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Records of Charles E. Rice, CEO of Barnett Banks, Inc. 1970-1998
1.75 cubic ft.
Terms Governing Use:
Charles E. Rice was born in 1936 in Chattanooga, Tennessee. He graduated from the University of Miami with a bachelor's degree in business administration in 1958 and Rollins College with a master's degree in business administration in 1964. He also graduated in Advanced Management Program in Harvard University in 1975. In 1968, Rice was named president of the First National Bank of Winter Park. Rice began his career with Barnett in the 1970s when FNB of Winter Park was acquired by Barnett. Rice was instrumental in Barnett's expansion into the rapidly growing central Florida market, including Orlando. In part, the success of the Winter Park and Orlando operations attracted the attention of Guy Botts. In 1971, Botts convinced Rice to move to Jacksonville and join the holding company, Barnett Banks of Florida, Inc. (BBFI). Botts assigned to Rice the responsibility for implementing the branching program.
In 1973, Botts picked Rice as the next president and chief operating officer of Barnett Banks of Florida, Inc. When Botts reached Barnett's mandatory retirement age of 65, Charles E. Rice became the next chief executive officer. Under Rice's leadership, the expansion program which had started under Botts accelerated. In addition to purchasing small banks in smaller communities, Barnett began purchasing rival bank holding companies. In the early 1980s, Barnett expanded into the rapidly growing southeastern Florida market by acquiring First Marine Banks, First State Banking Corporation, Great American Banks, and Florida Coast Banks. In the mid-1980s, after regional interstate banking was permitted, Barnett expanded into Atlanta and several other smaller Georgia markets.
Under Rice's leadership, Barnett grew from 120 Florida offices with $ 3.7 billion is assets at the beginning of the 1980s to 563 Florida and Georgia offices with $29 billion is assets by late 1989. Barnett became the largest banking organization in Florida and dominated the market share with 22.5 %, nearly twice that of its nearest competitor. Rice also oversaw Barnett's transition from a traditional commercial bank to a national financial services company. Barnett purchased a consumer finance company (EquiCredit), mortgage lenders (BancPLUS and Loan America), and an automobile leasing company (Oxford Resources).
Barnett Banks, Inc. continued to expand throughout Florida, and in March 1993 acquired First Florida Banks, Inc. This was the last of Barnett's major acquisitions. This gave Barnett Banks, Inc. a total of 638 offices, assets of $39 billion, and 27% of Florida's deposits. Barnett Banks, Inc. was the largest banking organization in Florida and the 18th largest in the United States.
In 1997 in a $15.5 billion dollar deal, which was the largest in the history of the banking industry at that time, Barnett Banks, Inc. was acquired by NationsBank. With the acquisition of Barnett Banks by NationsBank, Rice moved from chairman and CEO of Barnett to chairman of NationsBank and then to vice chairman of corporate development for Bank of America. Rice has been a board of directors of Sprint Corp. and CSX Corp. and trustee of University of Miami and Rollins College since 1992. He is listed in Who's Who in America from 1992 to present.
This collection contains speech files, newspaper clipping files, magazine artices, and miscellaneous records of Charles E. Rice dating from the 1970s thru 1998 when he was CEO of Barnett Banks, Inc. The files include Rice's review of the history of banking in Florida and Barnett Bank's history in the twentieth century and his five year plan from 1983 to 1988. He explained the bank holding company movement in Florida, the legislative changes 1977 which allowed limited countywide branching, and reviewed of the economy and banking structure, including information on the Florida real estate recession of 1974-1975.The series also includes annual shareholders meeting presentations and presidents meeting presentations by Charles Rice and Guy Botts.
This series also contains newspaper clippings and magazine articles which detail Charlie Rice's career with Barnett Banks, the Barnett expansion into Georgia, and the eventual acquisition by NationsBank in 1998.
This collection would be of interest to researchers studying the growth of banking in Florida from the 1970s through the 1990s and the role Charlie Rice played in the modern era of Florida's banking history, especially the banking mergers and consolidation which took place.
Folder listing available.
Additional Physical Form:
Location of Originals/Duplicates:
Researchers studying the history and expansion of Barnett Banks and the many acquisitions may wish to consult several other significant collections. These include: Collection M99-5, First Florida Banks, Inc.; Collection M99-12, Barnett Banks, Inc., Bank Records, contains extensive documentation of the history and overall operations and activities of the Barnett Bank of Jacksonville; Collection N2000-6, Barnett Banks, Corporate Communications Records, discusses Barnett's expansion in the 1960s to 1990s; Collection N2000-12, Barnett Banks, Inc., Bank Affiliates Historical Records; Collection N2001-6, Barnett Historic Preservation Foundation, Inc. Oral Histories, Photographs, and Historical Records, which includes interviews about expansion policies and acquisitions; and Collection N2001-7, Barnett Banks, Inc. Corporate Records, which details expansion and acquisitions in a series of annual reports.
In addition, researchers may also wish to review Collection N2000-23, Records of Allen L. Lastinger, Jr., COO and president of Barnett Banks, Inc. There are also a large number of affiliated Barnett Banks including, but not limited to: Collection N2000-1, Barnett Bank of South Florida; Collection N2000-7, Barnett Bank of Avon Park (Fla.); Collection N2000-8, Barnett Bank of Ocala (Fla.); Collection N2000-10, Barnett Bank of Deland (Fla.); Collection N2000-11, Barnett Bank of Orlando/Winter Park; Collection N2000-13, Barnett Bank of Central Florida; Collection N2000-17, Barnett Bank of St. Johns; and Collection N2000-21, First Bank and Trust Company of Pensacola (Fla.).
This collection was arranged and described from materials obtained from Barnett Banks, Inc. when the Barnett Bank records were transferred to the Florida State Archives beginning in 1999 and continuing through 2001.
In terms of importance the primary series are: M99-5 First Florida Banks, Inc. Bank Records; M99-12 Barnett Banks, Inc. Bank Records (this is the Jacksonville Bank's records); N2000-6 Barnett Banks, Inc. Corporate Communication Records; N2000-12 Bank Affiliates Historical Records; N2000-23 Records of Allen L. Lastinger, Jr., COO and president of Barnett Banks, Inc.; N2000-24 Speech Files of Charles E. Rice, CEO of Barnett Banks, Inc.; N2000-26 Barnett People for Better Government; N2001-4 Public Relations and Advertising Records; N2001-6 Barnett Historic Preservation Foundation, Inc. Oral Histories, Photographs, and Historical Records; and N2001-7 Barnett Banks, Inc. Corporate Records.
The Barnett Family and Barnett Banks had a long and complex history, beginning in 1877 and lasting until 1998. Two books written by Barnett veteran, David J. Ginzl, provide an in-depth history of both the Barnett Family and Barnett Bank and the role Barnett Banks played in the development of banking in Florida. Barnett: The Story of "Florida's Bank" (University of Tampa Press / 428 pages) provides a thorough historical account of Barnett's development and Images of America: Barnett Bank (Arcadia Publishing / 128 pages) contains numerous historically significant photographs with brief narrative essays. These two books would be indispensable for researchers studying either the Barnett Family or the history of banking in Florida in the 20th Century.
Electronic Records Access:
Subject Access Fields:
Botts, Guy Warren, 1914-1993 Rice, Charles E. 1936- (Charles Edward),
Barnett National Securities Corporation (Jacksonville, Fla.) Barnett Banks Barnett Banks of Florida
Banks and banking History Florida. Bank management Florida. Bank holding companies Florida. Bank mergers Florida Branch banks Florida