Consumer Finance HQ Barnett Units Would Remain in Jacksonville
Basch, Mark, The Florida Times Union
NationsBank Corp. said yesterday that its consumer finance group
will be headquartered in Jacksonville after its merger with
Barnett Banks Inc., a move that should increase jobs in
Jacksonville in the consumer finance area.
NationsBank will not move any of its existing operations to
Jacksonville but Douglas K. Freeman, who will be head of the
consumer finance business, said he expects to see employment
"There is a natural proclivity to expand where the headquarters
is," Freeman said.
A large number of Barnett employees in other divisions in
Jacksonville are likely to lose their jobs when Charlotte,
N.C.based NationsBank completes its acquisition of Barnett. But
Freeman said the decision to put the consumer finance
headquarters in Jacksonville shows that NationsBank is committed
to keeping a major presence in the Jacksonville community.
NationsBank is planning to move its Florida headquarters from
Tampa to Jacksonville.
"NationsBank is doing the right thing by the Jacksonville
community," he said.
Barnett's consumer finance operations are based in its Barnett
at the Boulevards office center in Deerwood Park at Southside
and Butler Boulevards, which Barnett has been planning to
NationsBank spokesman Scott Scredon said the expansion
potential of the office center is one reason Jacksonville is the
logical choice for the consumer finance headquarters.
"It just makes a lot of sense as the business grows over the
years," Scredon said.
The major unit in the division is EquiCredit Corp., a consumer
finance company owned by Barnett. EquiCredit has 158 offices in
43 states and about 1,000 employees in Jacksonville.
Other units in the consumer finance group will include
NationsCredit Consumer Corp., which will continue to be based in
Dallas, and Oxford Resources Inc. …