First of America Bank Corp. said it expects to book a fourth-quarter gain of more than $20 million from the sale of 20 small-town branches in Michigan and Illinois.

The Kalamazoo, Mich.-based company said last week it would sell five branches in central Illinois and 15 across Michigan. Eight of the Michigan branches will be sold to Ionia-based Independent Bank Corp. in a transaction announced last month. Sales agreements have not been reached for the other bank offices.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.