Franklin Bank Corp. of Houston announced Tuesday that it would buy five branches from Washington Mutual Inc. for $34 million.
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The branches, in east and central Texas, hold about 20,000 accounts and $284 million of deposits. Franklin, which has $3.9 billion of assets, is to pay a 12% deposit premium.
The deal is expected to close in the fourth quarter.
Franklin has 27 branches, all in Texas. It is soon to open two more and is buying the $81 million-asset Elgin Bank of Texas, which has three.
