Ended
                                                                 March 31,                     March 31,
<S>                                                      <C>           <C>            <C>            <C>
Interest income:                                            1994           1993          1994           1993
  Mortgage loans....................................     $    13,421    $    14,950   $    26,881    $    29,123
  Other loans.......................................           2,871          3,234         5,914          6,681
  Mortgage-backed and related securities............           7,322          7,579        13,991         14,851
  Investments and deposits..........................             300            356           583            903
    Total interest income...........................          23,914         26,119        47,369         51,558
Interest expense:
  Deposit accounts, net.............................          11,688         13,038        23,531         26,690
  Short-term borrowings.............................           1,696            755         3,138          1,395
  Long-term borrowings..............................           1,355          2,688         3,457          5,575
    Total interest expense..........................          14,739         16,481        30,126         33,660
    Net interest income.............................           9,175          9,638        17,243         17,898
  Provision for loan losses.........................               -          1,572           275          4,244
    Net interest income after provision for loan
      losses........................................           9,175          8,066        16,968         13,654
Other income:
  Unrealized loss on trading securities.............            (420)             -          (187)             -
  Gain (loss) on sale of mortgage-backed securities.            (586)         1,865            11          1,698
  Gain on sale of loans.............................             104              -           104            105
  Service charges on deposit accounts...............           1,437          1,351         3,050          2,779
  Loan servicing fees...............................             281            620           245            759
  Other.............................................             634            570         1,103          1,051
    Total other income..............................           1,450          4,406         4,326          6,392
Other expenses:
  Compensation and benefits.........................           4,384          4,507         8,680          8,815
  Real estate operations, net.......................          (1,427)        (2,146)       (2,823)        (5,435)
  Occupancy.........................................           1,872          2,203         3,617          4,735
  Advertising and promotion.........................             295            261           661            482
  Federal insurance premium.........................             946            970         1,924          1,736
  Data processing...................................             486            425           912            847
  Other.............................................           2,460          1,942         4,361          4,117
    Total other expenses............................           9,016          8,162        17,332         15,297
     Income before income tax expense and cumulative
      effect of accounting change...................           1,609          4,310         3,962          4,749
  Income tax expense................................             680          1,569         1,522          1,750
    Income before cumulative effect of accounting
      change........................................             929          2,741         2,440          2,999
  Cumulative effect of accounting change............               -              -             -          7,327
    Net income......................................     $       929    $     2,741   $     2,440    $    10,326


Primary earnings per share:
  Income before cumulative effect of accounting
    change..........................................     $      0.16    $      0.66   $      0.48    $      0.68
  Cumulative effect of accounting change............               -              -             -           1.98
    Net income......................................     $      0.16    $      0.66   $      0.48    $      2.66


  Average common and common equivalent shares
    outstanding.....................................       3,885,907      3,675,332     3,847,514      3,650,632


Fully diluted earnings per share:
  Income before cumulative effect of accounting
    change..........................................     $      0.16    $      0.51   $      0.48    $      0.58
  Cumulative effect of accounting change............               -              -             -           1.23
    Net income......................................     $      0.16    $      0.51   $      0.48    $      1.81


  Average shares outstanding........................       3,885,907      5,841,253     3,847,514      5,936,686


</TABLE>

See accompanying notes to condensed consolidated financial statements.

<PAGE>



                     BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES
                      Condensed Consolidated Statements of Cash Flows
                                       (In thousands)
<TABLE>
<CAPTION>

                                                             Six Months Ended
                                                                 March 31,
                                                           1994            1993

<S>                                                    <C>            <C>
Cash flows from operating activities:
Net income.........................................  $      2,440    $     10,326
  Adjustments to reconcile net income to net cash
    provided by operating activities:
    Cumulative effect of accounting change...........             -          (7,327)
    Provision for losses on loans and investments
      in real estate.................................           445           6,906
    Gain on sale of mortgage-backed securities.......           (11)         (1,698)
    Gain on sale of loans............................          (104)           (105)
    Unrealized loss on trading securities............           187               -
    Net gain on sale of real estate, property and
      equipment......................................        (1,377)         (4,589)
    Depreciation expense.............................         1,341           1,662
    Amortization and accretion.......................         1,826           1,108

  Decrease in accrued interest receivable............           570             108
  (Increase) decrease in other assets................          (629)            696
  Decrease in current income taxes payable...........          (999)         (1,312)
  Decrease in deferred income........................          (111)           (239)
  Decrease in advance payments by borrowers for
    taxes and insurance..............................        (6,165)         (2,464)
  Increase (decrease) in other liabilities...........        (1,418)          3,235
      Net cash provided (used) by operating
        activities...................................        (4,005)          6,307

Cash flows from investing activities:
  Proceeds from sales of loans and mortgage-backed
    securities available for sale....................       170,490         387,618
  Decrease in loans available for sale...............         3,584           3,608
  Net increase in loans receivable...................       (67,125)        (75,815)
  Purchase of mortgage-backed and related securities.      (161,886)       (360,818)
  Repayments of mortgage-backed and related
    securities.......................................        67,504          48,849
  Proceeds from maturity of other securities.........            34              28
  Purchase of other securities.......................           (44)         (1,010)
  Purchase of FHLB stock.............................          (376)         (1,022)
  Proceeds from the sale of FHLB stock...............         4,500               -
  Decrease in real estate............................         2,717           5,401
  Increase in property and equipment.................        (2,680)         (1,536)
     Net cash provided by investing activities.......        16,718           5,303

Cash flows from financing activities:
  Net increase in transaction deposit accounts.......        67,014          53,672
  Net increase (decrease) in certificates of deposit.        11,500         (17,304)
  Repayments of Federal Home Loan Bank advances......      (333,000)       (177,000)
  Borrowings of Federal Home Loan Bank advances......       260,000         150,000
  Repayment of other borrowings......................           (49)           (120)
  Increase in short-term borrowings..................             -          12,352
  Decrease in due to banks...........................        (3,894)              -
  Proceeds from stock options exercised..............         1,094              27
  Cash dividends paid on cumulative convertible
    preferred stock..................................          (607)              -
  (Increase) decrease in employee stock ownership
    plan obligation..................................            93             (66)

      Net cash provided by financing activities......         2,151          21,561
        Net increase in cash and cash equivalents....        14,864          33,171
        Cash and cash equivalents at beginning
          of period..................................        47,056          25,812
        Cash and cash equivalents at end of period...  $     61,920    $     58,983
</TABLE>

See accompanying notes to condensed consolidated financial statements.

<PAGE>

         BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

        Notes to Condensed Consolidated Financial Statements





Note A - Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with instructions on Form 10-Q and, therefore, do not 

necessarily include information or footnotes necessary for a fair presentation 

of financial position, results of operations and statement of cash flows in 

conformity with generally accepted accounting principles.  However, in the 

opinion of management of BancFlorida Financial Corporation (the "Company" or 

"BFL"), all adjustments which are necessary for a fair presentation have been
included and are of a normal, recurring nature.  The results of operations for
the three and six months ended March 31, 1994 are not necessarily indicative 

of the results which may be expected for the entire fiscal year.  The 

consolidated financial statements should be read in conjunction with the 

audited consolidated financial statements and the notes thereto included
in the Company's Annual Report to Shareholders for the year ended September 30,
1993.

Note B - Reclassification

Certain amounts in the March 31, 1993 condensed consolidated statement of 

income have been reclassified to conform to the March 31, 1994 presentation.

Note C - Assets Available for Sale

Due to the implementation of Statement of Financial Accounting Standard ("FAS")
115 "Accounting for Certain Investments in Debt and Equity Securities", 

securities available for sale are recorded at fair value; loans available for 

sale are recorded at the lower of amortized cost or fair value.  The 

Company's assets available for sale portfolio is as follows:


<TABLE>
<CAPTION>
(In thousands)
                                        March 31, 1994                                September 30, 1993
                                      Gross       Gross                                Gross       Gross
                         Amortized  Unrealized  Unrealized    Fair        Amortized  Unrealized  Unrealized    Fair
                           Cost       Gains       Losses      Value         Cost       Gains       Losses      Value
<S>                      <C>        <C>         <C>         <C>           <C>        <C>         <C>         <C>
Mutual funds...........  $   2,083  $        -  $       (8) $   2,075     $   2,039  $        8  $        -  $   2,047
Mortgage-backed
  securities:
    FHLMC..............     76,198           -      (2,237)    73,961       128,217          68        (405)   127,880
    FNMA...............    134,860           -      (4,589)   130,271       167,045         194        (577)   166,662
 Total mortgage-backed
  securities...........    211,058           -      (6,826)   204,232       295,262         262        (982)   294,542
FNMA debenture.........      5,147           -         (66)     5,081             -           -           -          -
Total securities.......    218,288           -      (6,900)   211,388       297,301         270        (982)   296,589
Loans receivable:
  Residential 1-4
    units..............          -           -           -          -        82,073       1,864           -     83,937
  Home equity loans....     27,866         278           -     28,144        24,339         243           -     24,582
Total loans
  receivable...........     27,866         278           -     28,144       106,412       2,107           -    108,519
                         $ 246,154  $      278  $   (6,900) $ 239,532     $ 403,713  $    2,377  $     (982) $ 405,108
</TABLE>


Note D - Securities Held to Maturity

The Company's securities held to maturity portfolio is as follows:

(In thousands)

<TABLE>
<CAPTION>
                                       March 31, 1994                                September 30, 1993
                                      Gross       Gross                                Gross       Gross
                         Amortized  Unrealized  Unrealized    Fair        Amortized  Unrealized  Unrealized   Fair
                           Cost       Gains       Losses      Value          Cost      Gains       Losses      Value
<S>                      <C>        <C>         <C>         <C>          <C>         <C>         <C>         <C>
Municipal
  securities...........  $     243  $        -  $       (3) $     240     $     277  $        4  $        -  $     281
 Collateralized
   mortgage
   obligations.........     29,260           -        (905)    28,355        29,352         223         (27)    29,548
Mortgage-backed
  securities:
     FHLMC.............     80,868                  (3,511)    77,357        75,898           -        (450)    75,448
     FNMA..............    201,939           -      (8,405)   193,534       115,319          62        (346)   115,035
Total mortgage-backed
  securities...........    282,807           -     (11,916)   270,891       191,217          62        (796)   190,483
                         $ 312,310  $        -  $  (12,824) $ 299,486     $ 220,846  $      289  $     (823) $ 220,312
</TABLE>


<PAGE>



         BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

        Notes to Condensed Consolidated Financial Statements





Note E - Earnings Per Share

The following table summarizes the calculation of primary
and fully diluted earnings per share for the periods indicated:

(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
                                                 Three Months Ended             Six Months Ended
                                                     March 31,                     March 31,
Primary Earnings Per Share:                      1994          1993            1994          1993
<S>                                          <C>           <C>             <C>            <C>
  Income before cumulative effect of
    accounting change.......................  $      929    $    2,741      $    2,440    $    2,999
  Cumulative effect of accounting change....           -             -               -         7,327
  Dividends on cumulative convertible
    preferred stock.........................        (297)            -            (600)            -
  Preferred dividends in arrears............           -          (297)              -          (600)
    Net income available for primary
      shares................................  $      632    $    2,444      $    1,840    $    9,726


  Average number of common shares
    outstanding.............................   3,674,996     3,536,921       3,620,468     3,535,930
  Common stock equivalents of stock
    options.................................     210,911       138,411         227,046       114,702
                                               3,885,907     3,675,332       3,847,514     3,650,632


  Income before cumulative effect of
    accounting change.......................  $     0.24    $     0.74      $     0.64    $     0.84
  Cumulative effect of accounting change....           -             -               -          1.98
  Dividends on cumulative convertible
    preferred stock.........................       (0.08)            -           (0.16)            -
  Preferred dividends in arrears............           -         (0.08)              -         (0.16)
    Net income..............................  $     0.16    $     0.66      $     0.48    $     2.66


Fully Diluted Earnings Per Share:(a)
  Income before cumulative effect of
    accounting change.......................  $      929    $    2,741      $    2,440    $    2,999
  Cumulative effect of accounting change....           -             -               -         7,327
  Interest expense on convertible
    subordinated debentures, net of taxes...         230           227             457           454
    Net income available for fully diluted
      shares................................  $    1,159    $    2,968      $    2,897    $   10,780


  Average shares outstanding:
    Average number of common
      shares outstanding....................   3,674,996     3,536,921       3,620,468     3,535,930
    Common stock equivalents of stock
      options...............................     213,433       137,489         237,530       132,186
    Average shares assumed to be issued for:
      Cumulative convertible preferred
        stock...............................   1,138,000     1,138,000       1,138,000     1,138,000
      Average preferred dividends in
        arrears.............................           -       317,922               -       419,649
      Convertible subordinated debentures...     704,574       710,921         707,782       710,921
                                               5,731,003     5,841,253       5,703,780     5,936,686


    Income before cumulative effect of
     accounting change.....................  $     0.20    $     0.51      $     0.51    $     0.58
    Cumulative effect of accounting change..           -             -               -          1.23
      Net income............................  $     0.20    $     0.51      $     0.51    $     1.81


(a) Debt and equity securities were anti-dilutive for the three and six months ended March 31, 1994 and
    are included for presentation purposes only.
</TABLE>

<PAGE>



         BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

        Notes to Condensed Consolidated Financial Statements



Note F - Supplemental Cash Flow Information

<TABLE>
<CAPTION>
                                                                Six Months Ended
                                                                   March 31,
                                                             1994            1993
<S>                                                       <C>             <C>
Cash paid during the period for:
  Interest (net of amount capitalized).................   $   29,493      $   33,772
  Income taxes.........................................        2,287           3,855
Supplemental schedule of non-cash investing
  and financing activities:
  Exchange of loans for mortgage-backed securities.....   $   77,330      $   57,441
  Increase in assets available for sale................        3,876         518,511
  Assets acquired through foreclosure and repossession.       10,698          16,591
  Mortgage loans originated to finance the sale of
    foreclosed real estate.............................        4,575          13,011
</TABLE>

Note G - Income Taxes

Included in other assets at March 31, 1994 is a net deferred tax asset of $1.6
million.  The tax effects of the material temporary differences that comprise
the net deferred tax asset are as follows:

(In thousands)

Deferred Tax Assets:
  Allowance for losses on loans and investments in real estate....   $ 7,336
  Employee benefit plans..........................................       583
  Other...........................................................       168
                                                                       8,087
Deferred Tax Liabilities:
  Depreciation expense............................................    (2,626)
  Change in tax accounting method.................................    (1,554)
  Deferred loan fee income........................................    (1,047)
  FHLB stock dividends............................................    (1,304)
                                                                      (6,531)
Net Deferred Tax Asset............................................   $ 1,556

The Company believes that it has paid sufficient taxes in prior carryback years
which will enable it to recover the net deferred tax asset and therefore no
valuation allowance as defined by FAS 109 "Accounting for Income Taxes" is
required at March 31, 1994.

Income tax expense of the Company differs from the amounts computed by
applying the United States federal income tax rate of 34 percent to income
before income taxes because of the following:

<TABLE>
<CAPTION>
                                                                  Six Months Ended
                                                                      March 31,
                                                                 1994        1993
<S>                                                              <C>         <C>
Income tax expense at statutory federal rate.................     34.0%       34.0%
Increase (decrease) in income tax rate resulting from:
  Tax exempt income..........................................     (3.6)       (2.8)
  Amortization of costs in excess of fair
    value of net assets acquired.............................      2.6         2.2
  State income taxes.........................................      1.2         1.6
  Change in net deferred tax asset...........................      2.2         1.0
  Other......................................................      2.0         0.8
Effective tax rate...........................................     38.4%       36.8%
</TABLE>

<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations



Results of Operations

The Company had net income of $929,000 or earnings per share of $0.16 for the
second quarter of fiscal 1994 compared to net income for the same period a year 

ago of $2.7 million or primary earnings per share of $0.66 ($0.51 fully 

diluted).  For the six months ended March 31, 1994, the Company's net income 

was $2.4 million or earnings per share of $0.48.  This compared to net income 

for the same period a year ago of $10.3 million or primary earnings per share 

of $2.66 ($1.81 fully diluted) which included income of $7.3 million 

representing the cumulative effect of a change in the method of accounting 

for income taxes pursuant to the Company's adoption of FAS 109.  Excluding 

this adjustment, net income for the first six months of fiscal 1993
would have been $3.0 million or primary earnings per share of $0.68 ($0.58 

fully diluted).

Total provisions for losses relating to loans and assets classified as 

investments in real estate decreased to $82,000 and $445,000 for the three and 

six months ended March 31, 1994 compared to $2.2 million and $6.9 million for 

the same three and six month periods a year ago.

Total other income was $1.5 million and $4.3 million for the three and six
months ended March 31, 1994 compared to $4.4 million and $6.4 million for the
comparable three and six month periods a year ago.  Net realized and 

unrealized security transaction losses on mortgage-backed securities and loans 

were $902,000 and $72,000 for the three and six month periods ended March 31, 

1994 compared to net gains of $1.9 million and $1.8 million for the same three 

and six month periods a year ago.

Total other expenses, exclusive of real estate operations, net, were $10.4
million and $20.2 million for the three and six months ended March 31, 1994 

compared to $10.3 million and $20.7 million for the same three and six month 

periods a year ago.

Real estate operations, net, produced income of $1.4 million and $2.8 million
for the three and six months ended March 31, 1994 compared to $2.1 million and 

$5.4 million for the same three and six month periods a year ago.

Results of Operations - Net Interest Income

The principal source of recurring income for BancFlorida, a Federal Savings Bank
("BancFlorida" or the "Bank") is the difference between interest earned on loans
and investments and interest paid on deposits and borrowings.  Net interest 

income is affected by both interest rates and the volume of interest earning 

assets and interest bearing liabilities.

Net interest income was $9.2 million and $17.2 million for the three and six
months ended March 31, 1994 compared to $9.6 million and $17.9 million for the 

same three and six month periods a year ago.

Total interest income decreased to $23.9 million and $47.4 million for the three
and six months ended March 31, 1994 from $26.1 million and $51.6 million for 

the same three and six month periods a year ago.  During the current three and 

six month periods, the Company has experienced lower interest income due to 

the decline in interest rates on loans originated and mortgage-backed 

securities purchased during the previous year.

<PAGE>

          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations



Total interest expense decreased to $14.7 million and $30.1 million for
the three and six months ended March 31, 1994 from $16.5 million and $33.7 

million during the same three and six month periods a year ago.  The decrease 

is attributable to the Company's further concentration of replacing higher cost

certificates of deposit and FHLB advances with lower cost transaction 

accounts.  The level of transaction accounts has increased $54 million between 

March 31, 1993 and March 31, 1994 from $443 million at March 31, 1993 to 

$497 million at March 31, 1994.

The table below indicates the impact that changes in interest rates have had on
the Company's interest rate spread and net interest income for the periods
indicated.

                                 Net Interest Spread/Income Analysis
                                        (Dollars in thousands)

                             Yield on   Cost     Net Spread     Net
                             Earning     of      During the   Interest
Quarter Ended                Assets     Funds      Period      Income

March 31, 1993............   7.53%      4.68%      2.85%       $ 9,638
June 30, 1993.............   6.89       4.53       2.36          7,826
September 30, 1993........   6.90       4.46       2.44          8,538
December 31, 1993.........   6.76       4.29       2.47          8,068
March 31, 1994............   6.93       4.16       2.77          9,175

The following tables presents net interest income of the Company by its
major components:

<TABLE>
<CAPTION>
                                             For the Three Months Ended March 31,
                                               1994                               1993

                                                        Income                             Income
                                  Average    Average      or         Average    Average      or
                                  Balance     Rate      Expense      Balance     Rate      Expense
<S>                             <C>           <C>     <C>         <C>             <C>    <C>
                                                     (Dollars in thousands)
Interest earning assets:
  Loans and mortgage-
    backed securities (a).....  $1,354,933     6.97%   $ 23,614    $1,357,270     7.59%   $ 25,763
  Investments.................      26,381     4.61         300        29,968     4.82         356

Total interest earning assets.  $1,381,314     6.93%   $ 23,914    $1,387,238     7.53%   $ 26,119


Interest bearing liabilities:
  Deposits....................  $1,220,436     3.88%   $ 11,688    $1,187,630     4.45%   $ 13,038
  Borrowings..................     216,512     5.71       3,051       238,386     5.86       3,443

Total interest bearing
  liabilities.................  $1,436,948     4.16%   $ 14,739    $1,426,016     4.68%   $ 16,481



Interest rate spread..........                 2.77%                              2.85%


Net yield on interest
  earning assets (b)..........                 2.66%                              2.78%


</TABLE>

(a)  Includes non-performing loans.
(b)  Annualized net interest income divided by average interest earning assets.

<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations






<TABLE>
<CAPTION>                                                  For the Six Months Ended March 31,
                                               1994                               1993

                                                        Income                             Income
                                  Average    Average      or         Average    Average      or
                                  Balance     Rate      Expense      Balance     Rate      Expense
<S>                               <C>        <C>       <C>        <C>             <C>     <C>
                                                        (Dollars in thousands)
Interest earning assets:
  Loans and mortgage-
    backed securities (a).....  $1,362,529     6.86%   $ 46,786    $1,332,746     7.60%   $ 50,655
  Investments.................      25,157     4.63         583        44,668     4.06         903

Total interest earning assets.  $1,387,686     6.79%   $ 47,369    $1,377,414     7.49%   $ 51,558


Interest bearing liabilities:
  Deposits....................  $1,199,561     3.93%   $ 23,531    $1,175,762     4.55%   $ 26,690
  Borrowings..................     232,133     5.70       6,595       236,333     5.91       6,970

Total interest bearing
  liabilities.................  $1,431,694     4.22%   $ 30,126    $1,412,095     4.78%   $ 33,660



Interest rate spread..........                 2.57%                              2.71%


Net yield on interest
  earning assets (b)..........                 2.49%                              2.60%


</TABLE>

(a)  Includes non-performing loans.
(b)  Annualized net interest income divided by average interest earning assets.


The effect on net interest income due to changes in interest rates, interest
earning assets, and interest bearing liabilities is shown below.  The change 

due to volume is computed by multiplying the change in the average balance of 

funds employed while holding interest rates steady.  The change due to rate is 

computed by multiplying the change in interest rates while holding the volume of

funds steady.  For purposes of this table, changes attributable to both rate 

and volume which cannot be segregated have been allocated proportionately to 

volume and to rate.

<TABLE>
<CAPTION>
                                                         RATE/VOLUME ANALYSIS
                                  Three Months Ended March 31,          Six Months Ended March 31,
                                         1994 vs. 1993                        1994 vs. 1993
                                  Increase (Decrease) Due To            Increase (Decrease) Due To
(In thousands)
                                 RATE       VOLUME        TOTAL         RATE       VOLUME        TOTAL
INTEREST EARNING ASSETS:
<S>                           <C>          <C>          <C>          <C>          <C>          <C>
Mortgage loans (a)........... $ (2,533)    $    747     $ (1,786)    $ (5,301)    $  2,199     $ (3,102)
Other loans..................      785       (1,148)        (363)       1,158       (1,925)        (767)
  Total loans................   (1,748)        (401)      (2,149)      (4,143)         274       (3,869)
Investments..................      (15)         (41)         (56)         322         (642)        (320)
    Total....................   (1,763)        (442)      (2,205)      (3,821)        (368)      (4,189)

INTEREST BEARING LIABILITIES:

 Transaction accounts........     (959)         669         (290)      (2,111)       1,369         (742)
 Certificates................     (639)        (421)      (1,060)      (1,386)      (1,031)      (2,417)
   Total deposits............   (1,598)         248       (1,350)      (3,497)         338       (3,159)
 FHLB advances...............      480         (452)          28          301         (148)         153
 Other borrowings............     (287)        (133)        (420)        (412)        (116)        (528)
   Total borrowings..........      193         (585)        (392)        (111)        (264)        (375)
     Total...................   (1,405)        (337)      (1,742)      (3,608)          74       (3,534)

NET CHANGE IN NET
INTEREST INCOME.........      $   (358)    $   (105)    $   (463)    $   (213)    $   (442)    $   (655)
</TABLE>


(a) Includes non-performing loans and mortgage-backed and related securities.


