Seeking to broaden its range of mortgage products and expand fee income, Barnett Banks Inc. said Monday it signed a definitive agreement to purchase Equicredit Corp., for $332 million in cash.

Equicredit is a Jacksonville, Fla.-based home equity lender that specializes in so-called nonconforming loans, credits whose quality is below bank standards. Barnett said it would pay $32 a share for Equicredit, nearly 12 times the finance company's estimated 1994 earnings per share of $2.75.

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