Barnett Banks Inc. said Monday it would slim down from 32 bank charters to five, becoming the latest regional to abandon a once-popular decentralized banking structure.

The Jacksonville, Fla.-based bank holding company said all but four of its 32 banks and several of its nonbank affiliates will become part of a newly created subsidiary, Barnett Bank NA.

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.