<PAGE>



          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations




Results of Operations - Other

Total other income was $1.5 million and $4.3 million for the three and six
months ended March 31, 1994 compared to $4.4 million and $6.4 million for the
comparable periods a year ago.

Included in total other income during the current quarter were net losses of
$482,000 on the sales of $84.7 million of mortgage-backed securities and loans.
In addition the Company had an unrealized loss of $420,000 on its trading
securities during this quarter.  This compares to net gains of $1.9 million on 

the sales of $90 million of mortgage-backed securities in the quarter ended 

March 31, 1993.

Included in total other income for the six months ended March 31, 1994 were net
gains of $115,000 on the sales of $170.5 million of mortgage-backed securities
and loans as well as a $187,000 unrealized loss on its trading securities 

portfolio. This compares to a net gain of $1.8 million on the sales of $387.6 

million of mortgage-backed securities and loans in the previous year.

Loan servicing fees totaled $281,000 for the three months ended March 31, 1994
compared to $620,000 for the same period a year ago.  Included in loan 

servicing fees are the amortizations of excess servicing fees ("ESF") relating 

to loans serviced for others and of purchased mortgage servicing rights ("PMSR")

relating to the fees paid to acquire a mortgage loan servicing portfolio.  

These amortizations reduced loan servicing fees by $524,000 and $255,000 during

the three months ended March 31, 1994 and 1993, respectively.  Also reducing 

loan servicing fees during the three months ended March 31, 1994 were 

writedowns of $84,000 on the Bank's ESF and PMSR portfolios.  There was no 

related writedown during the same three month period a year ago.  These 

writedowns were necessitated by the accelerated prepayments on
the underlying mortgage loans that comprise these portfolios.

For the six months ended March 31, 1994 and 1993 loan servicing fees totaled
$245,000 and $759,000, respectively. Included in loan servicing fees during
these six month periods are the amortizations of the Bank's ESF and PMSR 

portfolios of $959,000 and $552,000, respectively.  In addition, writedowns 

on these portfolios were $584,000 and $500,000, respectively, during these 

six month periods.  At March 31, 1994 the estimated values of the Bank's ESF 

and PMSR portfolios which are reported in other assets, were $1.1 million and 

$3.2 million, respectively.

Service charges on deposit accounts totaled $1.4 million for each of the three
months ended March 31, 1994 and 1993.  For the six months ended March 31, 1994
and 1993 these same fees totalled $3.1 million and $2.8 million.  The 

increase in the deposit account fee income is due to the continued emphasis 

on obtaining transaction accounts rather than higher cost certificate accounts.

The following table summarizes the major components of miscellaneous other
income for the periods indicated:


<TABLE>
<CAPTION>
                                           Three Months Ended          Six Months Ended
                                                 March 31,                  March 31,
(In thousands)                               1994       1993            1994       1993
<S>                                        <C>        <C>             <C>        <C>
Mortgage loan application fees........     $    114   $    207        $    210   $    275
Income from investment subsidiary
  agency relationship.................          238        221             467        444
Late payment fees.....................          132        132             252        321
Other, net............................          150         10             174         11
  Other income........................     $    634   $    570        $  1,103   $  1,051
</TABLE>

<PAGE>

          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations



Total other expenses, including real estate operations, net, were $9.0
million and $17.3 million for the three and six months ended March 31, 1994 

compared to $8.2 million and $15.3 million for the same periods a year ago.  

Excluding real estate operations, net, total other expenses were $10.4 million 

and $20.2 million for the three and six months ended March 31, 1994 compared 

to $10.3 million and $20.7 million for the same periods a year ago.  The 

decrease in total other expenses excluding real estate operations, net, during 

the current six month period is primarily attributable to occupancy and 

miscellaneous other expenses relating to the operations of five properties in 

real estate owned subsidiaries that had been sold prior to the current six 

month periods.

Real estate operations, net, produced income of $1.4 million and $2.8 million
for the three and six months ended March 31, 1994 compared to $2.1 million and 

$5.4 million for the same three and six month periods a year ago.  Provisions 

charged to real estate operations were $82,000 and $170,000 for the three and 

six months ended March 31, 1994 compared to $621,000 and $2.7 million for the 

same three and six months period a year ago.  However, for the six  months 

ended March 31, 1993, real estate operations, net, included a $2.7 million gain 

recognized from the sale of a motel owned by a subsidiary of the Bank.  In 

addition, income from real estate owned properties decreased by $1.1 million 

and $2.5 million during the three and six months ended March 31, 1994 compared 

to the same three and six month periods a year ago.  This was due to the 

sale of five properties in real estate owned subsidiaries
that had been sold prior to fiscal 1994 and the sale of one subsidiary property
during the first quarter of fiscal 1994.


The following table summarizes the major components of total other expenses:
<TABLE>
                                                 Three Months Ended        Six Months Ended
                                                      March 31,                March 31,
(In thousands)                                     1994       1993          1994       1993
<S>                                              <C>        <C>           <C>        <C>
Compensation and benefits....................... $ 4,723    $ 4,467       $ 9,358    $ 8,884
Direct loan origination costs...................    (409)      (364)         (932)      (912)
Real estate owned subsidiaries only.............      70        404           254        843
    Total compensation and benefits.............   4,384      4,507         8,680      8,815

Real estate operations, net.....................    (124)      (123)         (909)      (336)
Provision charged to real estate operations.....      82        621           170      2,662
Gain on sale of real estate owned...............  (1,042)    (1,207)       (1,365)    (4,579)
Real estate owned subsidiaries only.............    (343)    (1,437)         (719)    (3,182)
    Total real estate operations, net...........  (1,427)    (2,146)       (2,823)    (5,435)

Occupancy.......................................   1,600      1,482         3,062      2,836
Real estate owned subsidiaries only.............     272        721           555      1,899
    Total occupancy.............................   1,872      2,203         3,617      4,735

Advertising and promotion.......................     282        243           602        440
Real estate owned subsidiaries only.............      13         18            59         42
    Total advertising and promotion.............     295        261           661        482

Federal insurance premium.......................     946        970         1,924      1,736

Data processing.................................     486        425           912        847

Other expenses..................................   2,237      1,571         4,037      3,199
Real estate owned subsidiaries only.............     313        453           525      1,104
Direct loan origination costs...................     (90)       (82)         (201)      (186)
   Other expenses...............................   2,460      1,942         4,361      4,117
   Total other expenses......................... $ 9,016    $ 8,162       $17,332    $15,297
</TABLE>

Classified Assets

BancFlorida regularly reviews problem assets to determine the adequacy of the
loss reserves based on information such as collectibility, collateral values
and economic conditions.  In addition, the classification of assets,
delinquency experience and status of non-performing assets are monitored
through an on-going management process.

<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations



The Bank's internal asset review system is designed to provide for early
detection of problem assets.  The Bank's policy provides for the 

classification of assets as satisfactory, special mention, substandard, 

doubtful and loss.  Substandard assets consist of performing and 

non-performing loans, loans to facilitate, real estate
acquired through foreclosure ("REO"), and other repossessed assets.  The
allowances are reviewed and updated quarterly based on historical loss 

experience and current economic conditions.  Although this system will not 

eliminate future losses due to unanticipated declines in the real estate 

market or economic downturns, it is designed to provide for timely 

identification of those losses.

The following table sets forth the Company's classified assets at March 31,
1994, December 31, 1993 and September 30, 1993 pursuant to federal 

regulations as follows:

<TABLE>
<CAPTION>
(In thousands)
                                      March 31,      December 31,   September 30,
                                        1994            1993            1993
<S>                                 <C>             <C>            <C>
Substandard Loans
Performing
  Commercial real estate..........  $     11,331    $     11,369    $     16,932
  Construction....................         2,693           3,852           3,829
  Commercial......................         2,027           2,061           2,567
  Agricultural....................         5,466           5,822           3,138
    Total performing..............        21,517          23,104          26,466

Non-performing
  Residential.....................         3,242           3,310           3,311
  Commercial real estate..........        15,569          14,503          16,522
  Construction....................         7,251           7,642           7,928
  Commercial......................         2,564           3,429           2,979
  Agricultural....................         4,764           5,029          17,057
  Consumer........................           329             355             399
    Total non-performing..........        33,719          34,268          48,196

Substandard loans.................        55,236          57,372          74,662

Other Substandard Assets

Loans to facilitate...............         9,619           9,637           9,677
Real estate acquired through
  foreclosure.....................        47,885          49,169          44,370
Other repossessed assets..........           170             232             449
  Other substandard assets, net...        57,674          59,038          54,496

  Total substandard assets, net...       112,910         116,410         129,158

Loss
Commercial real estate............            25               -               -
Construction......................         1,924           1,825           1,825
Commercial........................         1,145           1,100           1,384
Agricultural......................         1,650           1,800           4,500
Less specific reserves............        (4,744)         (4,725)         (7,709)

  Assets classified loss, net.....             -               -               -

  Total classified assets, net....  $    112,910    $    116,410    $    129,158


  Percent of total assets.........          7.32%           7.62%           8.33%
</TABLE>

<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations





Substandard assets decreased $3.5 million during the second quarter of
fiscal 1994 to $112.9 million at March 31, 1994.  Total non-performing loans 

and other substandard assets, net, declined by $1.9 million during the current 

quarter to $91.4 million, net, at March 31, 1994.

The following table summarizes the change in non-performing assets for the
three months ended March 31, 1994.

(In thousands)


<TABLE>
<CAPTION>
                                                                          Total
                                Non-         REO &         Other           Non-
                             Performing     Loans to     Repossessed    Performing
                               Loans       Facilitate      Assets         Assets
<S>                          <C>           <C>           <C>            <C>
At December 31, 1993.....    $   34,268    $   58,806    $       232    $   93,306
  Additions..............         5,603           106            100         5,809
  Loans transferred
    to REO...............        (1,940)        1,940              -             -
  Writedowns.............          (283)         (185)           (56)         (524)
  Loans brought current
     or paid in full.....        (3,879)            -              -        (3,879)
  Sold...................             -        (2,742)          (106)       (2,848)
  Other decrease.........           (50)         (421)             -          (471)
At March 31, 1994........    $   33,719    $   57,504    $       170    $   91,393
</TABLE>


Special mention loans are those which are current under the terms of their
respective loan agreements.  However, due to potential credit weaknesses, the
loans merit management's close attention.  At March 31, 1994, such loans 

totaled $58.2 million compared to $63.0 million at December 31, 1993 and $55.5 

million at September 30, 1993.  The decrease in the current three month period 

is attributable to the payments on three loans totaling $2.5 million and the 

downgrade to non-performing of two loans totaling $2.3 million.  Management 

believes it has identified all potential problem loans at March 31, 1994.  

However, included in loans classified substandard and special mention are a 

total of $79.7 million of performing loans where known information about 

possible credit problems of borrowers has caused management to have doubts 

as to the ability of such borrowers to comply with the present loan repayment 

terms and which may result in these loans becoming non-performing in 

subsequent periods.  These same loans totaled $86.1 million at December 31, 

1993 and $81.9 million at September 30, 1993.  The ultimate resolution
of the Bank's substandard and non-performing assets will be highly dependent
upon economic conditions in the Bank's primary market area.


Allowance and Provision for Losses on Assets

The Company has a policy regarding the allowances for loan losses and valuation
of investments in real estate which, in management's judgment, provides the 

level of allowances and write-downs appropriate to absorb potential losses in 

these portfolios.  The policy is based on a review of both individual loans and

real estate properties and various factors affecting the portfolios generally,
including historical loss experience, economic conditions and trends.  The 

following is a summary of activity in the allowance for loan losses for the 

periods indicated.

<TABLE>
<CAPTION>
                                         Three Months Ended         Six Months Ended
(In thousands)                               March 31,                  March 31,
                                          1994       1993           1994       1993
<S>                                     <C>        <C>            <C>        <C>
Balance, beginning of period........    $ 22,472   $ 29,522       $ 26,701   $ 28,981
  Provisions charged to operations..           -      1,572            275      4,244
  Recoveries........................         577         63            632        120
  Charge-offs ......................        (814)      (710)        (5,373)    (2,898)
 Balance, end of period.............    $ 22,235   $ 30,447       $ 22,235   $ 30,447
</TABLE>
<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations




For the quarter ended March 31, 1994, the Bank did not post provisions
for loan losses compared to $1.6 million for the same period a year ago.  

Provisions for assets classified as investments in real estate totaled $82,000 

in the second quarter of fiscal 1994 compared to $621,000 for the same period a

year ago.  For the six months ended March 31, 1994 and 1993 provisions for loan

losses were $275,000 and $4.2 million, respectively, and provisions for assets 

classified as investments in real estate were $170,000 and $2.7 million, 

respectively.  The decrease in total provisions during the current periods 

reflects the overall improvement in the Bank's level of classified assets 

which have decreased 32% from $165.9 million at March 31,
1993 to $112.9 million at March 31, 1994.

Recoveries totaled $577,000 and $632,000 for the three and six months ended
March 31, 1994 compared to $63,000 and $120,000 for the same periods a year 

ago.  The current three and six month periods included a $385,000 court 

awarded judgement for legal and other expenses incurred by the Bank in a 

lawsuit regarding the Bank's discontinued builder program.

Charge-offs during the current quarter included $200,000 relating to specific
reserves on an agricultural loan transferred to REO which during the period.  In
addition, $107,000 of specific and general reserves transferred to REO related
to loans foreclosed during the current period and $206,000 related to losses on
unsecured consumer loans and repossessed assets.  During the same three month
period a year ago charge-offs included $509,000 related to losses on unsecured 

consumer loans and repossessed assets.

For the six months ended March 31, 1994 charge-offs included $2.9 million of
specific reserves relating to two loans transferred to REO, $556,000 of general
and specific reserves related to other loans transferred to REO and $565,000 

related to losses on unsecured consumer loans and repossessed assets.  For the 

same six month period a year ago charge-offs included $1.2 million in specific 

reserves on five loans transferred to REO and $1.2 million related to losses 

on unsecured consumer loans and repossessed assets.

Based on its assessment of the Bank's loan and real estate owned portfolios,
management believes that the level of allowances and write-downs are adequate to
cover potential losses.  However, management will continue to monitor the
economic environment and assess future stability of the loan and real estate 

owned portfolios in order to determine the need for additional reserves.

Total allowance for loan losses as a percent of classified assets are shown
below for the periods indicated.

Quarter Ended                   Percent

March 31, 1993.................  17.21%
September 30, 1993.............  19.51%
March 31, 1994.................  18.90%

Included in the Company's loan portfolio are various loans identified as non-
performing loans (loans that have ceased to accrue interest income) and
restructured loans (loans in which concessions, including reduction of
interest rates or deferral of interest or principal payments, have been
granted to borrowers due to their financial condition).  A summary of
these types of loans is as follows:

(In thousands)                              March 31,
                                       1994         1993
Non-performing loans...............  $  33,719    $  32,360


Restructured loans.................  $   5,783    $  10,330


<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations





The following table summarizes the interest income which would have been
recorded under the original terms of non-performing and restructured loans at
March 31, 1994 and 1993 and the interest income actually recognized for the
periods indicated:

                                         Six Months Ended
(In thousands)                               March 31,
                                        1994         1993
Interest income which would
  have been recorded...............  $   2,258    $   4,087
Interest income recognized.........       (535)        (695)
Interest income foregone...........  $   1,723    $   3,392

At March 31, 1994 there were no outstanding commitments to lend additional
funds to borrowers with non-performing or restructured loans.

Asset/Liability Management

The table below sets forth the major balance sheet categories and the dollar
amounts which are rate sensitive and are estimated to reprice within the 

periods specified. The approximate contractual repayment data, adjusted for 

amortization and anticipated prepayments or, for adjustable rate and 

floating-rate instruments, repricing date, at March 31, 1994 are reflected 

below for BancFlorida.  The table does not address the degree to which 

repricing mechanisms are subject to limitations and thus may not reflect 

completely the ability of the assets to adjust to changes in market 

interest rates.  The interest rate sensitivity of the Bank's assets and
liabilities illustrated in the table would vary if significantly different
assumptions were used or if actual experience differs from the prepayment
assumptions used.


<TABLE>
<CAPTION>
                                       BancFlorida, a Federal Savings Bank
                                                  GAP Position
                                                 March 31, 1994
                                              (Dollars in thousands)

                    6 Months     7 - 12      1 - 3       3 - 5       5 Years
                     or Less     Months      Years       Years       or More      Total
<S>                <C>         <C>         <C>         <C>         <C>         <C>
Loans (a).......   $ 583,164   $ 195,035   $ 295,811   $ 128,668   $ 110,967   $ 1,313,645
Investments.....      18,589       1,081          45           -      16,429        36,144
    Total.......     601,753     196,116     295,856     128,668     127,396     1,349,789

Deposits (b)....     489,628     259,802     310,406     118,919      53,891     1,232,646
Borrowings......      74,112      70,020      60,385         410       2,618       207,545
     Total......     563,740     329,822     370,791     119,329      56,509     1,440,191
Non-cumulative
  gap position..   $  38,013   $(133,706)  $ (74,935)  $   9,339   $  70,887   $   (90,402)


Cumulative
  gap position..   $  38,013   $ (95,693)  $(170,628)  $(161,289)  $ (90,402)  $   (90,402)


Cumulative % to
  total assets..       2.47%      (6.22%)    (11.09%)    (10.48%)     (5.87%)       (5.87%)
</TABLE>

(a) Includes all mortgage-backed and related securities.  The amounts shown
reflect prepayment assumptions.

(b) For presentation purposes, 10% of regular savings accounts are assumed
to reprice in each of the six months or less and seven to twelve months
categories, and 20% of interest bearing transaction deposit accounts are
assumed to reprice in each of such categories.  Money market deposit
accounts are assumed to reprice within six months or less.
Historically, regular savings and interest bearing transaction deposit
accounts are considered long term and non-rate sensitive.

The Bank's cumulative six-month gap as a percent of total assets was a
positive 2.47% at March 31, 1994 compared to a negative 13.35% at
September 30, 1993, and the cumulative one year gap was negative 6.22%
at March 31, 1994 compared to a negative 14.99% at September 30, 1993.
The movement to a positive six month gap position and the decrease in the
negative one year gap position are attributable to a change in the first
quarter in the reporting methodology to include mortgage-backed securities
designated for trading or available for sale in the first maturity period.

<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations





For a savings bank with a negative gap for a given period, the amount of its
interest bearing liabilities maturing or otherwise repricing within such period
exceeds the amount of the interest earning assets repricing within the
same period. Accordingly, in a declining interest rate environment,
institutions with a negative gap will experience a greater decline in their
cost of funds than in the yield on their assets.  Conversely, in a rising
interest rate environment, savings institutions with a negative gap will
generally experience a greater increase in the cost of their liabilities than
in the yield on their assets.  A rising interest rate environment imposes
risks on institutions with a negative gap because the cost of liabilities
will accelerate at a greater rate than the income earned on assets during
the relevant period.  Changes in interest rates will generally have the
opposite effect on savings banks with a positive gap.

Liquidity

Liquidity management encompasses the maintenance of cash or liquid assets (such
as assets available for sale and interest bearing deposits) sufficient to fund 

the normal volume of deposit withdrawals and loan commitments.  The maintaining 

of an appropriate level of liquid resources to meet not only regulatory 

requirements but also to provide the funding necessary to meet the Bank's 

business activities and obligations is an integral element in the successful 

management of the Bank's assets.

Federal regulations currently require that Savings Association Insurance Fund
insured savings banks, such as the Bank, maintain an average daily balance for
each calendar month of cash and certain marketable securities which are not 

committed (as determined by the Office  of Thrift Supervision ("OTS") Director) 

of no less than 5% of net withdrawable accounts and borrowings with maturities 

of one year or less. The liquidity requirement may be changed from time to time 

by the OTS to any percentage within the range of 4% to 10%.  During March 1994, 

the Bank's liquidity ratio was 5.1%.

The primary sources of funds for BancFlorida have been repayments of loans and
mortgage-backed securities, sales of loans and securities, customer deposits,
and borrowings from the FHLB of Atlanta.  The principal uses of funds are the
origination of loans and the purchase of mortgage-backed securities.  Deposits
are priced as a function of funding needs with respect to liquidity, market
conditions, alternative borrowings and borrowing rates.  For the three and six 

months ended March 31, 1994, FHLB advances decreased by $7 million and $73 

million, respectively, whereas total customer deposits increased by $19.9 

million and $78.5 million, respectively.  The mix of deposit accounts, FHLB 

advances and other borrowings at any given time reflects management's view of 

the least costly source of funds available to the Bank at that time.

For the three months ended March 31, 1994, proceeds from the sales of loans and
mortgage-backed securities totaled $84.7 million compared to $89.6 million for
the same three month period a year ago.  For the six months ended March 31, 

1994 and 1993 proceeds from these same sales totaled $170.5 million and $387.6 

million, respectively.  Proceeds from the sales during fiscal 1994 were used to 

pay off FHLB advances as well as reinvest in mortgage-backed securities 

totaling $161.9 million. During fiscal 1993, the proceeds from these sales 

were primarily reinvested in mortgage-backed securities totaling $360.8 

million.  At March 31, 1994 and 1993 mortgage-backed securities totaling 

$20.8 million and $30.7 million, respectively, qualified for regulatory 

liquidity.  As part of the Bank's interest rate risk
management program, mortgage-backed securities are now purchased with shorter
average lives than those mortgage-backed securities historically held by the
Bank. In addition these securities have relatively higher anticipated prepayment
rates. While there has been some decrease in yield on these securities, the 

cash flows received from the securities provide a significant funding source 

for lending opportunities as well as protecting against the potential risk of 

rising rates by shortening the overall average life of the portfolio.

Loan originations and mortgage-backed securities purchases totaled $198 million
for the three months ended March 31, 1994 compared to $393 million for the same
three month period a year ago.

<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations





Capital Resources

The Bank is required to satisfy three separate capital standards under
currently applicable OTS regulations.  The following table shows the
capital amounts and ratios of BancFlorida as compared to OTS requirements
at March 31, 1994.

<TABLE>
<CAPTION>
                                                              Current Minimum
(In thousands)                         Actual Capital           Requirement
                                                As a % of             As a % of
                                               Applicable             Applicable  Excess
                                    Amount       Assets      Amount    Assets     Capital
<S>                                 <C>        <C>           <C>      <C>         <C>
Capital per BancFlorida
  financial statements..........   $ 87,118
Adjustments for tangible and
 core capital:
  Goodwill......................     (2,411)
  Investments in and advances
    to non-permissible
    subsidiaries................     (1,140)
  Non-qualifying purchased
    mortgage servicing rights...       (288)
Total tangible capital..........     83,279         5.41%    $23,071      1.50%     $60,208
  Supervisory goodwill (a)......      2,179
Total core capital..............     85,458         5.56%    $46,141      3.00%     $39,317
Adjustments for risk-based
  capital:
  Allowance for general loan
    losses......................     11,080
  Subordinated debt.............      2,247
  Equity risk investments
    required to be deducted.....       (859)
Total risk-based capital........   $ 97,926        11.13%    $70,402      8.00%     $27,525
</TABLE>

(a) Qualifying supervisory goodwill is being phased out over the
five year period ending December 31, 1994.

