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Bank of America's long effort to become a slimmer, more profitable retail bank could be starting to pay off. In a tough quarter for revenue growth, its consumer banking division gained traction thanks to branch consolidation, investments in mobile banking and other factors.
October 14 -
Bank of America will close a back-office facility in a Sacramento, Calif., suburb and outsource some of the office's employees.
June 4 -
FS Bancorp in Mountlake Terrace, Wash., has agreed to buy four branches in Washington from Bank of America in Charlotte, N.C.
September 2 -
Bank of America will close drive-up teller windows at a dozen branches in Nashville and reduce in-store hours at an additional group of branches, The Tennessean reported.
June 10 -
F.N.B. in Pittsburgh has agreed to buy five branches from Bank of America in eastern Pennsylvania.
May 27
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.
