JACKSONVILLE, Fla. - Barnett Banks Inc. said it closed its acquisition of Bank South Corp.'s Citizens and Peoples National Bank of Pensacola in exchange for Barnett's Atlanta banking franchise.
Total consideration for the deal is about $125 million for Barnett Banks, a company spokesman said.
Barnett said that in addition to the Pensacola franchise, it also had received 1.68 million Bank South common shares, representing almost 5% of Bank South's outstanding common stock, and the remainder in cash.
Citizens & Peoples, with about $425 million of assets, is valued at about $70 million, said the spokesman.
Barnett Banks has $37 billion of assets and 633 offices in Florida and Georgia, the company said.