Bank of America (BAC)'s trash is a community bank's treasure.

As part of a broader program to slim down, Bank of America has unloaded 21 branches in Iowa and Maine since the end of March. The Charlotte banking giant has cut deals since Nov. 20 to sell another 38 branches in the central United States. Overall the branches hold deposits of $1.5 billion. A community bank is the buyer in all cases.

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