Case Details

Year Initiated/Committed

1992

Year Resolved

1992

Settlement Amount

n/a

Court

n/a

Lead State

FL

Participating States

FL

Defendant(s)

Barnett Banks, Inc.; First Florida Bank, Inc

Case Description

As part of a negotiated joint consent decree with the U.S. Department of Justice (DOJ), the State of Florida sought to enjoin the merger between Barnett Banks and First Florida Bank, alleging that the proposed merger would result in less competition in the financial institution industry. In order to consummate the merger, Barnett agreed to divest certain assets in areas of Florida. Further, Barnett agreed to retain every First Florida teller and customer service representative and agreed to make additional jobs available to other First Florida employees. Barnett also agreed to make an addition $200 million available for commercial and industrial loans to qualified small business borrowers in certain counties. The Department of Justice also participated in the investigation.