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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 of
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Last modified: May 25, 2011