Barnett Bank’s Name Changes Over the Years
A New Era for Local Banking:
The banking world in Pasco County is changing fast. Big banks are buying smaller ones, and some bank offices are closing. When it’s over, banking in Pasco County will look very different.
Barnett Banks Sells to Nations Bank:
For a long time, Barnett Banks said it wouldn’t sell. But it agreed to sell to NationsBank from North Carolina in September for $15.5 billion. That’s a lot of money!
Huntington Buys Some Barnett Branches:
A few months later, Huntington Bancshares from Ohio bought 60 Barnett Bank branches. NationsBank had to sell these branches because of rules prohibiting big banks from getting too big.
How This Affects Pasco County?
These deals will change a lot in Pasco County. Barnett was the biggest bank there and helped with schools and community services.
Huntington’s New Role:
Huntington will now own six of Barnett’s 18 branches in Pasco County. Two of these are very important:
- One on U.S. 19 in New Port Richey, which also has the West Pasco YMCA
- Another on U.S. 19 in Port Richey, which was Barnett’s main office in Pasco
Huntington will now be the fifth-biggest bank in Pasco and Hernando counties.
What Huntington Says?
Huntington says its approach to banking is similar to Barnett’s. It wants to help regular people more than businesses. It says it’ll keep all the Barnett workers under a new name.
NationsBank’s Plans Are Less Clear:
NationsBank hasn’t said it will keep all the workers. They want to save money, so they might close some offices. Some people think 6,000 to 12,000 jobs might go away across Florida.
Changes in Local Leadership:
Some bosses are moving to new jobs:
- Weymon Snuggs, who used to run Barnett Bank of Pasco County, now has a bigger job at NationsBank.
- H.M. Shirley, who used to run Barnett in Citrus and Hernando counties, now runs the bank in those counties and Pasco.
Worries About Community Help:
Some people are worried that without a local bank president, NationsBank might not help the community as much as Barnett did. Barnett gave a lot of money to local events and charities.
What do the Banks Say?
But people from both Barnett and NationsBank say they’ll still help the community a lot. A NationsBank person said, “We’ve always helped as much as or more than other banks when we go to new places.”
Other Banks Changing Names:
It’s not just Pasco County seeing changes. Banks all over are changing their names:
First National Becomes First American:
A bank called First National is now First American Bank. They say this makes them different from other First National Banks. But there are already First American Banks in other states!
Norwich Union Becomes Aviva:
Aviva bought Norwich Union a while ago. Now, they want to use just one name – Aviva – for all their banks. They’re spending $18 million to tell people about this new name.
Some people think this is a bad idea. They say people now want banks that seem dull and safe, not big and global.
Credit Union Keeps Its Name:
HealthCare Plus Federal Credit Union in South Dakota asked its members if they should change their name to Grand Crossing. The members said no. However, the credit union still wants to grow, so it might try again later.
Valley First Community Bank’s New Name:
This bank is now called Central Arizona Bank. However, many banks in Arizona have similar names, so it might be hard for people to remember them.
Galleria Credit Union Changes Again:
This credit union has changed its name many times. It used to be Sun Employees Credit Union Number One, Sun Credit Union, Oryx Credit Union, and Galleria. Now, it’s Prestige Community Credit Union. They say this is the last time they’ll change their name.
What Does This All Mean?
Banks and credit unions are changing a lot. Some are getting bigger, and some are changing their names, which can confuse customers. Considering these changes and what they mean for your money is essential.