Pursuant to the Federal Deposit Insurance Corporation Improvement Act of 1991
("FDICIA"), the federal banking agencies established, by regulation for each
capital measure, the levels at which an insured institution is well 

capitalized, adequately capitalized, undercapitalized, significantly 

undercapitalized and critically undercapitalized, and requires insured 

institutions which fall below minimum capital standards to take prompt 

corrective action.

Under the prompt corrective action regulation adopted by the OTS, an institution
is considered (i) "well capitalized" if the institution has a total risk-based
capital ratio of 10% or greater, a Tier 1 or core capital to risk-weighted 

assets ratio of 6% or greater, and a leverage ratio of 5% or greater (provided 

that the institution is not subject to an order, written agreement, capital 

directive or prompt corrective action directive to meet and maintain a 

specific capital level for any capital measure); (ii) "adequately capitalized" 

if the institution has a total risk-based capital ratio of 8% or greater, a 

Tier 1 or core capital to risk-weighted assets ratio of 4% or greater, 

and a leverage ratio of 4% or greater (3% or greater if the institution 

is rated composite 1 in its most recent report of examination);
(iii) "undercapitalized" if the institution has a total risk-based capital ratio
that is less than 8%, a Tier 1 or core capital to risk-weighted assets ratio of
less than 4%, or a leverage ratio that is less than 4% (3% if the institution is
rated composite 1 in its most recent report of examination); (iv) 

"significantly undercapitalized" if the institution has a total risk-based 

capital ratio that is less than 6%, a Tier 1 or core capital to risk-weighted 

assets ratio that is less than 3%, or a leverage ratio that is less than 3%; 

and (v) "critically undercapitalized" if the institution has a ratio of 

tangible equity to total assets that is less than or equal to 2%.  The 

regulation also permits the OTS to determine that a savings institution should 

be classified in a lower category based on other information, such as the 

institution's examination report, after written notice. In December 1993, 

the Bank received notification from the Federal Deposit Insurance
Corporation that it is currently classified as well-capitalized based on its
capital ratios at September 30, 1993.


<PAGE>


          BANCFLORIDA FINANCIAL CORPORATION AND SUBSIDIARIES

     Management's Discussion and Analysis of Financial Condition

                     and Results of Operations


At March 31, 1994, the Bank's total risk-based capital, Tier 1 risk-based
capital, and leverage ratios were 11.13%, 9.71%, and 5.56%, respectively, 

which continued to exceeded the well-capitalized criteria; however, a Written 

Agreement, dated April 19, 1991, between the Bank and the OTS remains in effect.

FDICIA requires that the federal banking agencies amend their risk-based capital
requirements to include components for interest rate risk, concentration of
credit risk and the risk of non-traditional activities by June 19, 1993.  

In August 1993, the OTS issued a final rule which adds an interest rate 

component to the OTS risk-based capital requirement effective January 1, 

1994.  The first time savings institutions will be required to incorporate 

interest rate risk ("IRR") into their risk-based capital calculation will be 

July 1, 1994.  Under the rule, IRR is measured as the ratio of the greater 

of the increase or decline in net portfolio value resulting from a 200 

basis point increase or decrease in market interest rates to the 

estimated economic value of assets, as calculated by an OTS model.  A savings
institution whose measured IRR exceeds 2% must deduct from total capital an IRR
component equal to one-half of the difference between its measured IRR and 2%,
multiplied by the estimated economic value of its total assets.  Based upon
financial data as of March 31, 1994, compliance with the new IRR measure will
not have a material impact on the Bank's risk-based capital position.

FDICIA amended the threshold ratio for the qualified thrift lender ("QTL")  test
from 70% to 65% as measured on a monthly average basis in nine out of every 12
months.  In order to maintain its QTL status the Bank expects to hold in
portfolio existing qualifying loans and mortgage-backed securities, except 

those designated as available for sale.  The Bank expects to rely on loan 

repayments as well as deposits for any loan funding needs.

<PAGE>
PART II - OTHER INFORMATION

Item 4.  Submission of Matters to a vote of Security Holders

  a)  The Company held its Annual Meeting of Stockholders on February 18, 1994.
      Represented at the meeting were 4,241,231 shares or 89.6% of total
      common and cumulative convertible preferred stock outstanding.

  b)  No response required in accordance with instruction 3 to Item 4.

  c)  The following matters were voted on at the meeting:

       (i)  Election of two directors for three-year terms.

                                                           WITHHOLD
                 NOMINEES                  FOR              AUTHORITY
            Gerard A. McHale, Jr         4,210,566              30,665
            Dale A. Myer                 4,214,606              26,625


      (ii)  Ratification of the appointment of KPMG Peat Marwick as
            independent auditors.

            FOR:  4,165,832         AGAINST: 34,876        ABSTAIN:  39,814

Item 5.  Other Information

      On April 22, 1994 the Company announced that it had scheduled a
      special meeting of stockholders for June 10, 1994 at 9:00 a.m. at the
      Company's headquarters in Naples, Florida.  The record date for such
      meeting is May 2, 1994.

      This meeting is being called to vote on a proposal to approve the
      Agreement and Plan of Mergers dated as of January 17, 1994 pursuant
      to which BancFlorida Financial Corporation will merge with and into
      First Union Corporation of Florida and BancFlorida, a Federal Savings
      Bank will merge with and into First Union National Bank of Florida.

Item 6.  Exhibits and Reports on Form 8-K

  a)  Exhibit No. 10. Material Contracts

       (i)   Agreement Regarding Change in Control between the Company and
             Rudolf P. Guenzel dated as of November 8, 1993.

      (ii)   Agreement Regarding Change in Control between the Company and
             J. Michael Holmes dated as of November 8, 1993.

     (iii)   Agreement Regarding Change in Control between the Company and
             John A. Abbott dated as of November 8, 1993.

      (iv)   Agreement Regarding Change in Control between the Company and
             Dennis Reed dated as of November 8, 1993.

       (v)   Agreement Regarding Change in Control between the Company and
             W. Terrell Upson dated as of November 8, 1993.

      (vi)   Agreement Regarding Change in Control between the Company and
             William W. Flader dated as of November 8, 1993.

  b)  During the quarter ended March 31, 1994, the Company filed one Form 8-K.
      The Form 8-K dated January 17, 1994, in response to Item 5, announced the
      Agreement and Plan of Mergers among the Company, the Bank, First Union
      Corporation, First Union Corporation of Florida and First Union
      National Bank of Florida.
<PAGE>                                     SIGNATURES


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 thereunto duly authorized.

                                       BANCFLORIDA FINANCIAL CORPORATION

Registrant


DATE:  May 13, 1994                 By:  /s/ Rudolf P. Guenzel
                                         Rudolf P. Guenzel,
                                         President and Chief Executive
                                         Officer


DATE:  May 13, 1994                 By:  /s/ J. Michael Holmes
                                         J. Michael Holmes,
                                         Secretary and Treasurer



                                                    Exhibit 10(i)


                                                                 
              AGREEMENT REGARDING CHANGE IN CONTROL

          AGREEMENT (this "Agreement") dated as of the 8th day of
November, 1993, between BANCFLORIDA FINANCIAL CORPORATION, a
Delaware corporation having its principal place of business in
Naples, Florida (the "Company") and RUDOLF P. GUENZEL, an
individual resident of North Fort Myers, Florida (the
"Executive").

          WHEREAS, the Executive currently serves as President
and Chief Executive Officer of BancFlorida, a Federal Savings
Bank, the Company's principal subsidiary (the "bank")

          WHEREAS, the Board of Directors of the Company (the
"Board"), has determined that it is in the best interests of the
Company and the Bank to assure that the Company and the Bank will
have the continued services of the Executive, notwithstanding the
possibility, threat or occurrence of a Change in Control (as
defined hereafter); and 

          WHEREAS, upon the effectiveness of this Agreement, the
Executive wishes to terminate the Agreement Regarding Change in
Control dated as of November 8, 1993 between the Executive and
the Bank and to relinquish all of the Executive's rights
thereunder; 

          NOW, THEREFORE, in consideration of the premises and
the mutual covenants contained in this Agreement, the Company and
the Executive agree as follows:

          I.   Term of Agreement.  This Agreement shall commence
on the date set forth above and shall terminate on the date three
(3) years from such date.

          II.  Definitions.  Unless otherwise defined herein, the
following terms shall have the meanings set forth below for
purposes of this Agreement:

               A.   Change in Control.  A "Change in Control"
shall be deemed to occur: (i) on the date that the Board
determines such a Change in Control to have occurred, or (ii)
under such circumstances and at such time as the Board may in its
reasonable discretion prospectively determine will constitute
such a Change in Control, in either case to be evidenced by
appropriate Board action and written communication to the
Executive.  Such a determination, once made, may not be rescinded
by a newly constituted Board following a Change in Control, but
may later be rescinded or modified if the specific events
identified as constituting a Change in Control have not occurred.

          B.   Code.  "Code" shall mean the Internal Revenue Code
of 1986.
         III. Events Occurring on Change in Control.  

               A.   Change in Control Payments.  In the event of
a Change in Control while the Executive is employed by the
Company, the Executive shall be entitled to the compensation
provided in Section IV.A. of this Agreement.

               B. Resignation and Subsequent Employment
Agreement.  In addition, in the event of such a Change in
Control, and as a condition to receipt of the payment described
in Section III.A. and IV.A. hereof, the Executive shall
immediately submit his resignation from any and all offices,
directorships, positions and employment by, in or with the Bank,
the Company  and their subsidiaries; provided, however, that if
so requested within thirty (30) days following the date of a
Change in Control by the surviving, successor or acquiring entity
succeeding to and/or owning and operating the business of the
Company or the Bank subsequent to a Change in Control, the
Executive shall enter into an employment agreement with such
surviving, successor or acquiring entity in substantially the
form of Exhibit A annexed hereto, providing for employment for up
to two years in a position bearing substantially the same
responsibilities and duties as those carried on by the Executive
immediately prior to the Change in Control.  Except as provided
herein and pursuant to the terms of such an employment agreement,
the Executive shall be under no obligation to continue to remain
in the employ of or render services for the Company or the Bank
or such a surviving successor or acquiring entity subsequent to a
Change in Control.  If requested by the Company or the Bank, the
Executive shall execute a form of employment agreement, which may
later be accepted and executed within thirty (30) days following
a Change in Control by the surviving, successor or acquiring
entity.

          IV.  Compensation Upon Change in Control.

               A.   Severance Payments.  Upon a Change in Control
the Executive shall be entitled to the following:

               1.   The Company shall pay to the Executive, at
the time specified in subsection IV.A.2. below, a lump sum
payment equal to 2.99 times the sum of:

                         a. the Executive's annual base salary
          paid by the Bank, as in effect immediately prior to the
          Change in Control; plus

                         b. the average annual value of non-cash
          fringe benefits included in the Executive's
          compensation for federal income tax purposes for the
          two (2) full calendar years prior to the Change in
          Control; plus
                        c. the average annual amount of any
          bonuses received, credited or deferred with respect to
          such two (2) prior calendar years; 

provided, however, that the value or benefit of or derived from
options or similar arrangements relating to securities of the
Company shall not be included in the base for calculation of the
payment hereunder, whether or not such value or benefit was
reflected as income for federal income tax or alternative minimum
tax purposes.

          2.   The compensation provided for in 1. above shall be
paid not later than the thirtieth (30th) day following the date
of Change in Control, provided, however, that if the amount of
such compensation cannot be finally determined on or before such
day, the Company or the successor to the Company shall pay to the
Executive on such day an amount equal to ninety percent (90%) of
the estimated amount of such compensation, as determined in good
faith by the Company or the successor to the Company, and shall
pay the remainder of such compensation (together with interest at
the federal "mid-term" rate as provided in (section mark) 1274(d) 

of the Code)
as soon as the amount thereof can be determined, but in no event
later than the ninetieth (90th) day after the date of Change in
Control.  In the event that the amount of the estimated payment
exceeds the amount subsequently determined to have been due, such
excess shall constitute a loan by the Company or the successor to
the Company to the Executive payable on the fifth day after
demand by the Company or the successor to the Company (together
with interest at the federal mid-term rate as described above).  

          3. In addition to any other payments hereunder, in the
event of a Change in Control, the Executive's interests and
benefits in or under any benefit, income, stock option, deferred
compensation, phantom unit or similar plan of the Company or the
Bank shall immediately become 100% vested and/or accelerated, as
the case may be, and shall be immediately payable, except as
otherwise specifically prohibited by law or by the terms of any
such plan or agreement.  The Company and the Executive agree to
take any necessary steps to amend such plans or agreements to
allow for such vesting or acceleration; provided, however, if and
to the extent such acceleration of vesting or payment would cause
the imposition of the excise tax imposed under Section 4999 of
the Code, such acceleration of vesting or payment shall not
occur, but such amounts or benefits shall arise, vest or be paid
in the normal course or at the earliest point when it is
determined they could vest or be paid without giving rise to such
excise tax.

               B.   Limitations.  Anything in this Agreement to
the contrary notwithstanding, in the event it shall be determined
that any payment or distribution by the Company to or for the
benefit of the Executive (whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or
otherwise), would be subject to the excise tax imposed by Section
4999 of the Code or any interest or penalties are incurred by the
Executive with respect to such excise tax, the amount of such
payment shall be reduced to such an amount as shall not give rise
to the imposition of such excise tax.  To the extent possible,
such reduction shall be accomplished first, by ignoring the
acceleration of payments or vesting provided in subsection A.3.
above, and second, by decreasing the amounts of other cash
payments.

          Subject to the provisions of this Subsection B, all
determinations required to be made under this Subsection B,
including whether and when a reduction is required and the amount
of such reduction and the assumptions to be utilized in arriving
at such determination, shall be made by KPMG Peat Marwick (the
"Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Executive within thirty
(30) business days of the receipt of request for a determination
by either party.  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or
group effecting the Change in Control, the Executive shall
appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall
then be referred to as the Accounting Firm hereunder).  All fees
and expenses of the Accounting Firm shall be borne solely by the
Company.  If the Accounting Firm determines that no Excise Tax is
payable by the Executive, it shall furnish the Executive and the
Company with a written opinion that no Excise Tax is due and
payable as a result of payments under this Agreement.  Any
determination by the Accounting Firm shall be binding upon the
Company and the Executive.  

               C.   Double Payment.  In addition to any other
benefits provided hereunder, in the event the Executive must
bring legal action (including arbitration) seeking to obtain or
enforce any right or benefit provided by this Agreement, should
the Executive prevail in such action the severance compensation
under this Agreement shall be twice (2X) the amount ultimately
determined or agreed to be due the Executive pursuant to Sections
IV.A. and IV.B., as applicable.  Notwithstanding anything in this
Section IV.C. to the contrary, the total amounts paid pursuant to
this Agreement will be subject to the limitations under Section
IV.B.

               D.  Fees and Expenses.  In addition to any other
payments or benefits hereunder, subject to the limitations of
Section IV.B. the Company shall pay to the Executive all legal
fees and expenses incurred by the Executive hereunder (including
all such fees and expenses, if any, incurred in seeking to obtain
or enforce any right or benefit provided by this Agreement should
the Executive prevail in such action).


         V.   No Obligation To Mitigate Damages; Other Benefits. 
The Executive shall not be required to mitigate damages or the
amount of any payment provided for under this Agreement by
seeking other employment or otherwise, nor shall the amount of
any payment provided for under this Agreement be reduced by any
compensation earned by the Executive as the result of employment
by the Bank, the Company or any successor thereto, nor another
employer after the termination of the Executive's employment, or
otherwise. Nothing contained herein shall prejudice the
Executive's right to the full realization of any and all other
benefits to which the Executive shall be entitled pursuant to the
terms of any employee benefit plans or other agreements of the
Company or the Company in which the Executive is a participant or
to which the Executive is a party.

          VI.  Miscellaneous.

               A.   Successors and Assigns.  This Agreement shall
inure to the benefit of and be enforceable by the Executive's
personal and legal representatives, personal representatives
(including executors or administrators), successors, heirs,
distributees, and devisees. If the Executive should die while any
amounts are still payable to the Executive hereunder, all such
amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's
devisee or other designee or, if there be no such designee, to
the Executive's estate.

               B.  Notice.  For purposes of this Agreement,
notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been
duly given when delivered or mailed by United States registered
mail, return receipt requested, postage prepaid as follows:

          If to the Company:

          BancFlorida Financial Corporation
          5801 Pelican Bay Boulevard
          Naples, FL  33963

          Attention:  Gerard McHale, Director

          If to the Executive:

          1807 Coral Circle
          North Ft. Myers, Florida  33903

or such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt.


              C.   Amendment.  No provisions of this Agreement
may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing signed by the
Executive and the Company.

               D.   Waiver.  No waiver by either party hereto at
any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at
any prior subsequent notice.  

               E.    Entire Agreement.  No agreements or
representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement.  The
Executive agrees that the Agreement Regarding Change in Control
dated as of November 8, 1993 between the Executive and the Bank
shall be of no further force and effect and the Executive hereby
relinquishes all rights thereunder.

               F.     Employment.  The Executive agrees to be
bound by the terms and conditions of this Agreement and to remain
in the employ of the Company during any period following any
public announcement by any person of any proposed transaction or
transactions which, if effected, would result in a Change in
Control until a Change in Control has taken place or, in the
opinion of the Board, such person has abandoned or terminated its
efforts to effect a Change in Control.  Subject to the foregoing,
except as specifically provided herein nothing contained in this
Agreement shall impair or interfere in any way with the right of
the Executive to terminate the Executive's employment or the
right of the Company to terminate the employment of the Executive
with or without cause prior to a Change in Control.  Nothing
contained in this Agreement shall be construed as a contract of
employment between the Company and the Executive or as a right of
the Executive to continue in the employ of the Company or as a
limitation of the right of the Company to discharge the Executive
with or without cause prior to a Change in Control.

               G.     Validity.  The invalidity or
unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of
this Agreement, which shall remain in full force and effect.

               H.    Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will
constitute one and the same instrument.


              I.    Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the
State of Florida.

          IN WITNESS WHEREOF, the undersigned have executed this
Agreement effective as of the day and year first written above.


                                 /s/ Rudolf P. Guenzel          
                              RUDOLF P. GUENZEL



                              BANCFLORIDA FINANCIAL CORPORATION,
                              a Delaware corporation


                              By:    /s/ J. Michael Holmes    
                                 Its Secretary/Treasurer

                           EXHIBIT A

                      EMPLOYMENT AGREEMENT

          AGREEMENT (this "Agreement") made as of this ___ day of
___________, 199___, between __________, a bank with its
principal offices at ____________ (the "Bank"), and RUDOLF P.
GUENZEL, an individual resident of North Fort Myers, Florida (the
"Executive").

          WHEREAS, the Executive was formerly employed by
BancFlorida, a Federal Savings Bank, and was an officer of
BancFlorida Financial Corporation, a Delaware corporation; and

          WHEREAS, there has been a change in control of
BancFlorida and/or BancFlorida Financial Corporation and the Bank
has succeeded to the business of BancFlorida; and

          WHEREAS, the Bank wishes to continue to retain the
Executive's services to aid in the orderly transition of the Bank
for a period of time up to, but not exceeding, the Period (as
hereafter defined),

          NOW, THEREFORE, the parties agree as follows:

SECTION 1:     EMPLOYMENT OF EXECUTIVE; DUTIES AND
               RESPONSIBILITIES

          1.1  Employment of Executive.  The Bank agrees to
employ the Executive, and the Executive agrees to be employed by
the Bank, subject to the terms and conditions of this Agreement.

          1.2  Term.  The employment of the Executive by the Bank
pursuant to this Agreement shall be for the period of two (2)
years commencing on the day and year first written above (the
"Period"), unless sooner terminated pursuant to the provisions of
Section 3 hereof.

          1.3  Offices and Positions of Officer.

               (a)  During the Period, the Executive shall be the 
President and Chief Executive Officer of the Bank.  During the
Period the Executive shall be treated as an employee of the Bank
with all benefits accruing thereto, including without limitation
life insurance benefits, medical and major medical coverage, and
accrual of pension benefits.

               (b)  If the Bank shall (i) consolidate or merge
with or into any other person, (ii) sell all or substantially all
of its assets to any other person, or (iii) become party to
another form of business combination or corporate reorganization,
or any person or a group of persons acting in concert shall
acquire control of the Bank pursuant to the acquisition of a
controlling interest in the outstanding shares of capital stock
of the Bank or there shall be a change in control of the Bank
other than in the manner described in Subparagraphs (i) through
(iii) inclusive of this Section 1.3(b), then the Bank shall, to
the fullest extent permitted by law, cause the surviving,
acquiring or successor entity, as the case may be, to assume all
of the Bank's duties, obligations and liabilities, to the
Executive arising under this Agreement.

          1.4  Duties and Responsibilities.

               (a)  During the Period, the Executive shall
perform such duties and responsibilities as are required to be
performed by him pursuant to the relevant terms of the By-Laws of
the Bank together with such other duties as the Board of
Directors of the Bank shall reasonably assign to the Executive
from time to time during the Period, it being understood that
such duties and responsibilities shall be the same as those
customarily assigned and expected to be performed by the  
President and Chief Executive Officer of a   [type]   bank of
similar size as the Bank.  When assigning such duties, the Board
of Directors shall take into consideration the past
responsibilities, experience and seniority as the Executive.  In
no event shall the Executive be assigned duties inconsistent with
his status as the President and Chief Executive Office of the
Bank.

               (b)  During the Period the Officer shall devote
his full attention to the business and affairs of the Bank during
regular business hours.

SECTION 2:     COMPENSATION; REIMBURSEMENT; INDEMNIFICATION;
               BENEFITS

          2.1  Base Compensation.

          During the Period, the Bank shall pay to the Officer an
aggregate annual base salary in an amount as may be from time to
time determined by the Board of Directors of the Bank, but in no
event at a rate of less than the base salary most recently in
effect from BancFlorida.

          2.2  Payment of Base Compensation.  The Bank shall pay
the base compensation due the Executive in accordance with the
policy of the Bank as in effect from time to time for the payment
of salaries to senior personnel.

          2.3  Other Benefits and Insurance.  During the Period
the Executive shall be entitled to participate in such employee
benefits as are generally made available by the Bank to its
executive employees, including without limitation life insurance,
major medical and disability coverage, sick pay benefits,
vacation pay, travel and accident insurance and participation in
any retirement plan or plans, to the extent permitted by the
terms thereof, and at a minimum shall be entitled to retirement,
medical, life insurance and other benefits substantially
equivalent to those most recently provided by BancFlorida to the
Executive.

          2.4  Business Expenses.  The Bank shall reimburse the
Executive, in the manner, to the extent and subject to such
conditions as may be applicable under normal Bank policy, for
reasonable expenses incurred by him in the course of rendering
his services pursuant to this Agreement.

SECTION 3:  TERMINATION OF EMPLOYMENT

          3.1  Termination of Period.  The Period may be
terminated in the following manner:

               (a)  Termination on Death.  The Period shall
automatically terminate upon the death of the Executive.  The
Executive's compensation and, except as otherwise provided by
law, all benefits shall cease as of the date of death.

