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Home Federal in transactions that would be significantly larger
than any of its prior acquisitions. Barnett, as a bank holding
company, could not make a direct acquisition of the stock of
United First Federal or Home Federal because of the Federal
Reserve Board’s policy that precluded a bank holding company from
making a direct acquisition of a healthy savings and loan
association or Federal savings bank. As a result, United First
Federal and Home Federal were required to convert from a Federal
savings and loan association and a Federal savings bank,
respectively, to State banking corporations in multistep
transactions as a condition to obtaining the Federal Reserve
Board's approval for the acquisitions.
Barnett's Acquisition of United First Federal
As of June 30, 1986, United First Federal had 38 branch
offices in seven Florida counties, with total assets of
$1.6 billion, total deposits of $1.5 billion, and shareholders’
equity of $80 million.
United First Federal was a member of the Federal Home Loan
Bank System (FHLBS) and was subject to supervision and
examination by the Federal Home Loan Bank Board (FHLBB). United
First Federal's deposits were insured by the Federal Savings and
Loan Insurance Corporation (FSLIC).
Pursuant to the plan for merger, United First Federal
completed a two-step conversion of corporate charters under the
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