Bank of America in Charlotte, N.C., is selling 23 branches in West Coast states
Bank of America also plans to sell a total of $1.2 billion in deposits and $821,000 in loans to TriCo Bancshares in Chico, Calif.; Bank of Commerce Holdings in Redding, Calif.; and Cascade Bancorp in Bend, Ore. The transactions are expected to close in the first quarter.
Each bank plans to retain employees at the acquired branches.
The $3.8 billion-asset TriCo will buy three branches on California's north coast, including $245 million in deposits and $400,000 in loans.
Cascade, a $2.4 billion-asset company, will buy 12 branches in Oregon and three in Washington. The company, which has been pursuing bank acquisitions in the Northwest to get to $5 billion in assets, will also gain $707 million in deposits.
The $983 million-asset Bank of Commerce will buy five branches in northern California, including $258 million in deposits and $421,000 in loans.
B of A has been making over its branch network, selling some and closing others, as part of a broader plan to reinvest in mobile and online banking. The company has sold about 330 branches in the last four years, along with $12 billion in deposits.