               (b)  Termination by the Executive.  The Period may
be terminated by the Executive during the Period for "Good
Reason" as hereafter provided.  In the event of such termination
the Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.  For purposes of this Agreement "Good
Reason" shall mean any of the following events, unless it occurs
with the Executive's express prior written consent:

                    (1)  the assignment to the Executive by the
               Bank of any duties inconsistent with, or a
               diminution of, the Executive's position, duties,
               titles, offices, responsibilities and status with
               the Bank, or any removal of the Executive from or
               any failure to reelect the Executive to any of
               such positions;

                    (2)  a reduction by the Bank in the
               Executive's base salary as in effect on the date
               hereof or as the same may be increased from time
               to time during the term of this Agreement, other
               than a reduction of the Executive's base salary
               pursuant to the terms of any short-term disability
               plan or long-term disability plan maintained by
               the Bank during a period in which the Executive is
               disabled (within the meaning of such plan or
               plans) and qualifies for benefits under such plan
               or plans;


                   (3)  any failure by the Bank to continue in
               effect any benefit plan or arrangement (including,
               without limitation, pension plans, group life
               insurance plan, medical, dental, accident and
               disability plans and educational assistance
               reimbursement plan) in which the Executive is
               participating (or to substitute and continue other
               plans providing the Executive with substantially
               similar benefits) (hereinafter referred to as
               "Benefit Plans"), the taking of any action by the
               Bank which would adversely affect the Executive's
               participation in or materially reduce the
               Executive's benefits under any such Benefit Plan
               or deprive the Executive of any material fringe
               benefit enjoyed by the Executive, or the failure
               by the Bank to provide the Executive with the
               number of paid vacation days to which the
               Executive is entitled in accordance with the
               vacation policies in effect at the time of a
               change in control of the Bank;

                    (4)  the Executive's relocation to any place
               of business of the Bank which is outside the
               franchise area (as that term is defined in Section
               3.2(e);

                    (5)  a requirement that the Executive travel
               outside the franchise area (as that term is
               defined in Section 3.2(e) to perform business
               obligations, the number of days of which total
               more than one hundred (100) days in any one
               calendar year;

                    (6)  any material breach by the Bank of any
               provision of this Agreement; or

                    (7)  any failure by the Bank to obtain the
               assumption of this Agreement by any successor or
               assign of the Bank.

               (c)  Termination by Bank.  The Bank may terminate
employment of the Executive at any time during the Period.  In
the event of such termination by the Bank for any reason, the
Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.

               (d)  Termination Without Good Reason.  In the
event of voluntary termination by the Executive without Good
Reason the Executive's compensation and, except as otherwise
provided by law, all benefits shall cease on the effective date
of such termination.


              (e)  Franchise Area.  For purposes of this
Agreement, the term "franchise area" shall mean the geographical
area within fifty (50) miles of the main office of BancFlorida
immediately prior to the effective date of this Agreement.

SECTION 4:  GENERAL PROVISIONS

          4.1  Nonassignability.  Neither the Agreement nor any
of the rights, obligations or interests arising hereunder may be
assigned by the Executive without the prior written consent of
the Bank; provided, however, that nothing in this section 4.1
shall preclude the Executive from designating in writing a
beneficiary or beneficiaries to receive any compensation payable
to him or any other benefit receivable by him under this
Agreement on the death or incapacity of the Executive, nor shall
it preclude the executors, administrators, or any other legal
representatives of the Executive or his Estate from assigning any
rights hereunder to any person or persons entitled thereto. 
Neither this Agreement nor any of the rights, obligations or
interests arising hereunder may be assigned by the Bank without
the prior written consent of the Executive to a person other than
(1) an affiliate of the Bank; or (2) any party with which the
Bank merges or consolidates, or to whomever the Bank may sell all
or substantially all of its assets; provided, however, that any
such affiliate or successor shall expressly assume all of the
Bank's obligations and liabilities to the Executive under this
Agreement.

          4.2  Severability.  This Agreement shall be deemed
severable, and any part hereof which may be held invalid by a
court or other entity of competent jurisdiction shall be deemed
automatically excluded from this Agreement and the remaining
parts shall remain in full force and effect.

          4.3  Merger.  This Agreement contains the entire
understanding of the parties hereto and constitutes the only
agreement between the Bank and the Executive regarding the
employment of the Executive by the Bank.  This Agreement
supersedes all prior agreements, either expressed or implied,
between the parties hereto including the employment of the
Executive by the Bank.

          4.4  Amendment.  None of the terms and conditions of
this Agreement shall be amended or modified unless expressly
consented to in writing and signed by each of the parties hereto.

          4.5  Binding Agreement.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto, and
their respective heirs, other legal representatives and permitted
successors and assigns, as the case may be.


         4.6  Governing Law.  This Agreement shall be governed
by and construed under the internal laws of the State of Florida.

          4.7  Notices.  All notices or other communications to
be given by the parties among themselves pursuant to this
Agreement shall be in writing, and all payments to be made
hereunder shall be deemed to have been duly made if mailed by
certified mail or hand-delivered to either of the parties at the
addresses first written above.  Any of the parties hereto may
change their respective addresses upon written notice to the
other given in the manner provided in this Section.

          4.8  Waiver.  No waiver by any of the parties to this
Agreement of any condition, term or provision of this Agreement
shall be deemed to be a waiver of any proceeding or subsequent
breach of the same or any other condition, term or provision
thereof.

          4.9  Damages; Further Employment.  In the event of
termination of the Executive, voluntary or involuntary, the
damages of the Executive shall be limited to the compensation
provided herein.  Except as specifically provided herein, nothing
in this Agreement shall limit the damages recoverable by the
Executive or the Bank in the event of breach by the other party. 
Nothing contained herein shall limit the ability of the Bank to
continue to employ or retain the Executive after the expiration
of the Period on such basis and pursuant to such arrangements as
shall be mutually agreeable; provided, that nothing herein shall
require either party to do so.

          IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date and year first above
written.

                              EXECUTIVE:

                              _____________________________
                              RUDOLF P. GUENZEL

                              
                              BANK NAME:


                              By:  ________________________

Attest:

____________________________




                                                   Exhibit 10(ii)

              AGREEMENT REGARDING CHANGE IN CONTROL              
                                
          AGREEMENT (this "Agreement") dated as of the 8th day of
November, 1993, between BANCFLORIDA FINANCIAL CORPORATION, a
Delaware corporation having its principal place of business in
Naples, Florida (the "Company") and J. MICHAEL HOLMES, an
individual resident of Naples, Florida (the "Executive").

          WHEREAS, the Executive currently serves as Executive
Vice President of BancFlorida, a Federal Savings Bank, the
Company's principal subsidiary (the "Bank"); and

          WHEREAS, the Board of Directors of the Company (the
"Board"), has determined that it is in the best interests of the
Company and the Bank to assure that the Company and the Bank will
have the continued services of the Executive, notwithstanding the
possibility, threat or occurrence of a Change in Control (as
defined hereafter); and

          WHEREAS, upon the effectiveness of this Agreement, the
Executive wishes to terminate the Agreement Regarding Change in
Control dated as of November 8, 1993 between the Executive and
the Bank and to relinquish all of the Executive's rights
thereunder, 

          NOW, THEREFORE, in consideration of the premises and
the mutual covenants contained in this Agreement, the Company and
the Executive agree as follows:

          I.   Term of Agreement.  This Agreement shall commence
on the date set forth above and shall terminate on the date three
(3) years from such date.

          II.  Definitions.  Unless otherwise defined herein, the
following terms shall have the meanings set forth below for
purposes of this Agreement:

               A.   Change in Control.  A "Change in Control"
shall be deemed to occur: (i) on the date that the Board
determines such a Change in Control to have occurred, or (ii)
under such circumstances and at such time as the Board may in its
reasonable discretion prospectively determine will constitute
such a Change in Control, in either case to be evidenced by
appropriate Board action and written communication to the
Executive.  Such a determination, once made, may not be rescinded
by a newly constituted Board following a Change in Control, but
may later be rescinded or modified if the specific events
identified as constituting a Change in Control have not occurred.

          B.   Code.  "Code" shall mean the Internal Revenue Code
of 1986.


         III. Events Occurring on Change in Control.  

               A.   Change in Control Payments.  In the event of
a Change in Control while the Executive is employed by the Bank,
the Executive shall be entitled to the compensation provided in
Section IV.A. of this Agreement.

               B. Resignation and Subsequent Employment
Agreement.  In addition, in the event of such a Change in
Control, and as a condition to receipt of the payment described
in Section III.A. and IV.A. hereof, the Executive shall
immediately submit his resignation from any and all offices,
directorships, positions and employment by, in or with the Bank,
the Company and their subsidiaries; provided, however, that if so
requested within thirty (30) days following the date of a Change
in Control by the surviving, successor or acquiring entity
succeeding to and/or owning and operating the business of the
Company or the Bank subsequent to a Change in Control, the
Executive shall enter into an employment agreement with such
surviving, successor or acquiring entity in substantially the
form of Exhibit A annexed hereto, providing for employment for up
to two years in a position bearing substantially the same
responsibilities and duties as those carried on by the Executive
immediately prior to the Change in Control.  Except as provided
herein and pursuant to the terms of such an employment agreement,
the Executive shall be under no obligation to continue to remain
in the employ of or render services for the Company or the Bank
or such a surviving successor or acquiring entity subsequent to a
Change in Control.  If requested by the Company or the Bank, the
Executive shall execute a form of employment agreement, which may
later be accepted and executed within thirty (30) days following
a Change in Control by the surviving, successor or acquiring
entity.


          IV.  Compensation Upon Change in Control.

               A.   Severance Payments.  Upon a Change in Control
the Executive shall be entitled to the following:

               1.   The Company shall pay to the Executive, at
the time specified in subsection IV.A.2. below, a lump sum
payment equal to two (2) times the sum of:

                         a. the Executive's annual base salary
          paid by the Bank, as in effect immediately prior to the
          Change in Control; plus

                         b. the average annual value of non-cash
          fringe benefits included in the Executive's
          compensation for federal income tax purposes for the
          two (2) full calendar years prior to the Change in
          Control; plus
                        c. the average annual amount of any
          bonuses received, credited or deferred with respect to
          such two (2) prior calendar years; 


provided, however, that the value or benefit of or derived from
options or similar arrangements relating to securities of the
Company shall not be included in the base for calculation of the
payment hereunder, whether or not such value or benefit was
reflected as income for federal income tax or alternative minimum
tax purposes.

          2.   The compensation provided for in 1. above shall be
paid not later than the thirtieth (30th) day following the date
of Change in Control, provided, however, that if the amount of
such compensation cannot be finally determined on or before such
day, the Company or the successor to the Company shall pay to the
Executive on such day an amount equal to ninety percent (90%) of
the estimated amount of such compensation, as determined in good
faith by the Company or the successor to the Company, and shall
pay the remainder of such compensation (together with interest at
the federal "mid-term" rate as provided in (section mark)1274(d) of 

the Code)
as soon as the amount thereof can be determined, but in no event
later than the ninetieth (90th) day after the date of Change in
Control.  In the event that the amount of the estimated payment
exceeds the amount subsequently determined to have been due, such
excess shall constitute a loan by the Company or the successor to
the Company to the Executive payable on the fifth day after
demand by the Company or the successor to the Company (together
with interest at the federal mid-term rate as described above).  

          3. In addition to any other payments hereunder, in the
event of a Change in Control, the Executive's interests and
benefits in or under any benefit, income, stock option, deferred
compensation, phantom unit or similar plan of the Company or the
Bank shall immediately become 100% vested and/or accelerated, as
the case may be, and shall be immediately payable, except as
otherwise specifically prohibited by law or by the terms of any
such plan or agreement.  The Company and the Executive agree to
take any necessary steps to amend such plans or agreements to
allow for such vesting or acceleration; provided, however, if and
to the extent such acceleration of vesting or payment would cause
the imposition of the excise tax imposed under Section 4999 of
the Code, such acceleration of vesting or payment shall not
occur, but such amounts or benefits shall arise, vest or be paid
in the normal course or at the earliest point when it is
determined they could vest or be paid without giving rise to such
excise tax.

               B.   Limitations.  Anything in this Agreement to
the contrary notwithstanding, in the event it shall be determined
that any payment or distribution by the Company to or for the
benefit of the Executive (whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or
otherwise), would be subject to the excise tax imposed by Section
4999 of the Code or any interest or penalties are incurred by the
Executive with respect to such excise tax, the amount of such
payment shall be reduced to such an amount as shall not give rise
to the imposition of such excise tax.  To the extent possible,
such reduction shall be accomplished first, by ignoring the
acceleration of payments or vesting provided in subsection A.3.
above, and second, by decreasing the amounts of other cash
payments.

          Subject to the provisions of this Subsection B, all
determinations required to be made under this Subsection B,
including whether and when a reduction is required and the amount
of such reduction and the assumptions to be utilized in arriving
at such determination, shall be made by KPMG Peat Marwick (the
"Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Executive within thirty
(30) business days of the receipt of request for a determination
by either party.  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or
group effecting the Change in Control, the Executive shall
appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall
then be referred to as the Accounting Firm hereunder).  All fees
and expenses of the Accounting Firm shall be borne solely by the
Company.  If the Accounting Firm determines that no Excise Tax is
payable by the Executive, it shall furnish the Executive and the
Company with a written opinion that no Excise Tax is due and
payable as a result of payments under this Agreement.  Any
determination by the Accounting Firm shall be binding upon the
Company and the Executive.  

               C.   Double Payment.  In addition to any other
benefits provided hereunder, in the event the Executive must
bring legal action (including arbitration) seeking to obtain or
enforce any right or benefit provided by this Agreement, should
the Executive prevail in such action the severance compensation
under this Agreement shall be twice (2X) the amount ultimately
determined or agreed to be due the Executive pursuant to Sections
IV.A. and IV.B., as applicable.  Notwithstanding anything in this
Section IV.C. to the contrary, the total amounts paid pursuant to
this Agreement will be subject to the limitations under Section
IV.B.

               D.  Fees and Expenses.  In addition to any other
payments or benefits hereunder, subject to the limitations of
Section IV.B. the Company shall pay to the Executive all legal
fees and expenses incurred by the Executive hereunder (including
all such fees and expenses, if any, incurred in seeking to obtain
or enforce any right or benefit provided by this Agreement should
the Executive prevail in such action).

          V.   No Obligation To Mitigate Damages; Other Benefits. 
The Executive shall not be required to mitigate damages or the
amount of any payment provided for under this Agreement by
seeking other employment or otherwise, nor shall the amount of
any payment provided for under this Agreement be reduced by any
compensation earned by the Executive as the result of employment
by the Bank, the Company or any successor thereto, nor another
employer after the termination of the Executive's employment, or
otherwise. Nothing contained herein shall prejudice the
Executive's right to the full realization of any and all other
benefits to which the Executive shall be entitled pursuant to the
terms of any employee benefit plans or other agreements of the
Bank or the Company in which the Executive is a participant or to
which the Executive is a party.

          VI.  Miscellaneous.

               A.   Successors and Assigns.  This Agreement shall
inure to the benefit of and be enforceable by the Executive's
personal and legal representatives, personal representatives
(including executors or administrators), successors, heirs,
distributees, and devisees. If the Executive should die while any
amounts are still payable to the Executive hereunder, all such
amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's
devisee or other designee or, if there be no such designee, to
the Executive's estate.

               B.  Notice.  For purposes of this Agreement,
notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been
duly given when delivered or mailed by United States registered
mail, return receipt requested, postage prepaid as follows:

          If to the Company:

          BancFlorida Financial Corporation
          5801 Pelican Bay Boulevard
          Naples, FL  33963

          Attention:  Rudolf P. Guenzel, President

          If to the Executive:

          1200 Goldfinch Way
          Naples, Florida  33942


or such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt.

               C.   Amendment.  No provisions of this Agreement
may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing signed by the
Executive and the Company.

               D.   Waiver.  No waiver by either party hereto at
any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at
any prior subsequent notice.  

               E.    Entire Agreement.  No agreements or
representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement. The
Executive agrees that the Agreement Regarding Change in Control
dated as of November 8, 1993 between the Executive and the Bank
shall be of no further force and effect and the Executive hereby
relinquishes all rights thereunder.  

               F.     Employment.  The Executive agrees to be
bound by the terms and conditions of this Agreement and to remain
in the employ of the Bank during any period following any public
announcement by any person of any proposed transaction or
transactions which, if effected, would result in a Change in
Control until a Change in Control has taken place or, in the
opinion of the Board, such person has abandoned or terminated its
efforts to effect a Change in Control.  Subject to the foregoing,
except as specifically provided herein nothing contained in this
Agreement shall impair or interfere in any way with the right of
the Executive to terminate the Executive's employment or the
right of the Bank to terminate the employment of the Executive
with or without cause prior to a Change in Control.  Nothing
contained in this Agreement shall be construed as a contract of
employment between the Company and the Executive or as a right of
the Executive to continue in the employ of the Bank or as a
limitation of the right of the Bank to discharge the Executive
with or without cause prior to a Change in Control.

               G.     Validity.  The invalidity or
unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of
this Agreement, which shall remain in full force and effect.

               H.    Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will
constitute one and the same instrument.

               I.    Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the
State of Florida.

          IN WITNESS WHEREOF, the undersigned have executed this
Agreement effective as of the day and year first written above.


                                  /s/ J. Michael Holmes       
                              J. MICHAEL HOLMES



                              BANCFLORIDA FINANCIAL CORPORATION
                              a Delaware corporation


                              By:  /s/ Rudolf P. Guenzel      
                                 Its President and CEO



                           EXHIBIT A

                      EMPLOYMENT AGREEMENT

          AGREEMENT (this "Agreement") made as of this ___ day of
___________, 199___, between __________, a bank with its
principal offices at ____________ (the "Bank"), and J. MICHAEL
HOLMES, an individual resident of Naples, Florida (the
"Executive").

          WHEREAS, the Executive was formerly employed by
BancFlorida, a Federal Savings Bank, and was an officer of
BancFlorida Financial Corporation, a Delaware corporation; and

          WHEREAS, there has been a change in control of
BancFlorida and/or BancFlorida Financial Corporation and the Bank
has succeeded to the business of BancFlorida; and

          WHEREAS, the Bank wishes to continue to retain the
Executive's services to aid in the orderly transition of the Bank
for a period of time up to, but not exceeding, the Period (as
hereafter defined),

          NOW, THEREFORE, the parties agree as follows:

SECTION 1:     EMPLOYMENT OF EXECUTIVE; DUTIES AND
               RESPONSIBILITIES

          1.1  Employment of Executive. The Bank agrees to employ
the Executive, and the Executive agrees to be employed by the
Bank, subject to the terms and conditions of this Agreement.

          1.2  Term.  The employment of the Executive by the Bank
pursuant to this Agreement shall be for the period of two (2)
years commencing on the day and year first written above (the
"Period"), unless sooner terminated pursuant to the provisions of
Section 3 hereof.

          1.3  Offices and Positions of Officer.

               (a)  During the Period, the Executive shall be an 
Executive Vice President of the Bank.  During the Period the
Executive shall be treated as an employee of the Bank with all
benefits accruing thereto, including without limitation life
insurance benefits, medical and major medical coverage, and
accrual of pension benefits.

               (b)  If the Bank shall (i) consolidate or merge
with or into any other person, (ii) sell all or substantially all
of its assets to any other person, or (iii) become party to
another form of business combination or corporate reorganization,
or any person or a group of persons acting in concert shall
acquire control of the Bank pursuant to the acquisition of a
controlling interest in the outstanding shares of capital stock
of the Bank or there shall be a change in control of the Bank
other than in the manner described in Subparagraphs (i) through
(iii) inclusive of this Section 1.3(b), then the Bank shall, to
the fullest extent permitted by law, cause the surviving,
acquiring or successor entity, as the case may be, to assume all
of the Bank's duties, obligations and liabilities, to the
Executive arising under this Agreement.

          1.4  Duties and Responsibilities.

               (a)  During the Period, the Executive shall
perform such duties and responsibilities as are required to be
performed by him pursuant to the relevant terms of the By-Laws of
the Bank together with such other duties as the Board of
Directors of the Bank shall reasonably assign to the Executive
from time to time during the Period, it being understood that
such duties and responsibilities shall be the same as those
customarily assigned and expected to be performed by an  
Executive Vice President of a  [type]   bank of similar size as
the Bank.  When assigning such duties, the Board of Directors
shall take into consideration the past responsibilities,
experience and seniority as the Executive.  In no event shall the
Executive be assigned duties inconsistent with his status as
Executive Vice President of the Bank.

               (b)  During the Period the Officer shall devote
his full attention to the business and affairs of the Bank during
regular business hours.

SECTION 2:     COMPENSATION; REIMBURSEMENT; INDEMNIFICATION;
               BENEFITS

          2.1  Base Compensation.

          During the Period, the Bank shall pay to the Officer an
aggregate annual base salary in an amount as may be from time to
time determined by the Board of Directors of the Bank, but in no
event at a rate of less than the base salary most recently in
effect from BancFlorida.

          2.2  Payment of Base Compensation.  The Bank shall pay
the base compensation due the Executive in accordance with the
policy of the Bank as in effect from time to time for the payment
of salaries to senior personnel.

          2.3  Other Benefits and Insurance.  During the Period
the Executive shall be entitled to participate in such employee
benefits as are generally made available by the Bank to its
executive employees, including without limitation life insurance,
major medical and disability coverage, sick pay benefits,
vacation pay, travel and accident insurance and participation in
any retirement plan or plans, to the extent permitted by the
terms thereof, and at a minimum shall be entitled to retirement,
medical, life insurance and other benefits substantially
equivalent to those most recently provided by BancFlorida to the
Executive.

          2.4  Business Expenses.  The Bank shall reimburse the
Executive, in the manner, to the extent and subject to such
conditions as may be applicable under normal Bank policy, for
reasonable expenses incurred by him in the course of rendering
his services pursuant to this Agreement.

SECTION 3:  TERMINATION OF EMPLOYMENT

          3.1  Termination of Period.  The Period may be
terminated in the following manner:

               (a)  Termination on Death.  The Period shall
automatically terminate upon the death of the Executive.  The
Executive's compensation and, except as otherwise provided by
law, all benefits shall cease as of the date of death.

