JACKSONVILLE, Fla. -- Barnett Banks Inc. said its Barnett Banks Trust Co. unit agreed to sell its bond administration business to Bank of New York.

Terms were not disclosed.

The company said the transaction is expected to be completed during the first quarter.

Through its bond administration group, Barnett serves as trustee, paying agent, or escrow agent on debt issued by clients such as school districts, hospitals, municipalities, and corporations. This business represents less than 10% of its total trust business, the company said.

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