In order to concentrate on its Midwest franchise, First of America Bank Corp. said Monday it has agreed to sell its Florida operation to Barnett Banks Inc. for $160 million in cash.
First of America said the deal, which is expected to close in the third quarter, would result in a gain of 14 cents per share.
First of America's Florida unit has $1.1 billion of assets, loans of $749 million, deposits of $931 million, 41 traditional branches, and 17 supermarket locations.
Assuming the deal gets the necessary regulatory approvals and closes as expected, First of America will be left with $20.5 billion of assets, $14 billion of loans, and $16.2 billion of deposits.
First of America, the 32d-largest banking company in the country, is based in Kalamazoo.
Barnett, based in Jacksonville, Fla., has $41 billion of assets.