               (b)  Termination by the Executive.  The Period may
be terminated by the Executive during the Period for "Good
Reason" as hereafter provided.  In the event of such termination
the Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.  For purposes of this Agreement "Good
Reason" shall mean any of the following events, unless it occurs
with the Executive's express prior written consent:

                    (1)  the assignment to the Executive by the
               Bank of any duties inconsistent with, or a
               diminution of, the Executive's position, duties,
               titles, offices, responsibilities and status with
               the Bank, or any removal of the Executive from or
               any failure to reelect the Executive to any of
               such positions;

                    (2)  a reduction by the Bank in the
               Executive's base salary as in effect on the date
               hereof or as the same may be increased from time
               to time during the term of this Agreement, other
               than a reduction of the Executive's base salary
               pursuant to the terms of any short-term disability
               plan or long-term disability plan maintained by
               the Bank during a period in which the Executive is
               disabled (within the meaning of such plan or
               plans) and qualifies for benefits under such plan
               or plans;

                    (3)  any failure by the Bank to continue in
               effect any benefit plan or arrangement (including,
               without limitation, pension plans, group life
               insurance plan, medical, dental, accident and
               disability plans and educational assistance
               reimbursement plan) in which the Executive is
               participating (or to substitute and continue other
               plans providing the Executive with substantially
               similar benefits) (hereinafter referred to as
               "Benefit Plans"), the taking of any action by the
               Bank which would adversely affect the Executive's
               participation in or materially reduce the
               Executive's benefits under any such Benefit Plan
               or deprive the Executive of any material fringe
               benefit enjoyed by the Executive, or the failure
               by the Bank to provide the Executive with the
               number of paid vacation days to which the
               Executive is entitled in accordance with the
               vacation policies in effect at the time of a
               change in control of the Bank;

                    (4)  the Executive's relocation to any place
               of business of the Bank which is outside the
               franchise area (as that term is defined in Section
               3.2(e);

                    (5)  a requirement that the Executive travel
               outside the franchise area (as that term is
               defined in Section 3.2(e) to perform business
               obligations, the number of days of which total
               more than one hundred (100) days in any one
               calendar year;

                    (6)  any material breach by the Bank of any
               provision of this Agreement; or

                    (7)  any failure by the Bank to obtain the
               assumption of this Agreement by any successor or
               assign of the Bank.

               (c)  Termination by Bank.  The Bank may terminate
employment of the Executive at any time during the Period.  In
the event of such termination by the Bank for any reason, the
Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.

               (d)  Termination Without Good Reason.  In the
event of voluntary termination by the Executive without Good
Reason the Executive's compensation and, except as otherwise
provided by law, all benefits shall cease on the effective date
of such termination.
              (e)  Franchise Area.  For purposes of this
Agreement, the term "franchise area" shall mean the geographical
area within fifty (50) miles of the main office of BancFlorida
immediately prior to the effective date of this Agreement.

SECTION 4:  GENERAL PROVISIONS

          4.1  Nonassignability.  Neither the Agreement nor any
of the rights, obligations or interests arising hereunder may be
assigned by the Executive without the prior written consent of
the Bank; provided, however, that nothing in this section 4.1
shall preclude the Executive from designating in writing a
beneficiary or beneficiaries to receive any compensation payable
to him or any other benefit receivable by him under this
Agreement on the death or incapacity of the Executive, nor shall
it preclude the executors, administrators, or any other legal
representatives of the Executive or his Estate from assigning any
rights hereunder to any person or persons entitled thereto. 
Neither this Agreement nor any of the rights, obligations or
interests arising hereunder may be assigned by the Bank without
the prior written consent of the Executive to a person other than
(1) an affiliate of the Bank; or (2) any party with which the
Bank merges or consolidates, or to whomever the Bank may sell all
or substantially all of its assets; provided, however, that any
such affiliate or successor shall expressly assume all of the
Bank's obligations and liabilities to the Executive under this
Agreement.

          4.2  Severability.  This Agreement shall be deemed
severable, and any part hereof which may be held invalid by a
court or other entity of competent jurisdiction shall be deemed
automatically excluded from this Agreement and the remaining
parts shall remain in full force and effect.

          4.3  Merger.  This Agreement contains the entire
understanding of the parties hereto and constitutes the only
agreement between the Bank and the Executive regarding the
employment of the Executive by the Bank.  This Agreement
supersedes all prior agreements, either expressed or implied,
between the parties hereto including the employment of the
Executive by the Bank.

          4.4  Amendment.  None of the terms and conditions of
this Agreement shall be amended or modified unless expressly
consented to in writing and signed by each of the parties hereto.

          4.5  Binding Agreement.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto, and
their respective heirs, other legal representatives and permitted
successors and assigns, as the case may be.


         4.6  Governing Law.  This Agreement shall be governed
by and construed under the internal laws of the State of Florida.

          4.7  Notices.  All notices or other communications to
be given by the parties among themselves pursuant to this
Agreement shall be in writing, and all payments to be made
hereunder shall be deemed to have been duly made if mailed by
certified mail or hand-delivered to either of the parties at the
addresses first written above.  Any of the parties hereto may
change their respective addresses upon written notice to the
other given in the manner provided in this Section.

          4.8  Waiver.  No waiver by any of the parties to this
Agreement of any condition, term or provision of this Agreement
shall be deemed to be a waiver of any proceeding or subsequent
breach of the same or any other condition, term or provision
thereof.

          4.9  Damages; Further Employment.  In the event of
termination of the Executive, voluntary or involuntary, the
damages of the Executive shall be limited to the compensation
provided herein.  Except as specifically provided herein, nothing
in this Agreement shall limit the damages recoverable by the
Executive or the Bank in the event of breach by the other party. 
Nothing contained herein shall limit the ability of the Bank to
continue to employ or retain the Executive after the expiration
of the Period on such basis and pursuant to such arrangements as
shall be mutually agreeable; provided, that nothing herein shall
require either party to do so.

          IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date and year first above
written.

                              EXECUTIVE:

                              ______________________________ 
                              J. MICHAEL HOLMES

                              
                              BANK NAME:


                              By:  ________________________

Attest:

__________________________




                                                  Exhibit 10(iii)

              AGREEMENT REGARDING CHANGE IN CONTROL              

          AGREEMENT (this "Agreement") dated as of the 8th day of
November, 1993, between BANCFLORIDA FINANCIAL CORPORATION, a
Delaware corporation having its principal place of business in
Naples, Florida (the "Company") and JOHN W. ABBOTT, an individual
resident of Naples, Florida (the "Executive").

          WHEREAS, the Executive currently serves as Senior Vice
President, Special Assets Division of BancFlorida, a Federal
Savings Bank, the Company's principal subsidiary (the "Bank");
and

          WHEREAS, the Board of Directors of the Company (the
"Board"), has determined that it is in the best interests of the
Company and the Bank to assure that the Company and the Bank will
have the continued services of the Executive, notwithstanding the
possibility, threat or occurrence of a Change in Control (as
defined hereafter); and 

          WHEREAS, upon the effectiveness of this Agreement, the
Executive wishes to terminate the Agreement Regarding Change in
Control dated as of November 8, 1993 between the Executive and
the Bank and to relinquish all of the Executive's rights
thereunder;

          NOW, THEREFORE, in consideration of the premises and
the mutual covenants contained in this Agreement, the Company and
the Executive agree as follows:

          I.   Term of Agreement.  This Agreement shall commence
on the date set forth above and shall terminate on the date three
(3) years from such date.

          II.  Definitions.  Unless otherwise defined herein, the
following terms shall have the meanings set forth below for
purposes of this Agreement:

               A.   Change in Control.  A "Change in Control"
shall be deemed to occur: (i) on the date that the Board
determines such a Change in Control to have occurred, or (ii)
under such circumstances and at such time as the Board may in its
reasonable discretion prospectively determine will constitute
such a Change in Control, in either case to be evidenced by
appropriate Board action and written communication to the
Executive.  Such a determination, once made, may not be rescinded
by a newly constituted Board following a Change in Control, but
may later be rescinded or modified if the specific events
identified as constituting a Change in Control have not occurred.

          B.   Code.  "Code" shall mean the Internal Revenue Code
of 1986.

 III. Events Occurring on Change in Control.  

               A.   Change in Control Payments.  In the event of
a Change in Control while the Executive is employed by the Bank,
the Executive shall be entitled to the compensation provided in
Section IV.A. of this Agreement.

               B. Resignation and Subsequent Employment
Agreement.  In addition, in the event of such a Change in
Control, and as a condition to receipt of the payment described
in Section III.A. and IV.A. hereof, the Executive shall
immediately submit his resignation from any and all offices,
directorships, positions and employment by, in or with the Bank,
the Company and their subsidiaries; provided, however, that if so
requested within thirty (30) days following the date of a Change
in Control by the surviving, successor or acquiring entity
succeeding to and/or owning and operating the business of the
Company or the Bank subsequent to a Change in Control, the
Executive shall enter into an employment agreement with such
surviving, successor or acquiring entity in substantially the
form of Exhibit A annexed hereto, providing for employment for up
to two years in a position bearing substantially the same
responsibilities and duties as those carried on by the Executive
immediately prior to the Change in Control.  Except as provided
herein and pursuant to the terms of such an employment agreement,
the Executive shall be under no obligation to continue to remain
in the employ of or render services for the Company or the Bank
or such a surviving, successor or acquiring entity subsequent to
a Change in Control.  If requested by the Company or the Bank,
the Executive shall execute a form of employment agreement, which
may later be accepted and executed within thirty (30) days
following a Change in Control by the surviving, successor or
acquiring entity.


          IV.  Compensation Upon Change in Control.

               A.   Severance Payments.  Upon a Change in Control
the Executive shall be entitled to the following:

               1.   The Company shall pay to the Executive, at
the time specified in subsection IV.A.2. below, a lump sum
payment equal to two (2) times the sum of:

                         a. the Executive's annual base salary
          paid by the Bank, as in effect immediately prior to the
          Change in Control; plus

                         b. the average annual value of non-cash
          fringe benefits included in the Executive's
          compensation for federal income tax purposes for the
          two (2) full calendar years prior to the Change in
          Control; plus


                        c. the average annual amount of any
          bonuses received, credited or deferred with respect to
          such two (2) prior calendar years; 

provided, however, that the value or benefit of or derived from
options or similar arrangements relating to securities of the
Company shall not be included in the base for calculation of the
payment hereunder, whether or not such value or benefit was
reflected as income for federal income tax or alternative minimum
tax purposes.

          2.   The compensation provided for in 1. above shall be
paid not later than the thirtieth (30th) day following the date
of Change in Control, provided, however, that if the amount of
such compensation cannot be finally determined on or before such
day, the Company or the successor to the Company shall pay to the
Executive on such day an amount equal to ninety percent (90%) of
the estimated amount of such compensation, as determined in good
faith by the Company or the successor to the Company, and shall
pay the remainder of such compensation (together with interest at
the federal "mid-term" rate as provided in (section mark)1274(d) of the Code)
as soon as the amount thereof can be determined, but in no event
later than the ninetieth (90th) day after the date of Change in
Control.  In the event that the amount of the estimated payment
exceeds the amount subsequently determined to have been due, such
excess shall constitute a loan by the Company or the successor to
the Company to the Executive payable on the fifth day after
demand by the Company or the successor to the Company (together
with interest at the federal mid-term rate as described above).  

          3. In addition to any other payments hereunder, in the
event of a Change in Control, the Executive's interests and
benefits in or under any benefit, income, stock option, deferred
compensation, phantom unit or similar plan of the Company or the
Bank shall immediately become 100% vested and/or accelerated, as
the case may be, and shall be immediately payable, except as
otherwise specifically prohibited by law or by the terms of any
such plan or agreement.  The Company and the Executive agree to
take any necessary steps to amend such plans or agreements to
allow for such vesting or acceleration; provided, however, if and
to the extent such acceleration of vesting or payment would cause
the imposition of the excise tax imposed under Section 4999 of
the Code, such acceleration of vesting or payment shall not
occur, but such amounts or benefits shall arise, vest or be paid
in the normal course or at the earliest point when it is
determined they could vest or be paid without giving rise to such
excise tax.

               B.   Limitations.  Anything in this Agreement to
the contrary notwithstanding, in the event it shall be determined
that any payment or distribution by the Company to or for the
benefit of the Executive (whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or
otherwise), would be subject to the excise tax imposed by Section
4999 of the Code or any interest or penalties are incurred by the
Executive with respect to such excise tax, the amount of such
payment shall be reduced to such an amount as shall not give rise
to the imposition of such excise tax.  To the extent possible,
such reduction shall be accomplished first, by ignoring the
acceleration of payments or vesting provided in subsection A.3.
above, and second, by decreasing the amounts of other cash
payments.

          Subject to the provisions of this Subsection B, all
determinations required to be made under this Subsection B,
including whether and when a reduction is required and the amount
of such reduction and the assumptions to be utilized in arriving
at such determination, shall be made by KPMG Peat Marwick (the
"Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Executive within thirty
(30) business days of the receipt of request for a determination
by either party.  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or
group effecting the Change in Control, the Executive shall
appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall
then be referred to as the Accounting Firm hereunder).  All fees
and expenses of the Accounting Firm shall be borne solely by the
Company.  If the Accounting Firm determines that no Excise Tax is
payable by the Executive, it shall furnish the Executive and the
Company with a written opinion that no Excise Tax is due and
payable as a result of payments under this Agreement.  Any
determination by the Accounting Firm shall be binding upon the
Company and the Executive.  

               C.   Double Payment.  In addition to any other
benefits provided hereunder, in the event the Executive must
bring legal action (including arbitration) seeking to obtain or
enforce any right or benefit provided by this Agreement, should
the Executive prevail in such action the severance compensation
under this Agreement shall be twice (2X) the amount ultimately
determined or agreed to be due the Executive pursuant to Sections
IV.A. and IV.B., as applicable.  Notwithstanding anything in this
Section IV.C. to the contrary, the total amounts paid pursuant to
this Agreement will be subject to the limitations under Section
IV.B.

               D.  Fees and Expenses.  In addition to any other
payments or benefits hereunder, subject to the limitations of
Section IV.B. the Company shall pay to the Executive all legal
fees and expenses incurred by the Executive hereunder (including
all such fees and expenses, if any, incurred in seeking to obtain
or enforce any right or benefit provided by this Agreement should
the Executive prevail in such action).


         V.   No Obligation To Mitigate Damages; Other Benefits. 
The Executive shall not be required to mitigate damages or the
amount of any payment provided for under this Agreement by
seeking other employment or otherwise, nor shall the amount of
any payment provided for under this Agreement be reduced by any
compensation earned by the Executive as the result of employment
by the Bank, the Company or any successor thereto, nor another
employer after the termination of the Executive's employment, or
otherwise. Nothing contained herein shall prejudice the
Executive's right to the full realization of any and all other
benefits to which the Executive shall be entitled pursuant to the
terms of any employee benefit plans or other agreements of the
Bank or the Company in which the Executive is a participant or to
which the Executive is a party.

          VI.  Miscellaneous.

               A.   Successors and Assigns.  This Agreement shall
inure to the benefit of and be enforceable by the Executive's
personal and legal representatives, personal representatives
(including executors or administrators), successors, heirs,
distributees, and devisees. If the Executive should die while any
amounts are still payable to the Executive hereunder, all such
amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's
devisee or other designee or, if there be no such designee, to
the Executive's estate.

               B.  Notice.  For purposes of this Agreement,
notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been
duly given when delivered or mailed by United States registered
mail, return receipt requested, postage prepaid as follows:

          If to the Company:

          BancFlorida Financial Corporation
          5801 Pelican Bay Boulevard
          Naples, FL  33963

          Attention:  Rudolf P. Guenzel, President

          If to the Executive:

          153 Edgemere Way South
          Naples, FL  33999

or such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt.


              C.   Amendment.  No provisions of this Agreement
may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing signed by the
Executive and the Company.

               D.   Waiver.  No waiver by either party hereto at
any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at
any prior subsequent notice.  

               E.    Entire Agreement.  No agreements or
representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement.  The
Executive agrees that the Agreement Regarding Change in Control
dated as of November 8, 1993 between the Executive and the Bank
shall be of no further force and effect and the Executive hereby
relinquishes all rights thereunder.

               F.     Employment.  The Executive agrees to be
bound by the terms and conditions of this Agreement and to remain
in the employ of the Bank during any period following any public
announcement by any person of any proposed transaction or
transactions which, if effected, would result in a Change in
Control until a Change in Control has taken place or, in the
opinion of the Board, such person has abandoned or terminated its
efforts to effect a Change in Control.  Subject to the foregoing,
except as specifically provided herein nothing contained in this
Agreement shall impair or interfere in any way with the right of
the Executive to terminate the Executive's employment or the
right of the Bank to terminate the employment of the Executive
with or without cause prior to a Change in Control.  Nothing
contained in this Agreement shall be construed as a contract of
employment between the Company and the Executive or as a right of
the Executive to continue in the employ of the Bank or as a
limitation of the right of the Bank to discharge the Executive
with or without cause prior to a Change in Control.

               G.     Validity.  The invalidity or
unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of
this Agreement, which shall remain in full force and effect.

               H.    Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will
constitute one and the same instrument.


              I.    Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the
State of Florida.

          IN WITNESS WHEREOF, the undersigned have executed this
Agreement effective as of the day and year first written above.


                                  /s/ John W. Abbott          
                              JOHN W. ABBOTT



                              BANCFLORIDA FINANCIAL CORPORATION
                              a Delaware corporation



                              By:   /s/ Rudolf P. Guenzel     
                                 Its President and CEO


                           EXHIBIT A

                      EMPLOYMENT AGREEMENT

          AGREEMENT (this "Agreement") made as of this ___ day of
___________, 199___, between __________, a bank with its
principal offices at ____________ (the "Bank"), and JOHN W.
ABBOTT, an individual resident of Naples, Florida (the
"Executive").

          WHEREAS, the Executive was formerly employed by
BancFlorida, a Federal Savings Bank, and was an officer of
BancFlorida Financial Corporation, a Delaware corporation; and

          WHEREAS, there has been a change in control of
BancFlorida and/or BancFlorida Financial Corporation and the Bank
has succeeded to the business of BancFlorida; and

          WHEREAS, the Bank wishes to continue to retain the
Executive's services to aid in the orderly transition of the Bank
for a period of time up to, but not exceeding, the Period (as
hereafter defined),

          NOW, THEREFORE, the parties agree as follows:

SECTION 1:     EMPLOYMENT OF EXECUTIVE; DUTIES AND
               RESPONSIBILITIES

          1.1  Employment of Executive.  The Bank agrees to
employ the Executive, and the Executive agrees to be employed by
the Bank, subject to the terms and conditions of this Agreement.

          1.2  Term.  The employment of the Executive by the Bank
pursuant to this Agreement shall be for the period of two (2)
years commencing on the day and year first written above (the
"Period"), unless sooner terminated pursuant to the provisions of
Section 3 hereof.

          1.3  Offices and Positions of Officer.

               (a)  During the Period, the Executive shall be a 
Senior Vice President of the Bank.  During the Period the
Executive shall be treated as an employee of the Bank with all
benefits accruing thereto, including without limitation life
insurance benefits, medical and major medical coverage, and
accrual of pension benefits.

               (b)  If the Bank shall (i) consolidate or merge
with or into any other person, (ii) sell all or substantially all
of its assets to any other person, or (iii) become party to
another form of business combination or corporate reorganization,
or any person or a group of persons acting in concert shall
acquire control of the Bank pursuant to the acquisition of a
controlling interest in the outstanding shares of capital stock

of the Bank or there shall be a change in control of the Bank
other than in the manner described in Subparagraphs (i) through
(iii) inclusive of this Section 1.3(b), then the Bank shall, to
the fullest extent permitted by law, cause the surviving,
acquiring or successor entity, as the case may be, to assume all
of the Bank's duties, obligations and liabilities, to the
Executive arising under this Agreement.

          1.4  Duties and Responsibilities.

               (a)  During the Period, the Executive shall
perform such duties and responsibilities as are required to be
performed by him pursuant to the relevant terms of the By-Laws of
the Bank together with such other duties as the Board of
Directors of the Bank shall reasonably assign to the Executive
from time to time during the Period, it being understood that
such duties and responsibilities shall be the same as those
customarily assigned and expected to be performed by a Senior
Vice President of a   [type]   bank of similar size as the Bank. 
When assigning such duties, the Board of Directors shall take
into consideration the past responsibilities, experience and
seniority as the Executive.  In no event shall the Executive be
assigned duties inconsistent with his status as Senior Vice
President of the Bank.

               (b)  During the Period the Officer shall devote
his full attention to the business and affairs of the Bank during
regular business hours.

SECTION 2:     COMPENSATION; REIMBURSEMENT; INDEMNIFICATION;
               BENEFITS

          2.1  Base Compensation.

          During the Period, the Bank shall pay to the Officer an
aggregate annual base salary in an amount as may be from time to
time determined by the Board of Directors of the Bank, but in no
event at a rate of less than the base salary most recently in
effect from BancFlorida.

          2.2  Payment of Base Compensation.  The Bank shall pay
the base compensation due the Executive in accordance with the
policy of the Bank as in effect from time to time for the payment
of salaries to senior personnel.

          2.3  Other Benefits and Insurance.  During the Period
the Executive shall be entitled to participate in such employee
benefits as are generally made available by the Bank to its
executive employees, including without limitation life insurance,
major medical and disability coverage, sick pay benefits,
vacation pay, travel and accident insurance and participation in
any retirement plan or plans, to the extent permitted by the 
terms thereof, and at a minimum shall be entitled to retirement,
medical, life insurance and other benefits substantially
equivalent to those most recently provided by BancFlorida to the
Executive.

          2.4  Business Expenses.  The Bank shall reimburse the
Executive, in the manner, to the extent and subject to such
conditions as may be applicable under normal Bank policy, for
reasonable expenses incurred by him in the course of rendering
his services pursuant to this Agreement.

SECTION 3:  TERMINATION OF EMPLOYMENT

          3.1  Termination of Period.  The Period may be
terminated in the following manner:

               (a)  Termination on Death.  The Period shall
automatically terminate upon the death of the Executive.  The
Executive's compensation and, except as otherwise provided by
law, all benefits shall cease as of the date of death.

               (b)  Termination by the Executive.
                    ----------------------------  The Period may
be terminated by the Executive during the Period for "Good
Reason" as hereafter provided.  In the event of such termination
the Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.  For purposes of this Agreement "Good
Reason" shall mean any of the following events, unless it occurs
with the Executive's express prior written consent:

                    (1)  the assignment to the Executive by the
               Bank of any duties inconsistent with, or a
               diminution of, the Executive's position, duties,
               titles, offices, responsibilities and status with
               the Bank, or any removal of the Executive from or
               any failure to reelect the Executive to any of
               such positions;

                    (2)  a reduction by the Bank in the
               Executive's base salary as in effect on the date
               hereof or as the same may be increased from time
               to time during the term of this Agreement, other
               than a reduction of the Executive's base salary
               pursuant to the terms of any short-term disability
               plan or long-term disability plan maintained by
               the Bank during a period in which the Executive is
               disabled (within the meaning of such plan or
               plans) and qualifies for benefits under such plan
               or plans;

                    (3)  any failure by the Bank to continue in
               effect any benefit plan or arrangement (including,
               without limitation, pension plans, group life
               insurance plan, medical, dental, accident and
               disability plans and educational assistance
               reimbursement plan) in which the Executive is
               participating (or to substitute and continue other
               plans providing the Executive with substantially
               similar benefits) (hereinafter referred to as
               "Benefit Plans"), the taking of any action by the
               Bank which would adversely affect the Executive's
               participation in or materially reduce the
               Executive's benefits under any such Benefit Plan
               or deprive the Executive of any material fringe
               benefit enjoyed by the Executive, or the failure
               by the Bank to provide the Executive with the
               number of paid vacation days to which the
               Executive is entitled in accordance with the
               vacation policies in effect at the time of a
               change in control of the Bank;

                    (4)  the Executive's relocation to any place
               of business of the Bank which is outside the
               franchise area (as that term is defined in Section
               3.2(e);

                    (5)  a requirement that the Executive travel
               outside the franchise area (as that term is
               defined in Section 3.2(e) to perform business
               obligations, the number of days of which total
               more than one hundred (100) days in any one
               calendar year;

                    (6)  any material breach by the Bank of any
               provision of this Agreement; or

                    (7)  any failure by the Bank to obtain the
               assumption of this Agreement by any successor or
               assign of the Bank.

