BankAmerica Corp. has agreed to sell 11 of its rural Texas branches to two in-state banks.
The sales reduce the company's deposit base in Texas by $142.4 million, based on branch data from June 30, 1994, the most-recent available. Terms of the sales were not disclosed.
Pacific Southwest Bank of Corpus Christi bought two branches in the neighboring towns of Alice and Beeville, as well as four branches in the rural areas between Dallas and Waco. In total, the $1.3 billion-asset bank added about $78.5 million in deposits.
Lubbock-based American State Bank, with about $708 million of assets, picked up five branches in the Panhandle region around its home base. The branches will boost deposits by about $63.9 million.
Since acquiring the First Gibraltar franchise from Dallas banker Gerald Ford in February 1993, BankAmerica has worked to bring the unruly branch system under control. Including the announced sales, the company has sold or closed 46 branches out of an original 260 that were bought in 1993. In those two years, deposits have fallen $2.4 billion, to $6.8 billion.