Barnett Banks Inc. has sold two data-processing units to Fiserv Inc. for an undisclosed amount.

Fiserv, based in Milwaukee, bought Financial Processors Inc. of Miami and Financial Data Systems, which like Barnett is based in Jacksonville, Fla.

The acquisition expands Fiserv's presence in Florida. With the new companies, Fiserv will act as a service bureau for about 250 financial institutions in the state.

The $38 billion-asset Barnett owned both units as a result of its acquisition of First Florida Banks Inc. last year. Barnett has since been selling off pieces of First Florida's data-processing business.

The selloff is part of Barnett's plan to save $80 million in expenses in 1993 with the merger, and $100 million in 1994.

Earlier this year, M&I Data Services, a unit of Marshall & Ilsley Corp. of Milwaukee, bought from Barnett the Tampa operations of Financial Processors Inc.

IBM Computers Used

M&I did not buy that unit's Miami or Jacksonville businesses. The Tampa operation runs on International Business Machines Corp. computers, the same technology that M&I uses.

Barnett also sold First Florida's merchant credit-card business, which served 160 banks and 14,000 merchants, to Financial Alliance Processing Services Inc. of Louisville.

The two units that Fiserv bought run on computers from Dayton, Ohio-based NCR Corp.

Fiserv, which will generate over $300 million in revenue this year, will follow its policy of allowing the acquisitions to run independently under their current management.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.