               (c)  Termination by Bank.  The Bank may terminate
employment of the Executive at any time during the Period.  In
the event of such termination by the Bank for any reason, the
Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.

               (d)  Termination Without Good Reason.  In the
event of voluntary termination by the Executive without Good
Reason the Executive's compensation and, except as otherwise
provided by law, all benefits shall cease on the effective date
of such termination.


              (e)  Franchise Area.  For purposes of this
Agreement, the term "franchise area" shall mean the geographical
area within fifty (50) miles of the main office of BancFlorida
immediately prior to the effective date of this Agreement.

SECTION 4:  GENERAL PROVISIONS

          4.1  Nonassignability.  Neither the Agreement nor any
of the rights, obligations or interests arising hereunder may be
assigned by the Executive without the prior written consent of
the Bank; provided, however, that nothing in this section 4.1
shall preclude the Executive from designating in writing a
beneficiary or beneficiaries to receive any compensation payable
to him or any other benefit receivable by him under this
Agreement on the death or incapacity of the Executive, nor shall
it preclude the executors, administrators, or any other legal
representatives of the Executive or his Estate from assigning any
rights hereunder to any person or persons entitled thereto. 
Neither this Agreement nor any of the rights, obligations or
interests arising hereunder may be assigned by the Bank without
the prior written consent of the Executive to a person other than
(1) an affiliate of the Bank; or (2) any party with which the
Bank merges or consolidates, or to whomever the Bank may sell all
or substantially all of its assets; provided, however, that any
such affiliate or successor shall expressly assume all of the
Bank's obligations and liabilities to the Executive under this
Agreement.

          4.2  Severability.  This Agreement shall be deemed
severable, and any part hereof which may be held invalid by a
court or other entity of competent jurisdiction shall be deemed
automatically excluded from this Agreement and the remaining
parts shall remain in full force and effect.

          4.3  Merger.  This Agreement contains the entire
understanding of the parties hereto and constitutes the only
agreement between the Bank and the Executive regarding the
employment of the Executive by the Bank.  This Agreement
supersedes all prior agreements, either expressed or implied,
between the parties hereto including the employment of the
Executive by the Bank.

          4.4  Amendment.  None of the terms and conditions of
this Agreement shall be amended or modified unless expressly
consented to in writing and signed by each of the parties hereto.

          4.5  Binding Agreement.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto, and
their respective heirs, other legal representatives and permitted
successors and assigns, as the case may be.


         4.6  Governing Law.  This Agreement shall be governed
by and construed under the internal laws of the State of Florida.

          4.7  Notices.  All notices or other communications to
be given by the parties among themselves pursuant to this
Agreement shall be in writing, and all payments to be made
hereunder shall be deemed to have been duly made if mailed by
certified mail or hand-delivered to either of the parties at the
addresses first written above.  Any of the parties hereto may
change their respective addresses upon written notice to the
other given in the manner provided in this Section.

          4.8  Waiver.  No waiver by any of the parties to this
Agreement of any condition, term or provision of this Agreement
shall be deemed to be a waiver of any proceeding or subsequent
breach of the same or any other condition, term or provision
thereof.

          4.9  Damages; Further Employment.  In the event of
termination of the Executive, voluntary or involuntary, the
damages of the Executive shall be limited to the compensation
provided herein.  Except as specifically provided herein, nothing
in this Agreement shall limit the damages recoverable by the
Executive or the Bank in the event of breach by the other party. 
Nothing contained herein shall limit the ability of the Bank to
continue to employ or retain the Executive after the expiration
of the Period on such basis and pursuant to such arrangements as
shall be mutually agreeable; provided, that nothing herein shall
require either party to do so.

          IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date and year first above
written.

                              EXECUTIVE:

                              ______________________________
                              JOHN W. ABBOTT

                              
                              BANK NAME:


                              By:  _________________________

Attest:

______________________________



                                                   Exhibit 10(iv)

              AGREEMENT REGARDING CHANGE IN CONTROL              

          AGREEMENT (this "Agreement") dated as of the 8th day of
November, 1993, between BANCFLORIDA FINANCIAL CORPORATION, a
Delaware corporation having its principal place of business in
Naples, Florida (the "Company") and DENNIS REED, an individual
resident of Naples, Florida (the "Executive").

          WHEREAS, the Executive currently serves as Senior Vice
President, Operations and Information Systems Division of
BancFlorida, a Federal Savings Bank, the Company's principal
subsidiary (the "Bank"); and

          WHEREAS, the Board of Directors of the Company (the
"Board"), has determined that it is in the best interests of the
Company and the Bank to assure that the Company and the Bank will
have the continued services of the Executive, notwithstanding the
possibility, threat or occurrence of a Change in Control (as
defined hereafter); and

          WHEREAS, upon the effectiveness of this Agreement, the
Executive wishes to terminate the Agreement Regarding Change in
Control dated as of November 8, 1993 between the Executive and
the Bank and to relinquish all of the Executive's rights
thereunder,

          NOW, THEREFORE, in consideration of the premises and
the mutual covenants contained in this Agreement, the Company and
the Executive agree as follows:

          I.   Term of Agreement.  This Agreement shall commence
on the date set forth above and shall terminate on the date three
(3) years from such date.

          II.  Definitions.  Unless otherwise defined herein, the
following terms shall have the meanings set forth below for
purposes of this Agreement:

               A.   Change in Control.  A "Change in Control"
shall be deemed to occur: (i) on the date that the Board
determines such a Change in Control to have occurred, or (ii)
under such circumstances and at such time as the Board may in its
reasonable discretion prospectively determine will constitute
such a Change in Control, in either case to be evidenced by
appropriate Board action and written communication to the
Executive.  Such a determination, once made, may not be rescinded
by a newly constituted Board following a Change in Control, but
may later be rescinded or modified if the specific events
identified as constituting a Change in Control have not occurred.

          B.   Code.  "Code" shall mean the Internal Revenue Code
of 1986.



 III. Events Occurring on Change in Control.

               A.   Change in Control Payments.  In the event of
a Change in Control while the Executive is employed by the Bank,
the Executive shall be entitled to the compensation provided in
Section IV.A. of this Agreement.

               B. Resignation and Subsequent Employment
Agreement.  In addition, in the event of such a Change in
Control, and as a condition to receipt of the payment described
in Section III.A. and IV.A. hereof, the Executive shall
immediately submit his resignation from any and all offices,
directorships, positions and employment by, in or with the Bank,
the Company and their subsidiaries; provided, however, that if so
requested within thirty (30) days following the date of a Change
in Control by the surviving, successor or acquiring entity
succeeding to and/or owning and operating the business of the
Company or the Bank subsequent to a Change in Control, the
Executive shall enter into an employment agreement with such
surviving, successor or acquiring entity in substantially the
form of Exhibit A annexed hereto, providing for employment for up
to two years in a position bearing substantially the same
responsibilities and duties as those carried on by the Executive
immediately prior to the Change in Control.  Except as provided
herein and pursuant to the terms of such an employment agreement,
the Executive shall be under no obligation to continue to remain
in the employ of or render services for the Company or the Bank
or such a surviving successor or acquiring entity subsequent to a
Change in Control.  If requested by the Company or the Bank, the
Executive shall execute a form of employment agreement, which may
later be accepted and executed within thirty (30) days following
a Change in Control by the surviving, successor or acquiring
entity.


          IV.  Compensation Upon Change in Control.

               A.   Severance Payments.  Upon a Change in Control
the Executive shall be entitled to the following:

               1.   The Company shall pay to the Executive, at
the time specified in subsection IV.A.2. below, a lump sum
payment equal to the sum of:

                         a. the Executive's annual base salary
          paid by the Bank, as in effect immediately prior to the
          Change in Control; plus

                         b. the average annual value of non-cash
          fringe benefits included in the Executive's
          compensation for federal income tax purposes for the
          two (2) full calendar years prior to the Change in
          Control; plus



                        c. the average annual amount of any
          bonuses received, credited or deferred with respect to
          such two (2) prior calendar years; 


provided, however, that the value or benefit of or derived from
options or similar arrangements relating to securities of the
Company shall not be included in the base for calculation of the
payment hereunder, whether or not such value or benefit was
reflected as income for federal income tax or alternative minimum
tax purposes.

          2.   The compensation provided for in 1. above shall be
paid not later than the thirtieth (30th) day following the date
of Change in Control, provided, however, that if the amount of
such compensation cannot be finally determined on or before such
day, the Company or the successor to the Company shall pay to the
Executive on such day an amount equal to ninety percent (90%) of
the estimated amount of such compensation, as determined in good
faith by the Company or the successor to the Company, and shall
pay the remainder of such compensation (together with interest at
the federal "mid-term" rate as provided in (section mark)1274(d) of the Code)
as soon as the amount thereof can be determined, but in no event
later than the ninetieth (90th) day after the date of Change in
Control.  In the event that the amount of the estimated payment
exceeds the amount subsequently determined to have been due, such
excess shall constitute a loan by the Company or the successor to
the Company to the Executive payable on the fifth day after
demand by the Company or the successor to the Company (together
with interest at the federal mid-term rate as described above).  

          3. In addition to any other payments hereunder, in the
event of a Change in Control, the Executive's interests and
benefits in or under any benefit, income, stock option, deferred
compensation, phantom unit or similar plan of the Company or the
Bank shall immediately become 100% vested and/or accelerated, as
the case may be, and shall be immediately payable, except as
otherwise specifically prohibited by law or by the terms of any
such plan or agreement.  The Company and the Executive agree to
take any necessary steps to amend such plans or agreements to
allow for such vesting or acceleration; provided, however, if and
to the extent such acceleration of vesting or payment would cause
the imposition of the excise tax imposed under Section 4999 of
the Code, such acceleration of vesting or payment shall not
occur, but such amounts or benefits shall arise, vest or be paid
in the normal course or at the earliest point when it is
determined they could vest or be paid without giving rise to such
excise tax.

               B.   Limitations.  Anything in this Agreement to
the contrary notwithstanding, in the event it shall be determined
that any payment or distribution by the Company to or for the 
benefit of the Executive (whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or
otherwise), would be subject to the excise tax imposed by Section
4999 of the Code or any interest or penalties are incurred by the
Executive with respect to such excise tax, the amount of such
payment shall be reduced to such an amount as shall not give rise
to the imposition of such excise tax.  To the extent possible,
such reduction shall be accomplished first, by ignoring the
acceleration of payments or vesting provided in subsection A.3.
above, and second, by decreasing the amounts of other cash
payments.

          Subject to the provisions of this Subsection B, all
determinations required to be made under this Subsection B,
including whether and when a reduction is required and the amount
of such reduction and the assumptions to be utilized in arriving
at such determination, shall be made by KPMG Peat Marwick (the
"Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Executive within thirty
(30) business days of the receipt of request for a determination
by either party.  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or
group effecting the Change in Control, the Executive shall
appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall
then be referred to as the Accounting Firm hereunder).  All fees
and expenses of the Accounting Firm shall be borne solely by the
Company.  If the Accounting Firm determines that no Excise Tax is
payable by the Executive, it shall furnish the Executive and the
Company with a written opinion that no Excise Tax is due and
payable as a result of payments under this Agreement.  Any
determination by the Accounting Firm shall be binding upon the
Company and the Executive.  

               C.   Double Payment.  In addition to any other
benefits provided hereunder, in the event the Executive must
bring legal action (including arbitration) seeking to obtain or
enforce any right or benefit provided by this Agreement, should
the Executive prevail in such action the severance compensation
under this Agreement shall be twice (2X) the amount ultimately
determined or agreed to be due the Executive pursuant to Sections
IV.A. and IV.B., as applicable.  Notwithstanding anything in this
Section IV.C. to the contrary, the total amounts paid pursuant to
this Agreement will be subject to the limitations under Section
IV.B.

               D.  Fees and Expenses.  In addition to any other
payments or benefits hereunder, subject to the limitations of
Section IV.B. the Company shall pay to the Executive all legal
fees and expenses incurred by the Executive hereunder (including
all such fees and expenses, if any, incurred in seeking to obtain
or enforce any right or benefit provided by this Agreement should
the Executive prevail in such action).

          V.   No Obligation To Mitigate Damages; Other Benefits.
The Executive shall not be required to mitigate damages or the
amount of any payment provided for under this Agreement by
seeking other employment or otherwise, nor shall the amount of
any payment provided for under this Agreement be reduced by any
compensation earned by the Executive as the result of employment
by the Bank, the Company or any successor thereto, nor another
employer after the termination of the Executive's employment, or
otherwise. Nothing contained herein shall prejudice the
Executive's right to the full realization of any and all other
benefits to which the Executive shall be entitled pursuant to the
terms of any employee benefit plans or other agreements of the
Bank or the Company in which the Executive is a participant or to
which the Executive is a party.

          VI.  Miscellaneous.

               A.   Successors and Assigns.  This Agreement shall
inure to the benefit of and be enforceable by the Executive's
personal and legal representatives, personal representatives
(including executors or administrators), successors, heirs,
distributees, and devisees. If the Executive should die while any
amounts are still payable to the Executive hereunder, all such
amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's
devisee or other designee or, if there be no such designee, to
the Executive's estate.

               B.  Notice.  For purposes of this Agreement,
notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been
duly given when delivered or mailed by United States registered
mail, return receipt requested, postage prepaid as follows:

          If to the Company:

          BancFlorida Financial Corporation
          5801 Pelican Bay Boulevard
          Naples, FL  33963

          Attention:  Rudolf P. Guenzel, President

          If to the Executive:

          907 Pitch Apple Lane
          Naples, Florida  33963


or such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt.

               C.   Amendment.  No provisions of this Agreement
may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing signed by the
Executive and the Company.

               D.   Waiver.  No waiver by either party hereto at
any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at
any prior subsequent notice.  

               E.    Entire Agreement.  No agreements or
representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement.  The
Executive agrees that the Agreement Regarding Change in Control
dated as of November 8, 1993 between the Executive and the Bank
shall be of no further force and effect and the Executive hereby
relinquishes all rights thereunder.

               F.     Employment.  The Executive agrees to be
bound by the terms and conditions of this Agreement and to remain
in the employ of the Bank during any period following any public
announcement by any person of any proposed transaction or
transactions which, if effected, would result in a Change in
Control until a Change in Control has taken place or, in the
opinion of the Board, such person has abandoned or terminated its
efforts to effect a Change in Control.  Subject to the foregoing,
except as specifically provided herein nothing contained in this
Agreement shall impair or interfere in any way with the right of
the Executive to terminate the Executive's employment or the
right of the Bank to terminate the employment of the Executive
with or without cause prior to a Change in Control.  Nothing
contained in this Agreement shall be construed as a contract of
employment between the Company and the Executive or as a right of
the Executive to continue in the employ of the Bank or as a
limitation of the right of the Bank to discharge the Executive
with or without cause prior to a Change in Control.

               G.     Validity.  The invalidity or
unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of
this Agreement, which shall remain in full force and effect.
              H.    Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will
constitute one and the same instrument.

               I.    Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the
State of Florida.

          IN WITNESS WHEREOF, the undersigned have executed this
Agreement effective as of the day and year first written above.


                                 /s/ Dennis Reed              
                              DENNIS REED



                              BANCFLORIDA FINANCIAL CORPORATION
                              a Delaware corporation


                              By:   /s/ Rudolf P. Guenzel     
                                 Its President and CEO

                           EXHIBIT A

                      EMPLOYMENT AGREEMENT

          AGREEMENT (this "Agreement") made as of this ___ day of
___________, 199___, between __________, a bank with its
principal offices at ____________ (the "Bank"), and DENNIS REED,
an individual resident of Naples, Florida (the "Executive").

          WHEREAS, the Executive was formerly employed by
BancFlorida, a Federal Savings Bank, and was an officer of
BancFlorida Financial Corporation, a Delaware corporation; and

          WHEREAS, there has been a change in control of
BancFlorida and/or BancFlorida Financial Corporation and the Bank
has succeeded to the business of BancFlorida; and

          WHEREAS, the Bank wishes to continue to retain the
Executive's services to aid in the orderly transition of the Bank
for a period of time up to, but not exceeding, the Period (as
hereafter defined),

          NOW, THEREFORE, the parties agree as follows:

SECTION 1:     EMPLOYMENT OF EXECUTIVE; DUTIES AND
               RESPONSIBILITIES

          1.1  Employment of Executive.  The Bank agrees to
employ the Executive, and the Executive agrees to be employed by
the Bank, subject to the terms and conditions of this Agreement.

          1.2  Term.  The employment of the Executive by the Bank
pursuant to this Agreement shall be for the period of two (2)
years commencing on the day and year first written above (the
"Period"), unless sooner terminated pursuant to the provisions of
Section 3 hereof.

          1.3  Offices and Positions of Officer.

               (a)  During the Period, the Executive shall be a 
Senior Vice President of the Bank.  During the Period the
Executive shall be treated as an employee of the Bank with all
benefits accruing thereto, including without limitation life
insurance benefits, medical and major medical coverage, and
accrual of pension benefits.

               (b)  If the Bank shall (i) consolidate or merge
with or into any other person, (ii) sell all or substantially all
of its assets to any other person, or (iii) become party to
another form of business combination or corporate reorganization,
or any person or a group of persons acting in concert shall
acquire control of the Bank pursuant to the acquisition of a
controlling interest in the outstanding shares of capital stock
of the Bank or there shall be a change in control of the Bank other 

than in the manner described in Subparagraphs (i) through
(iii) inclusive of this Section 1.3(b), then the Bank shall, to
the fullest extent permitted by law, cause the surviving,
acquiring or successor entity, as the case may be, to assume all
of the Bank's duties, obligations and liabilities, to the
Executive arising under this Agreement.

          1.4  Duties and Responsibilities.

               (a)  During the Period, the Executive shall
perform such duties and responsibilities as are required to be
performed by him pursuant to the relevant terms of the By-Laws of
the Bank together with such other duties as the Board of
Directors of the Bank shall reasonably assign to the Executive
from time to time during the Period, it being understood that
such duties and responsibilities shall be the same as those
customarily assigned and expected to be performed by a Senior
Vice President of a   [type]   bank of similar size as the Bank. 
When assigning such duties, the Board of Directors shall take
into consideration the past responsibilities, experience and
seniority as the Executive.  In no event shall the Executive be
assigned duties inconsistent with his status as Senior Vice
President of the Bank.

               (b)  During the Period the Officer shall devote
his full attention to the business and affairs of the Bank during
regular business hours.

SECTION 2:     COMPENSATION; REIMBURSEMENT; INDEMNIFICATION;
               BENEFITS

          2.1  Base Compensation.

          During the Period, the Bank shall pay to the Officer an
aggregate annual base salary in an amount as may be from time to
time determined by the Board of Directors of the Bank, but in no
event at a rate of less than the base salary most recently in
effect from BancFlorida.

          2.2  Payment of Base Compensation.  The Bank shall pay
the base compensation due the Executive in accordance with the
policy of the Bank as in effect from time to time for the payment
of salaries to senior personnel.

          2.3  Other Benefits and Insurance.  During the Period
the Executive shall be entitled to participate in such employee
benefits as are generally made available by the Bank to its
executive employees, including without limitation life insurance,
major medical and disability coverage, sick pay benefits,
vacation pay, travel and accident insurance and participation in
any retirement plan or plans, to the extent permitted by the
terms thereof, and at a minimum shall be entitled to retirement,
medical, life insurance and other benefits substantially
equivalent to those most recently provided by BancFlorida to the
Executive.

          2.4  Business Expenses.  The Bank shall reimburse the
Executive, in the manner, to the extent and subject to such
conditions as may be applicable under normal Bank policy, for
reasonable expenses incurred by him in the course of rendering
his services pursuant to this Agreement.

SECTION 3:  TERMINATION OF EMPLOYMENT

          3.1  Termination of Period.  The Period may be
terminated in the following manner:

               (a)  Termination on Death.  The Period shall
automatically terminate upon the death of the Executive.  The
Executive's compensation and, except as otherwise provided by
law, all benefits shall cease as of the date of death.

               (b)  Termination by the Executive.  The Period may
be terminated by the Executive during the Period for "Good
Reason" as hereafter provided.  In the event of such termination
the Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.  For purposes of this Agreement "Good
Reason" shall mean any of the following events, unless it occurs
with the Executive's express prior written consent:

                    (1)  the assignment to the Executive by the
               Bank of any duties inconsistent with, or a
               diminution of, the Executive's position, duties,
               titles, offices, responsibilities and status with
               the Bank, or any removal of the Executive from or
               any failure to reelect the Executive to any of
               such positions;

                    (2)  a reduction by the Bank in the
               Executive's base salary as in effect on the date
               hereof or as the same may be increased from time
               to time during the term of this Agreement, other
               than a reduction of the Executive's base salary
               pursuant to the terms of any short-term disability
               plan or long-term disability plan maintained by
               the Bank during a period in which the Executive is
               disabled (within the meaning of such plan or
               plans) and qualifies for benefits under such plan
               or plans;

                    (3)  any failure by the Bank to continue in
               effect any benefit plan or arrangement (including,
               without limitation, pension plans, group life
              insurance plan, medical, dental, accident and
               disability plans and educational assistance
               reimbursement plan) in which the Executive is
               participating (or to substitute and continue other
               plans providing the Executive with substantially
               similar benefits) (hereinafter referred to as
               "Benefit Plans"), the taking of any action by the
               Bank which would adversely affect the Executive's
               participation in or materially reduce the
               Executive's benefits under any such Benefit Plan
               or deprive the Executive of any material fringe
               benefit enjoyed by the Executive, or the failure
               by the Bank to provide the Executive with the
               number of paid vacation days to which the
               Executive is entitled in accordance with the
               vacation policies in effect at the time of a
               change in control of the Bank;

                    (4)  the Executive's relocation to any place
               of business of the Bank which is outside the
               franchise area (as that term is defined in Section
               3.2(e);

                    (5)  a requirement that the Executive travel
               outside the franchise area (as that term is
               defined in Section 3.2(e) to perform business
               obligations, the number of days of which total
               more than one hundred (100) days in any one
               calendar year;

                    (6)  any material breach by the Bank of any
               provision of this Agreement; or

                    (7)  any failure by the Bank to obtain the
               assumption of this Agreement by any successor or
               assign of the Bank.

               (c)  Termination by Bank.  The Bank may terminate
employment of the Executive at any time during the Period.  In
the event of such termination by the Bank for any reason, the
Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.

               (d)  Termination Without Good Reason.  In the
event of voluntary termination by the Executive without Good
Reason the Executive's compensation and, except as otherwise
provided by law, all benefits shall cease on the effective date
of such termination.

               (e)  Franchise Area.  For purposes of this
Agreement, the term "franchise area" shall mean the geographical
area within fifty (50) miles of the main office of BancFlorida
immediately prior to the effective date of this Agreement.

SECTION 4:  GENERAL PROVISIONS

          4.1  Nonassignability.  Neither the Agreement nor any
of the rights, obligations or interests arising hereunder may be
assigned by the Executive without the prior written consent of
the Bank; provided, however, that nothing in this section 4.1
shall preclude the Executive from designating in writing a
beneficiary or beneficiaries to receive any compensation payable
to him or any other benefit receivable by him under this
Agreement on the death or incapacity of the Executive, nor shall
it preclude the executors, administrators, or any other legal
representatives of the Executive or his Estate from assigning any
rights hereunder to any person or persons entitled thereto. 
Neither this Agreement nor any of the rights, obligations or
interests arising hereunder may be assigned by the Bank without
the prior written consent of the Executive to a person other than
(1) an affiliate of the Bank; or (2) any party with which the
Bank merges or consolidates, or to whomever the Bank may sell all
or substantially all of its assets; provided, however, that any
such affiliate or successor shall expressly assume all of the
Bank's obligations and liabilities to the Executive under this
Agreement.

