- 8 - Immediately after the merger, Southwest conducted its business in United First Federal’s facilities using the personnel of both United First Federal and Barnett Bank of Southwest Florida, N.A. Barnett's Acquisition of Home Federal As of March 31, 1987, Home Federal had 28 branch offices in four Florida counties and total assets of $1.4 billion, total deposits of $1.3 billion, and shareholders’ equity of $115 million. Home Federal was the largest residential mortgage lender in Pinellas County, and, on the basis of total assets, it was the twenty-first largest savings institution in the State of Florida. Home Federal was a member of the FHLBS and was subject to supervision and examination by the FHLBB. Home Federal's deposits were insured by the FSLIC. Pursuant to the plan for merger, Home Federal completed a two-step conversion of corporate charters under the laws of the State of Florida on July 26, 1987. First, Home Federal converted from a Federal savings bank into a Florida stock savings and loan association. Second, Home Federal converted from a Florida stock savings and loan association into a Florida banking corporation known as Barnett Bank of Pinellas County. On July 26, 1987, Barnett Bank of Pinellas County, N.A., a wholly owned subsidiary of Barnett, merged into Barnett Bank ofPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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