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laws of the State of Florida on December 22, 1986. First, United
First Federal converted from a Federal stock savings and loan
association into a Florida stock savings and loan association.
Second, United First Federal converted from a Florida stock
savings and loan association into a Florida banking corporation
known as Barnett Bank of Southwest Florida.
On December 22, 1986, Barnett Bank of Southwest Florida,
N.A., a wholly owned subsidiary of Barnett, merged into Barnett
Bank of Southwest Florida (Southwest). Thereafter, Southwest
became a subsidiary of Barnett and a member of its consolidated
group for Federal income tax purposes.
Southwest's deposits were insured by the Federal Deposit
Insurance Corporation (FDIC) and, after enactment of the
Financial Institutions Reform, Recovery, and Enforcement Act
(FIRREA), Pub. L. 101-73, sec. 301, 103 Stat. 277 (1989), by the
Banking Insurance Fund (BIF).
Southwest was the leader in residential lending in its
Florida markets and, from 1992 to 1995, was awarded the Sarasota
Herald-Tribune’s “Reader’s Choice Award” as the best mortgage
lender. Southwest's board of directors was composed entirely of
persons who served as directors of either Barnett Bank of
Southwest Florida, N.A., or United First Federal. In addition,
Southwest's executive officers included a combination of the
senior management of these two financial institutions.
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Last modified: May 25, 2011