          4.2  Severability.  This Agreement shall be deemed
severable, and any part hereof which may be held invalid by a
court or other entity of competent jurisdiction shall be deemed
automatically excluded from this Agreement and the remaining
parts shall remain in full force and effect.

          4.3  Merger.  This Agreement contains the entire
understanding of the parties hereto and constitutes the only
agreement between the Bank and the Executive regarding the
employment of the Executive by the Bank.  This Agreement
supersedes all prior agreements, either expressed or implied,
between the parties hereto including the employment of the
Executive by the Bank.

          4.4  Amendment.  None of the terms and conditions of
this Agreement shall be amended or modified unless expressly
consented to in writing and signed by each of the parties hereto.

          4.5  Binding Agreement.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto, and
their respective heirs, other legal representatives and permitted
successors and assigns, as the case may be.

          4.6  Governing Law.  This Agreement shall be governed
by and construed under the internal laws of the State of Florida.
         4.7  Notices.  All notices or other communications to
be given by the parties among themselves pursuant to this
Agreement shall be in writing, and all payments to be made
hereunder shall be deemed to have been duly made if mailed by
certified mail or hand-delivered to either of the parties at the
addresses first written above.  Any of the parties hereto may
change their respective addresses upon written notice to the
other given in the manner provided in this Section.

          4.8  Waiver.  No waiver by any of the parties to this
Agreement of any condition, term or provision of this Agreement
shall be deemed to be a waiver of any proceeding or subsequent
breach of the same or any other condition, term or provision
thereof.

          4.9  Damages; Further Employment.  In the event of
termination of the Executive, voluntary or involuntary, the
damages of the Executive shall be limited to the compensation
provided herein.  Except as specifically provided herein, nothing
in this Agreement shall limit the damages recoverable by the
Executive or the Bank in the event of breach by the other party. 
Nothing contained herein shall limit the ability of the Bank to
continue to employ or retain the Executive after the expiration
of the Period on such basis and pursuant to such arrangements as
shall be mutually agreeable; provided, that nothing herein shall
require either party to do so.

          IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date and year first above
written.

                              EXECUTIVE:

                              _____________________________
                              DENNIS REED

                              
                              BANK NAME:


                              By:  ________________________

Attest:

______________________________




                                                            EXHIBIT (v)
              AGREEMENT REGARDING CHANGE IN CONTROL              

          AGREEMENT (this "Agreement") dated as of the 8th day of
November, 1993, between BANCFLORIDA FINANCIAL CORPORATION, a
Delaware corporation having its principal place of business in
Naples, Florida (the "Company") and WARREN T. UPSON, an
individual resident of Naples, Florida (the "Executive").

          WHEREAS, the Executive currently serves as Senior Vice
President, Corporate Banking Division of BancFlorida, a Federal
Savings Bank, the Company's principal subsidiary (the "Bank");
and

          WHEREAS, the Board of Directors of the Company (the
"Board"), has determined that it is in the best interests of the
Company and the Bank to assure that the Company and the Bank will
have the continued services of the Executive, notwithstanding the
possibility, threat or occurrence of a Change in Control (as
defined hereafter); and

          WHEREAS, upon the effectiveness of this Agreement, the
Executive wishes to terminate the Agreement Regarding Change in
Control dated as of November 8, 1993 between the Executive and
the Bank and to relinquish all of the Executive's rights
thereunder,

          NOW, THEREFORE, in consideration of the premises and
the mutual covenants contained in this Agreement, the Company and
the Executive agree as follows:

          I.   Term of Agreement.  This Agreement shall commence
on the date set forth above and shall terminate on the date three
(3) years from such date.

          II.  Definitions.  Unless otherwise defined herein, the
following terms shall have the meanings set forth below for
purposes of this Agreement:

               A.   Change in Control.  A "Change in Control"
shall be deemed to occur: (i) on the date that the Board
determines such a Change in Control to have occurred, or (ii)
under such circumstances and at such time as the Board may in its
reasonable discretion prospectively determine will constitute
such a Change in Control, in either case to be evidenced by
appropriate Board action and written communication to the
Executive.  Such a determination, once made, may not be rescinded
by a newly constituted Board following a Change in Control, but
may later be rescinded or modified if the specific events
identified as constituting a Change in Control have not occurred.

          B.   Code.  "Code" shall mean the Internal Revenue Code
of 1986.
         III. Events Occurring on Change in Control.

               A.   Change in Control Payments.  In the event of
a Change in Control while the Executive is employed by the Bank,
the Executive shall be entitled to the compensation provided in
Section IV.A. of this Agreement.

               B. Resignation and Subsequent Employment  
Agreement.  In addition, in the event of such a Change in
Control, and as a condition to receipt of the payment described
in Section III.A. and IV.A. hereof, the Executive shall
immediately submit his resignation from any and all offices,
directorships, positions and employment by, in or with the Bank,
the Company and their subsidiaries; provided, however, that if so
requested within thirty (30) days following the date of a Change
in Control by the surviving, successor or acquiring entity
succeeding to and/or owning and operating the business of the
Company or the Bank subsequent to a Change in Control, the
Executive shall enter into an employment agreement with such
surviving, successor or acquiring entity in substantially the
form of Exhibit A annexed hereto, providing for employment for up
to two years in a position bearing substantially the same
responsibilities and duties as those carried on by the Executive
immediately prior to the Change in Control.  Except as provided
herein and pursuant to the terms of such an employment agreement,
the Executive shall be under no obligation to continue to remain
in the employ of or render services for the Company or the Bank
or such a surviving successor or acquiring entity subsequent to a
Change in Control.  If requested by the Company or the Bank, the
Executive shall execute a form of employment agreement, which may
later be accepted and executed within thirty (30) days following
a Change in Control by the surviving, successor or acquiring
entity.


          IV.  Compensation Upon Change in Control.

               A.   Severance Payments.  Upon a Change in Control
the Executive shall be entitled to the following:

               1.   The Company shall pay to the Executive, at
the time specified in subsection IV.A.2. below, a lump sum
payment equal to the sum of:

                         a. the Executive's annual base salary
          paid by the Bank, as in effect immediately prior to the
          Change in Control; plus

                         b. the average annual value of non-cash
          fringe benefits included in the Executive's
          compensation for federal income tax purposes for the
          two (2) full calendar years prior to the Change in
          Control; plus
                        c. the average annual amount of any
          bonuses received, credited or deferred with respect to
          such two (2) prior calendar years; 


provided, however, that the value or benefit of or derived from
options or similar arrangements relating to securities of the
Company shall not be included in the base for calculation of the
payment hereunder, whether or not such value or benefit was
reflected as income for federal income tax or alternative minimum
tax purposes.

          2.   The compensation provided for in 1. above shall be
paid not later than the thirtieth (30th) day following the date
of Change in Control, provided, however, that if the amount of
such compensation cannot be finally determined on or before such
day, the Company or the successor to the Company shall pay to the
Executive on such day an amount equal to ninety percent (90%) of
the estimated amount of such compensation, as determined in good
faith by the Company or the successor to the Company, and shall
pay the remainder of such compensation (together with interest at
the federal "mid-term" rate as provided in (section mark)1274(d) of the Code)
as soon as the amount thereof can be determined, but in no event
later than the ninetieth (90th) day after the date of Change in
Control.  In the event that the amount of the estimated payment
exceeds the amount subsequently determined to have been due, such
excess shall constitute a loan by the Company or the successor to
the Company to the Executive payable on the fifth day after
demand by the Company or the successor to the Company (together
with interest at the federal mid-term rate as described above).  

          3. In addition to any other payments hereunder, in the
event of a Change in Control, the Executive's interests and
benefits in or under any benefit, income, stock option, deferred
compensation, phantom unit or similar plan of the Company or the
Bank shall immediately become 100% vested and/or accelerated, as
the case may be, and shall be immediately payable, except as
otherwise specifically prohibited by law or by the terms of any
such plan or agreement.  The Company and the Executive agree to
take any necessary steps to amend such plans or agreements to
allow for such vesting or acceleration; provided, however, if and
to the extent such acceleration of vesting or payment would cause
the imposition of the excise tax imposed under Section 4999 of
the Code, such acceleration of vesting or payment shall not
occur, but such amounts or benefits shall arise, vest or be paid
in the normal course or at the earliest point when it is
determined they could vest or be paid without giving rise to such
excise tax.

               B.   Limitations.  Anything in this Agreement to
the contrary notwithstanding, in the event it shall be determined
that any payment or distribution by the Company to or for the
benefit of the Executive (whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or
otherwise), would be subject to the excise tax imposed by Section
4999 of the Code or any interest or penalties are incurred by the
Executive with respect to such excise tax, the amount of such
payment shall be reduced to such an amount as shall not give rise
to the imposition of such excise tax.  To the extent possible,
such reduction shall be accomplished first, by ignoring the
acceleration of payments or vesting provided in subsection A.3.
above, and second, by decreasing the amounts of other cash
payments.

          Subject to the provisions of this Subsection B, all
determinations required to be made under this Subsection B,
including whether and when a reduction is required and the amount
of such reduction and the assumptions to be utilized in arriving
at such determination, shall be made by KPMG Peat Marwick (the
"Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Executive within thirty
(30) business days of the receipt of request for a determination
by either party.  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or
group effecting the Change in Control, the Executive shall
appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall
then be referred to as the Accounting Firm hereunder).  All fees
and expenses of the Accounting Firm shall be borne solely by the
Company.  If the Accounting Firm determines that no Excise Tax is
payable by the Executive, it shall furnish the Executive and the
Company with a written opinion that no Excise Tax is due and
payable as a result of payments under this Agreement.  Any
determination by the Accounting Firm shall be binding upon the
Company and the Executive.  

               C.   Double Payment.  In addition to any other
benefits provided hereunder, in the event the Executive must
bring legal action (including arbitration) seeking to obtain or
enforce any right or benefit provided by this Agreement, should
the Executive prevail in such action the severance compensation
under this Agreement shall be twice (2X) the amount ultimately
determined or agreed to be due the Executive pursuant to Sections
IV.A. and IV.B., as applicable.  Notwithstanding anything in this
Section IV.C. to the contrary, the total amounts paid pursuant to
this Agreement will be subject to the limitations under Section
IV.B.

               D.  Fees and Expenses.  In addition to any other
payments or benefits hereunder, subject to the limitations of
Section IV.B. the Company shall pay to the Executive all legal
fees and expenses incurred by the Executive hereunder (including
all such fees and expenses, if any, incurred in seeking to obtain
or enforce any right or benefit provided by this Agreement should
the Executive prevail in such action).

          V.   No Obligation To Mitigate Damages; Other Benefits.
The Executive shall not be required to mitigate damages or the
amount of any payment provided for under this Agreement by
seeking other employment or otherwise, nor shall the amount of
any payment provided for under this Agreement be reduced by any
compensation earned by the Executive as the result of employment
by the Bank, the Company or any successor thereto, nor another
employer after the termination of the Executive's employment, or
otherwise. Nothing contained herein shall prejudice the
Executive's right to the full realization of any and all other
benefits to which the Executive shall be entitled pursuant to the
terms of any employee benefit plans or other agreements of the
Bank or the Company in which the Executive is a participant or to
which the Executive is a party.

          VI.  Miscellaneous.

               A.   Successors and Assigns.  This Agreement shall
inure to the benefit of and be enforceable by the Executive's
personal and legal representatives, personal representatives
(including executors or administrators), successors, heirs,
distributees, and devisees. If the Executive should die while any
amounts are still payable to the Executive hereunder, all such
amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's
devisee or other designee or, if there be no such designee, to
the Executive's estate.

               B.  Notice.  For purposes of this Agreement,
notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been
duly given when delivered or mailed by United States registered
mail, return receipt requested, postage prepaid as follows:

          If to the Company:

          BancFlorida Financial Corporation
          5801 Pelican Bay Boulevard
          Naples, FL  33963

          Attention:  Rudolph P. Guenzel, President

          If to the Executive:

          1516-1 Mainsail Drive
          Naples, Florida  33961
or such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt.

               C.   Amendment.  No provisions of this Agreement
may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing signed by the
Executive and the Company.

               D.   Waiver.  No waiver by either party hereto at
any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at
any prior subsequent notice.  

               E.    Entire Agreement.  No agreements or
representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement.  The
Executive agrees that the Agreement Regarding Change in Control
dated as of November 8, 1993 between the Executive and the Bank
shall be of no further force and effect and the Executive hereby
relinquishes all rights thereunder.

               F.     Employment.  The Executive agrees to be
bound by the terms and conditions of this Agreement and to remain
in the employ of the Bank during any period following any public
announcement by any person of any proposed transaction or
transactions which, if effected, would result in a Change in
Control until a Change in Control has taken place or, in the
opinion of the Board, such person has abandoned or terminated its
efforts to effect a Change in Control.  Subject to the foregoing,
except as specifically provided herein nothing contained in this
Agreement shall impair or interfere in any way with the right of
the Executive to terminate the Executive's employment or the
right of the Bank to terminate the employment of the Executive
with or without cause prior to a Change in Control.  Nothing
contained in this Agreement shall be construed as a contract of
employment between the Company and the Executive or as a right of
the Executive to continue in the employ of the Bank or as a
limitation of the right of the Bank to discharge the Executive
with or without cause prior to a Change in Control.

               G.     Validity.  The invalidity or
unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of
this Agreement, which shall remain in full force and effect.

               H.    Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will
constitute one and the same instrument.

               I.    Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the
State of Florida.

          IN WITNESS WHEREOF, the undersigned have executed this
Agreement effective as of the day and year first written above.


                                  /s/ Warren T. Upson         
                              WARREN T. UPSON



                              BANCFLORIDA FINANCIAL CORPORATION
                              a Delaware corporation


                              By:  /s/ Rudolf P. Guenzel      
                                 Its President and CEO


                           EXHIBIT A

                      EMPLOYMENT AGREEMENT

          AGREEMENT (this "Agreement") made as of this ___ day of
___________, 199___, between __________, a bank with its
principal offices at ____________ (the "Bank"), and WARREN T.
UPSON, an individual resident of Naples, Florida (the
"Executive").

          WHEREAS, the Executive was formerly employed by
BancFlorida, a Federal Savings Bank, and was an officer of
BancFlorida Financial Corporation, a Delaware corporation; and

          WHEREAS, there has been a change in control of
BancFlorida and/or BancFlorida Financial Corporation and the Bank
has succeeded to the business of BancFlorida; and

          WHEREAS, the Bank wishes to continue to retain the
Executive's services to aid in the orderly transition of the Bank
for a period of time up to, but not exceeding, the Period (as
hereafter defined),

          NOW, THEREFORE, the parties agree as follows:

SECTION 1:     EMPLOYMENT OF EXECUTIVE; DUTIES AND
               RESPONSIBILITIES

          1.1  Employment of Executive.  The Bank agrees to
employ the Executive, and the Executive agrees to be employed by
the Bank, subject to the terms and conditions of this Agreement.

          1.2  Term.  The employment of the Executive by the Bank
pursuant to this Agreement shall be for the period of two (2)
years commencing on the day and year first written above (the
"Period"), unless sooner terminated pursuant to the provisions of
Section 3 hereof.

          1.3  Offices and Positions of Officer.

               (a)  During the Period, the Executive shall be a
Senior Vice President of the Bank.  During the Period the
Executive shall be treated as an employee of the Bank with all
benefits accruing thereto, including without limitation life
insurance benefits, medical and major medical coverage, and
accrual of pension benefits.

               (b)  If the Bank shall (i) consolidate or merge
with or into any other person, (ii) sell all or substantially all
of its assets to any other person, or (iii) become party to
another form of business combination or corporate reorganization,
or any person or a group of persons acting in concert shall
acquire control of the Bank pursuant to the acquisition of a
controlling interest in the outstanding shares of capital stock

of the Bank or there shall be a change in control of the Bank
other than in the manner described in Subparagraphs (i) through
(iii) inclusive of this Section 1.3(b), then the Bank shall, to
the fullest extent permitted by law, cause the surviving,
acquiring or successor entity, as the case may be, to assume all
of the Bank's duties, obligations and liabilities, to the
Executive arising under this Agreement.

          1.4  Duties and Responsibilities.

               (a)  During the Period, the Executive shall
perform such duties and responsibilities as are required to be
performed by him pursuant to the relevant terms of the By-Laws of
the Bank together with such other duties as the Board of
Directors of the Bank shall reasonably assign to the Executive
from time to time during the Period, it being understood that
such duties and responsibilities shall be the same as those
customarily assigned and expected to be performed by a Senior
Vice President of a   [type]   bank of similar size as the Bank. 
When assigning such duties, the Board of Directors shall take
into consideration the past responsibilities, experience and
seniority as the Executive.  In no event shall the Executive be
assigned duties inconsistent with his status as Senior Vice
President of the Bank.

               (b)  During the Period the Officer shall devote
his full attention to the business and affairs of the Bank during
regular business hours.

SECTION 2:     COMPENSATION; REIMBURSEMENT; INDEMNIFICATION;
               BENEFITS

          2.1  Base Compensation.

          During the Period, the Bank shall pay to the Officer an
aggregate annual base salary in an amount as may be from time to
time determined by the Board of Directors of the Bank, but in no
event at a rate of less than the base salary most recently in
effect from BancFlorida.

          2.2  Payment of Base Compensation.  The Bank shall pay
the base compensation due the Executive in accordance with the
policy of the Bank as in effect from time to time for the payment
of salaries to senior personnel.

          2.3  Other Benefits and Insurance.  During the Period
the Executive shall be entitled to participate in such employee
benefits as are generally made available by the Bank to its
executive employees, including without limitation life insurance,
major medical and disability coverage, sick pay benefits,
vacation pay, travel and accident insurance and participation in
any retirement plan or plans, to the extent permitted by the
terms thereof, and at a minimum shall be entitled to retirement,
medical, life insurance and other benefits substantially
equivalent to those most recently provided by BancFlorida to the
Executive.

          2.4  Business Expenses.  The Bank shall reimburse the
Executive, in the manner, to the extent and subject to such
conditions as may be applicable under normal Bank policy, for
reasonable expenses incurred by him in the course of rendering
his services pursuant to this Agreement.

SECTION 3:  TERMINATION OF EMPLOYMENT

          3.1  Termination of Period.  The Period may be
terminated in the following manner:

               (a)  Termination on Death.  The Period shall
automatically terminate upon the death of the Executive.  The
Executive's compensation and, except as otherwise provided by
law, all benefits shall cease as of the date of death.

               (b)  Termination by the Executive.  The Period may
be terminated by the Executive during the Period for "Good
Reason" as hereafter provided.  In the event of such termination
the Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.  For purposes of this Agreement "Good
Reason" shall mean any of the following events, unless it occurs
with the Executive's express prior written consent:

                    (1)  the assignment to the Executive by the
               Bank of any duties inconsistent with, or a
               diminution of, the Executive's position, duties,
               titles, offices, responsibilities and status with
               the Bank, or any removal of the Executive from or
               any failure to reelect the Executive to any of
               such positions;

                    (2)  a reduction by the Bank in the
               Executive's base salary as in effect on the date
               hereof or as the same may be increased from time
               to time during the term of this Agreement, other
               than a reduction of the Executive's base salary
               pursuant to the terms of any short-term disability
               plan or long-term disability plan maintained by
               the Bank during a period in which the Executive is
               disabled (within the meaning of such plan or
               plans) and qualifies for benefits under such plan
               or plans;

                    (3)  any failure by the Bank to continue in
               effect any benefit plan or arrangement (including,
              without limitation, pension plans, group life
               insurance plan, medical, dental, accident and
               disability plans and educational assistance
               reimbursement plan) in which the Executive is
               participating (or to substitute and continue other
               plans providing the Executive with substantially
               similar benefits) (hereinafter referred to as
               "Benefit Plans"), the taking of any action by the
               Bank which would adversely affect the Executive's
               participation in or materially reduce the
               Executive's benefits under any such Benefit Plan
               or deprive the Executive of any material fringe
               benefit enjoyed by the Executive, or the failure
               by the Bank to provide the Executive with the
               number of paid vacation days to which the
               Executive is entitled in accordance with the
               vacation policies in effect at the time of a
               change in control of the Bank;

                    (4)  the Executive's relocation to any place
               of business of the Bank which is outside the
               franchise area (as that term is defined in Section
               3.2(e);

                    (5)  a requirement that the Executive travel
               outside the franchise area (as that term is
               defined in Section 3.2(e) to perform business
               obligations, the number of days of which total
               more than one hundred (100) days in any one
               calendar year;

                    (6)  any material breach by the Bank of any
               provision of this Agreement; or

                    (7)  any failure by the Bank to obtain the
               assumption of this Agreement by any successor or
               assign of the Bank.

               (c)  Termination by Bank.  The Bank may terminate
employment of the Executive at any time during the Period.  In
the event of such termination by the Bank for any reason, the
Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.

               (d)  Termination Without Good Reason.  In the
event of voluntary termination by the Executive without Good
Reason the Executive's compensation and, except as otherwise
provided by law, all benefits shall cease on the effective date
of such termination.
              (e)  Franchise Area.  For purposes of this
Agreement, the term "franchise area" shall mean the geographical
area within fifty (50) miles of the main office of BancFlorida
immediately prior to the effective date of this Agreement.

SECTION 4:  GENERAL PROVISIONS

          4.1  Nonassignability.  Neither the Agreement nor any
of the rights, obligations or interests arising hereunder may be
assigned by the Executive without the prior written consent of
the Bank; provided, however, that nothing in this section 4.1
shall preclude the Executive from designating in writing a
beneficiary or beneficiaries to receive any compensation payable
to him or any other benefit receivable by him under this
Agreement on the death or incapacity of the Executive, nor shall
it preclude the executors, administrators, or any other legal
representatives of the Executive or his Estate from assigning any
rights hereunder to any person or persons entitled thereto. 
Neither this Agreement nor any of the rights, obligations or
interests arising hereunder may be assigned by the Bank without
the prior written consent of the Executive to a person other than
(1) an affiliate of the Bank; or (2) any party with which the
Bank merges or consolidates, or to whomever the Bank may sell all
or substantially all of its assets; provided, however, that any
such affiliate or successor shall expressly assume all of the
Bank's obligations and liabilities to the Executive under this
Agreement.

          4.2  Severability.  This Agreement shall be deemed
severable, and any part hereof which may be held invalid by a
court or other entity of competent jurisdiction shall be deemed
automatically excluded from this Agreement and the remaining
parts shall remain in full force and effect.

          4.3  Merger.  This Agreement contains the entire
understanding of the parties hereto and constitutes the only
agreement between the Bank and the Executive regarding the
employment of the Executive by the Bank.  This Agreement
supersedes all prior agreements, either expressed or implied,
between the parties hereto including the employment of the
Executive by the Bank.

          4.4  Amendment.  None of the terms and conditions of
this Agreement shall be amended or modified unless expressly
consented to in writing and signed by each of the parties hereto.

          4.5  Binding Agreement.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto, and
their respective heirs, other legal representatives and permitted
successors and assigns, as the case may be.
         4.6  Governing Law.  This Agreement shall be governed
by and construed under the internal laws of the State of Florida.

