NationsBank to Divest in Order to Buy Barnett

NationsBank Corp. received Justice Department approval for its $16-billion acquisition of Barnett Banks Inc. by agreeing to sell $4.1 billion in deposits in Florida. The department said the sale of the deposits, which are at approximately 125 branches, was necessary to preserve competition for financial services in Florida. The sale will be the second-largest bank divestiture ever, the department said. The acquisition, which would create the third-largest U.S. bank, still must win approval of the Federal Reserve Board, which will consider the merger in a private session today, said a spokesman for the Federal Reserve.