Barnett Banks to Acquire Auto-Leasing Firm

Barnett Banks Inc. agreed to acquire Oxford Resources Corp., the largest auto-leasing company in the U.S., for about $570 million in stock. The move will help the Jacksonville, Fla.-based bank reach the growing numbers of drivers who would rather lease than buy. The bank also said it will expand its stock buyback program by 15 million shares over its 1995 authorization to repurchase 10 million shares, or 20 million after its 2-for-1 split on Aug. 23. Those 15 million shares would be worth about $635 million at Tuesday’s price. Investors approved both moves, sending Barnett stock up 87.5 cents to close at $41.75 on NYSE; Oxford shares rose $2.75 to close at $36.50 on Nasdaq. Melville, N.Y.-based Oxford originated $1 billion of leases and loans last year for new and used cars through 2,000 dealers in 21 states.