          4.7  Notices.  All notices or other communications to
be given by the parties among themselves pursuant to this
Agreement shall be in writing, and all payments to be made
hereunder shall be deemed to have been duly made if mailed by
certified mail or hand-delivered to either of the parties at the
addresses first written above.  Any of the parties hereto may
change their respective addresses upon written notice to the
other given in the manner provided in this Section.

          4.8  Waiver.  No waiver by any of the parties to this
Agreement of any condition, term or provision of this Agreement
shall be deemed to be a waiver of any proceeding or subsequent
breach of the same or any other condition, term or provision
thereof.

          4.9  Damages; Further Employment.  In the event of
termination of the Executive, voluntary or involuntary, the
damages of the Executive shall be limited to the compensation
provided herein.  Except as specifically provided herein, nothing
in this Agreement shall limit the damages recoverable by the
Executive or the Bank in the event of breach by the other party. 
Nothing contained herein shall limit the ability of the Bank to
continue to employ or retain the Executive after the expiration
of the Period on such basis and pursuant to such arrangements as
shall be mutually agreeable; provided, that nothing herein shall
require either party to do so.

          IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date and year first above
written.

                              EXECUTIVE:

                              ______________________________
                              WARREN T. UPSON

                              
                              BANK NAME:


                              By:  _________________________

Attest:

______________________________




                                                   Exhibit 10(vi)

              AGREEMENT REGARDING CHANGE IN CONTROL              

          AGREEMENT (this "Agreement") dated as of the 8th day of
November, 1993, between BANCFLORIDA FINANCIAL CORPORATION, a
Delaware corporation having its principal place of business in
Naples, Florida (the "Company") and WILLIAM FLADER, an individual
resident of Bonita Springs, Florida (the "Executive").

          WHEREAS, the Executive currently serves as Senior Vice
President, Retail Banking Division of BancFlorida, a Federal
Savings Bank, the Company's principal subsidiary (the "Bank");
and

          WHEREAS, the Board of Directors of the Company (the
"Board"), has determined that it is in the best interests of the
Company and the Bank to assure that the Company and the Bank will
have the continued services of the Executive, notwithstanding the
possibility, threat or occurrence of a Change in Control (as
defined hereafter); and

          WHEREAS, upon the effectiveness of this Agreement, the
Executive wishes to terminate the Agreement Regarding Change in
Control dated as of November 8, 1993 between the Executive and
the Bank and to relinquish all of the Executive's rights
thereunder,

          NOW, THEREFORE, in consideration of the premises and
the mutual covenants contained in this Agreement, the Company and
the Executive agree as follows:

          I.   Term of Agreement.  This Agreement shall commence
on the date set forth above and shall terminate on the date three
(3) years from such date.

          II.  Definitions.  Unless otherwise defined herein, the
following terms shall have the meanings set forth below for
purposes of this Agreement:

               A.   Change in Control.  A "Change in Control"
shall be deemed to occur: (i) on the date that the Board 
determines such a Change in Control to have occurred, or (ii)
under such circumstances and at such time as the Board may in its
reasonable discretion prospectively determine will constitute
such a Change in Control, in either case to be evidenced by
appropriate Board action and written communication to the
Executive.  Such a determination, once made, may not be rescinded
by a newly constituted Board following a Change in Control, but
may later be rescinded or modified if the specific events
identified as constituting a Change in Control have not occurred.

          B.   Code. "Code" shall mean the Internal Revenue Code
of 1986. 



      III. Events Occurring on Change in Control.

               A.   Change in Control Payments.  In the event of
a Change in Control while the Executive is employed by the Bank,
the Executive shall be entitled to the compensation provided in
Section IV.A. of this Agreement.

               B. Resignation and Subsequent Employment
Agreement.  In addition, in the event of such a Change in
Control, and as a condition to receipt of the payment described
in Section III.A. and IV.A. hereof, the Executive shall
immediately submit his resignation from any and all offices,
directorships, positions and employment by, in or with the Bank,
the Company and their subsidiaries; provided, however, that if so
requested within thirty (30) days following the date of a Change
in Control by the surviving, successor or acquiring entity
succeeding to and/or owning and operating the business of the
Company or the Bank subsequent to a Change in Control, the
Executive shall enter into an employment agreement with such
surviving, successor or acquiring entity in substantially the
form of Exhibit A annexed hereto, providing for employment for up
to two years in a position bearing substantially the same
responsibilities and duties as those carried on by the Executive
immediately prior to the Change in Control.  Except as provided
herein and pursuant to the terms of such an employment agreement,
the Executive shall be under no obligation to continue to remain
in the employ of or render services for the Company or the Bank
or such a surviving successor or acquiring entity subsequent to a
Change in Control.  If requested by the Company or the Bank, the
Executive shall execute a form of employment agreement, which may
later be accepted and executed within thirty (30) days following
a Change in Control by the surviving, successor or acquiring
entity.


          IV.  Compensation Upon Change in Control.

               A.   Severance Payments.  Upon a Change in Control
the Executive shall be entitled to the following:

               1.   The Company shall pay to the Executive, at
the time specified in subsection IV.A.2. below, a lump sum
payment equal to the sum of:

                         a. the Executive's annual base salary
          paid by the Bank, as in effect immediately prior to the
          Change in Control; plus

                         b. the average annual value of non-cash
          fringe benefits included in the Executive's
          compensation for federal income tax purposes for the
          two (2) full calendar years prior to the Change in
          Control; plus
                        c. the average annual amount of any
          bonuses received, credited or deferred with respect to
          such two (2) prior calendar years; 


provided, however, that the value or benefit of or derived from
options or similar arrangements relating to securities of the
Company shall not be included in the base for calculation of the
payment hereunder, whether or not such value or benefit was
reflected as income for federal income tax or alternative minimum
tax purposes.

          2.   The compensation provided for in 1. above shall be
paid not later than the thirtieth (30th) day following the date
of Change in Control, provided, however, that if the amount of
such compensation cannot be finally determined on or before such
day, the Company or the successor to the Company shall pay to the
Executive on such day an amount equal to ninety percent (90%) of
the estimated amount of such compensation, as determined in good
faith by the Company or the successor to the Company, and shall
pay the remainder of such compensation (together with interest at
the federal "mid-term" rate as provided in (section mark)1274(d) of the Code)
as soon as the amount thereof can be determined, but in no event
later than the ninetieth (90th) day after the date of Change in
Control.  In the event that the amount of the estimated payment
exceeds the amount subsequently determined to have been due, such
excess shall constitute a loan by the Company or the successor to
the Company to the Executive payable on the fifth day after
demand by the Company or the successor to the Company (together
with interest at the federal mid-term rate as described above).  

          3. In addition to any other payments hereunder, in the
event of a Change in Control, the Executive's interests and
benefits in or under any benefit, income, stock option, deferred
compensation, phantom unit or similar plan of the Company or the
Bank shall immediately become 100% vested and/or accelerated, as
the case may be, and shall be immediately payable, except as
otherwise specifically prohibited by law or by the terms of any
such plan or agreement.  The Company and the Executive agree to
take any necessary steps to amend such plans or agreements to
allow for such vesting or acceleration; provided, however, if and
to the extent such acceleration of vesting or payment would cause
the imposition of the excise tax imposed under Section 4999 of
the Code, such acceleration of vesting or payment shall not
occur, but such amounts or benefits shall arise, vest or be paid
in the normal course or at the earliest point when it is
determined they could vest or be paid without giving rise to such
excise tax.

               B.   Limitations.  Anything in this Agreement to
the contrary notwithstanding, in the event it shall be determined
that any payment or distribution by the Company to or for the
benefit of the Executive (whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or
otherwise), would be subject to the excise tax imposed by Section
4999 of the Code or any interest or penalties are incurred by the
Executive with respect to such excise tax, the amount of such
payment shall be reduced to such an amount as shall not give rise
to the imposition of such excise tax.  To the extent possible,
such reduction shall be accomplished first, by ignoring the
acceleration of payments or vesting provided in subsection A.3.
above, and second, by decreasing the amounts of other cash
payments.

          Subject to the provisions of this Subsection B, all
determinations required to be made under this Subsection B,
including whether and when a reduction is required and the amount
of such reduction and the assumptions to be utilized in arriving
at such determination, shall be made by KPMG Peat Marwick (the
"Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Executive within thirty
(30) business days of the receipt of request for a determination
by either party.  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or
group effecting the Change in Control, the Executive shall
appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall
then be referred to as the Accounting Firm hereunder).  All fees
and expenses of the Accounting Firm shall be borne solely by the
Company.  If the Accounting Firm determines that no Excise Tax is
payable by the Executive, it shall furnish the Executive and the
Company with a written opinion that no Excise Tax is due and
payable as a result of payments under this Agreement.  Any
determination by the Accounting Firm shall be binding upon the
Company and the Executive.  

               C.   Double Payment.  In addition to any other
benefits provided hereunder, in the event the Executive must
bring legal action (including arbitration) seeking to obtain or
enforce any right or benefit provided by this Agreement, should
the Executive prevail in such action the severance compensation
under this Agreement shall be twice (2X) the amount ultimately
determined or agreed to be due the Executive pursuant to Sections
IV.A. and IV.B., as applicable.  Notwithstanding anything in this
Section IV.C. to the contrary, the total amounts paid pursuant to
this Agreement will be subject to the limitations under Section
IV.B.

               D.  Fees and Expenses.  In addition to any other
payments or benefits hereunder, subject to the limitations of
Section IV.B. the Company shall pay to the Executive all legal
fees and expenses incurred by the Executive hereunder (including
all such fees and expenses, if any, incurred in seeking to obtain
or enforce any right or benefit provided by this Agreement should
the Executive prevail in such action).

          V.   No Obligation To Mitigate Damages; Other Benefits. 
The Executive shall not be required to mitigate damages or the
amount of any payment provided for under this Agreement by
seeking other employment or otherwise, nor shall the amount of
any payment provided for under this Agreement be reduced by any
compensation earned by the Executive as the result of employment
by the Bank, the Company or any successor thereto, nor another
employer after the termination of the Executive's employment, or
otherwise. Nothing contained herein shall prejudice the
Executive's right to the full realization of any and all other
benefits to which the Executive shall be entitled pursuant to the
terms of any employee benefit plans or other agreements of the
Bank or the Company in which the Executive is a participant or to
which the Executive is a party.

          VI.  Miscellaneous.

               A.   Successors and Assigns.  This Agreement shall
inure to the benefit of and be enforceable by the Executive's
personal and legal representatives, personal representatives
(including executors or administrators), successors, heirs,
distributees, and devisees. If the Executive should die while any
amounts are still payable to the Executive hereunder, all such
amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's
devisee or other designee or, if there be no such designee, to
the Executive's estate.

               B.  Notice.  For purposes of this Agreement,
notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been
duly given when delivered or mailed by United States registered
mail, return receipt requested, postage prepaid as follows:

          If to the Company:

          BancFlorida Financial Corporation
          5801 Pelican Bay Boulevard
          Naples, FL  33963

          Attention:  Rudolph P. Guenzel, President

          If to the Executive:

          P.O. Box 429 
          Bonita Springs, FL  33959
or such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt.

               C.   Amendment.  No provisions of this Agreement
may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing signed by the
Executive and the Company.

               D.   Waiver.  No waiver by either party hereto at
any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at
any prior subsequent notice.  

               E.    Entire Agreement.  No agreements or
representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement.  The
Executive agrees that the Agreement Regarding Change in Control
dated as of November 8, 1993 between the Executive and the Bank
shall be of no further force and effect and the Executive hereby
relinquishes all rights thereunder.

               F.     Employment.  The Executive agrees to be
bound by the terms and conditions of this Agreement and to remain
in the employ of the Bank during any period following any public
announcement by any person of any proposed transaction or
transactions which, if effected, would result in a Change in
Control until a Change in Control has taken place or, in the
opinion of the Board, such person has abandoned or terminated its
efforts to effect a Change in Control.  Subject to the foregoing,
except as specifically provided herein nothing contained in this
Agreement shall impair or interfere in any way with the right of
the Executive to terminate the Executive's employment or the
right of the Bank to terminate the employment of the Executive
with or without cause prior to a Change in Control.  Nothing
contained in this Agreement shall be construed as a contract of
employment between the Company and the Executive or as a right of
the Executive to continue in the employ of the Bank or as a
limitation of the right of the Bank to discharge the Executive
with or without cause prior to a Change in Control.

               G.     Validity.  The invalidity or
unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of
this Agreement, which shall remain in full force and effect.

               H.    Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will
constitute one and the same instrument.

               I.    Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the
State of Florida.

          IN WITNESS WHEREOF, the undersigned have executed this
Agreement effective as of the day and year first written above.


                                 /s/ William Flader            
                              WILLIAM FLADER



                              BANCFLORIDA FINANCIAL CORPORATION
                              a Delaware corporation


                              By:  /s/ Rudolf P. Guenzel       
                                 Its President and CEO
          



                           EXHIBIT A

                      EMPLOYMENT AGREEMENT

          AGREEMENT (this "Agreement") made as of this ___ day of
___________, 199___, between __________, a bank with its
principal offices at ____________ (the "Bank"), and WILLIAM
FLADER, an individual resident of Bonita Springs, Florida (the
"Executive").

          WHEREAS, the Executive was formerly employed by
BancFlorida, a Federal Savings Bank, and was an officer of
BancFlorida Financial Corporation, a Delaware corporation; and

          WHEREAS, there has been a change in control of
BancFlorida and/or BancFlorida Financial Corporation and the Bank
has succeeded to the business of BancFlorida; and

          WHEREAS, the Bank wishes to continue to retain the
Executive's services to aid in the orderly transition of the Bank
for a period of time up to, but not exceeding, the Period (as
hereafter defined),

          NOW, THEREFORE, the parties agree as follows:

SECTION 1:     EMPLOYMENT OF EXECUTIVE; DUTIES AND
               RESPONSIBILITIES

          1.1  Employment of Executive. The Bank agrees to employ
the Executive, and the Executive agrees to be employed by the
Bank, subject to the terms and conditions of this Agreement.

          1.2  Term.  The employment of the Executive by the Bank
pursuant to this Agreement shall be for the period of two (2)
years commencing on the day and year first written above (the
"Period"), unless sooner terminated pursuant to the provisions of
Section 3 hereof.

          1.3  Offices and Positions of Officer.

               (a)  During the Period, the Executive shall be a 
Senior Vice President of the Bank.  During the Period the
Executive shall be treated as an employee of the Bank with all
benefits accruing thereto, including without limitation life
insurance benefits, medical and major medical coverage, and
accrual of pension benefits.

               (b)  If the Bank shall (i) consolidate or merge
with or into any other person, (ii) sell all or substantially all
of its assets to any other person, or (iii) become party to
another form of business combination or corporate reorganization,
or any person or a group of persons acting in concert shall
acquire control of the Bank pursuant to the acquisition of a
controlling interest in the outstanding shares of capital stock
of the Bank or there shall be a change in control of the Bank
other than in the manner described in Subparagraphs (i) through
(iii) inclusive of this Section 1.3(b), then the Bank shall, to
the fullest extent permitted by law, cause the surviving,
acquiring or successor entity, as the case may be, to assume all
of the Bank's duties, obligations and liabilities, to the
Executive arising under this Agreement.

          1.4  Duties and Responsibilities.

               (a)  During the Period, the Executive shall
perform such duties and responsibilities as are required to be
performed by him pursuant to the relevant terms of the By-Laws of
the Bank together with such other duties as the Board of
Directors of the Bank shall reasonably assign to the Executive
from time to time during the Period, it being understood that
such duties and responsibilities shall be the same as those
customarily assigned and expected to be performed by a Senior
Vice President of a   [type]   bank of similar size as the Bank. 
When assigning such duties, the Board of Directors shall take
into consideration the past responsibilities, experience and
seniority as the Executive.  In no event shall the Executive be
assigned duties inconsistent with his status as a Senior Vice
President of the Bank.

               (b)  During the Period the Officer shall devote
his full attention to the business and affairs of the Bank during
regular business hours.

SECTION 2:     COMPENSATION; REIMBURSEMENT; INDEMNIFICATION;
               BENEFITS

          2.1  Base Compensation.

          During the Period, the Bank shall pay to the Officer an
aggregate annual base salary in an amount as may be from time to
time determined by the Board of Directors of the Bank, but in no
event at a rate of less than the base salary most recently in
effect from BancFlorida.

          2.2  Payment of Base Compensation.  The Bank shall pay
the base compensation due the Executive in accordance with the
policy of the Bank as in effect from time to time for the payment
of salaries to senior personnel.

          2.3  Other Benefits and Insurance.  During the Period
the Executive shall be entitled to participate in such employee
benefits as are generally made available by the Bank to its
executive employees, including without limitation life insurance,
major medical and disability coverage, sick pay benefits,
vacation pay, travel and accident insurance and participation in
any retirement plan or plans, to the extent permitted by the
terms thereof, and at a minimum shall be entitled to retirement,
medical, life insurance and other benefits substantially
equivalent to those most recently provided by BancFlorida to the
Executive.

          2.4  Business Expenses.  The Bank shall reimburse the
Executive, in the manner, to the extent and subject to such
conditions as may be applicable under normal Bank policy, for
reasonable expenses incurred by him in the course of rendering
his services pursuant to this Agreement.

SECTION 3:  TERMINATION OF EMPLOYMENT

          3.1  Termination of Period.  The Period may be
terminated in the following manner:

               (a)  Termination on Death.  The Period shall
automatically terminate upon the death of the Executive.  The
Executive's compensation and, except as otherwise provided by
law, all benefits shall cease as of the date of death.

               (b)  Termination by the Executive.
                    ----------------------------  The Period may
be terminated by the Executive during the Period for "Good
Reason" as hereafter provided.  In the event of such termination
the Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.  For purposes of this Agreement "Good
Reason" shall mean any of the following events, unless it occurs
with the Executive's express prior written consent:

                    (1)  the assignment to the Executive by the
               Bank of any duties inconsistent with, or a
               diminution of, the Executive's position, duties,
               titles, offices, responsibilities and status with
               the Bank, or any removal of the Executive from or
               any failure to reelect the Executive to any of
               such positions;

                    (2)  a reduction by the Bank in the
               Executive's base salary as in effect on the date
               hereof or as the same may be increased from time
               to time during the term of this Agreement, other
               than a reduction of the Executive's base salary
               pursuant to the terms of any short-term disability
               plan or long-term disability plan maintained by
               the Bank during a period in which the Executive is
               disabled (within the meaning of such plan or
               plans) and qualifies for benefits under such plan
               or plans;

                    (3)  any failure by the Bank to continue in
               effect any benefit plan or arrangement (including,
              without limitation, pension plans, group life
               insurance plan, medical, dental, accident and
               disability plans and educational assistance
               reimbursement plan) in which the Executive is
               participating (or to substitute and continue other
               plans providing the Executive with substantially
               similar benefits) (hereinafter referred to as
               "Benefit Plans"), the taking of any action by the
               Bank which would adversely affect the Executive's
               participation in or materially reduce the
               Executive's benefits under any such Benefit Plan
               or deprive the Executive of any material fringe
               benefit enjoyed by the Executive, or the failure
               by the Bank to provide the Executive with the
               number of paid vacation days to which the
               Executive is entitled in accordance with the
               vacation policies in effect at the time of a
               change in control of the Bank;

                    (4)  the Executive's relocation to any place
               of business of the Bank which is outside the
               franchise area (as that term is defined in Section
               3.2(e);

                    (5)  a requirement that the Executive travel
               outside the franchise area (as that term is
               defined in Section 3.2(e) to perform business
               obligations, the number of days of which total
               more than one hundred (100) days in any one
               calendar year;

                    (6)  any material breach by the Bank of any
               provision of this Agreement; or

                    (7)  any failure by the Bank to obtain the
               assumption of this Agreement by any successor or
               assign of the Bank.

               (c)  Termination by Bank.  The Bank may terminate
employment of the Executive at any time during the Period.  In
the event of such termination by the Bank for any reason, the
Executive shall be entitled to a payment equal to three (3)
months salary at the rate then in effect, payable within ten (10)
days of termination.

               (d)  Termination Without Good Reason.  In the
event of voluntary termination by the Executive without Good
Reason the Executive's compensation and, except as otherwise
provided by law, all benefits shall cease on the effective date
of such termination.
              (e)  Franchise Area.  For purposes of this
Agreement, the term "franchise area" shall mean the geographical
area within fifty (50) miles of the main office of BancFlorida
immediately prior to the effective date of this Agreement.

SECTION 4:  GENERAL PROVISIONS

          4.1  Nonassignability.  Neither the Agreement nor any
of the rights, obligations or interests arising hereunder may be
assigned by the Executive without the prior written consent of
the Bank; provided, however, that nothing in this section 4.1
shall preclude the Executive from designating in writing a
beneficiary or beneficiaries to receive any compensation payable
to him or any other benefit receivable by him under this
Agreement on the death or incapacity of the Executive, nor shall
it preclude the executors, administrators, or any other legal
representatives of the Executive or his Estate from assigning any
rights hereunder to any person or persons entitled thereto. 
Neither this Agreement nor any of the rights, obligations or
interests arising hereunder may be assigned by the Bank without
the prior written consent of the Executive to a person other than
(1) an affiliate of the Bank; or (2) any party with which the
Bank merges or consolidates, or to whomever the Bank may sell all
or substantially all of its assets; provided, however, that any
such affiliate or successor shall expressly assume all of the
Bank's obligations and liabilities to the Executive under this
Agreement.

          4.2  Severability.  This Agreement shall be deemed
severable, and any part hereof which may be held invalid by a
court or other entity of competent jurisdiction shall be deemed
automatically excluded from this Agreement and the remaining
parts shall remain in full force and effect.

          4.3  Merger.  This Agreement contains the entire
understanding of the parties hereto and constitutes the only
agreement between the Bank and the Executive regarding the
employment of the Executive by the Bank.  This Agreement
supersedes all prior agreements, either expressed or implied,
between the parties hereto including the employment of the
Executive by the Bank.

          4.4  Amendment.  None of the terms and conditions of
this Agreement shall be amended or modified unless expressly
consented to in writing and signed by each of the parties hereto.

          4.5  Binding Agreement.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto, and
their respective heirs, other legal representatives and permitted
successors and assigns, as the case may be.
         4.6  Governing Law.  This Agreement shall be governed
by and construed under the internal laws of the State of Florida.

          4.7  Notices.  All notices or other communications to
be given by the parties among themselves pursuant to this
Agreement shall be in writing, and all payments to be made
hereunder shall be deemed to have been duly made if mailed by
certified mail or hand-delivered to either of the parties at the
addresses first written above.  Any of the parties hereto may
change their respective addresses upon written notice to the
other given in the manner provided in this Section.

          4.8  Waiver.  No waiver by any of the parties to this
Agreement of any condition, term or provision of this Agreement
shall be deemed to be a waiver of any proceeding or subsequent
breach of the same or any other condition, term or provision
thereof.

          4.9  Damages; Further Employment.  In the event of
termination of the Executive, voluntary or involuntary, the
damages of the Executive shall be limited to the compensation
provided herein.  Except as specifically provided herein, nothing
in this Agreement shall limit the damages recoverable by the
Executive or the Bank in the event of breach by the other party. 
Nothing contained herein shall limit the ability of the Bank to
continue to employ or retain the Executive after the expiration
of the Period on such basis and pursuant to such arrangements as
shall be mutually agreeable; provided, that nothing herein shall
require either party to do so.

          IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date and year first above
written.

                              EXECUTIVE:

                              _______________________________
                              WILLIAM FLADER

                              
                              BANK NAME:


                              By:  __________________________

Attest:

______________________________





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