BANKING & FINANCE - Sept. 27, 1994
From Times Staff and Wire Reports
Barnett Banks to Buy EquiCredit: Barnett Banks Inc. said it will buy consumer finance company EquiCredit Corp. for $332 million in cash, sending EquiCredit’s stock up sharply. The purchase advances Barnett’s plan to raise revenue and market share by reaching beyond traditional banking into home mortgages, small and mid-sized business lending and fee-producing financial services by buying regional or national franchises, Jacksonville, Fla.-based Barnett said. EquiCredit, also based in Jacksonville but with 89 offices in 29 states, makes fixed-rate consumer loans secured by home mortgages. EquiCredit stock jumped $4.875 in Nasdaq trading to close at a 52-week high of $29.50.
