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Washington Federal (WAFD) in Seattle reported substantial deposit runoff tied to its purchase of 51 Bank of America (BAC) branches.
January 14 -
Washington Federal (WAFD) in Seattle posted higher quarterly earnings despite costs tied to a recent acquisition.
January 14 -
Washington Federal (WAFD) in Seattle has agreed to buy 51 branches from Bank of America (BAC).
July 19 -
Little guys are getting a rare chance to feast at a big guy's expense. Small banks nationwide are eagerly buying dozens of branches from B of A, which must slim down. However, the buyers are at risk of gorging themselves.
December 28 -
Bank of America's need to downsize continues to benefit small banks, as Old National acquires branches with $780 million of deposits in two states.
January 9 -
Chemung Financial in Elmira, N.Y., has agreed to buy six branches in upstate New York from Bank of America.
July 11
Washington Federal (WAFD) in Seattle has agreed to buy 23 Bank of America (BAC) branches in Arizona and Nevada.
The purchase would give Washington Federal a total of 258 branches in eight Western states, according to a Thursday press release. Washington Federal would acquire $610 million of deposits and $4 million of loans in the deal, which is expected to close in the second quarter. The terms were not disclosed.
The deal will "improve the company's deposit mix and reduce overall funding costs," Washington Federal's Chairman, President and Chief Executive Roy Whitehead said in the release.
"When completed, the transaction will represent a significant enhancement of our branch network in Arizona and Nevada," Whitehead said. "All employees from the acquired branches will be offered employment with Washington Federal and every effort will be made to minimize disruptions to customer banking routines at those locations."
The $14.4-billion asset Washington Federal
The company's
Bank of America has unloaded a number of branches in an effort to cut costs in recent years,
