BRISTOL, Va. -- Charter Federal Savings Bank said it sold its Danville branch to Co-operative Savings Bank of Lynchburg resulting in a one-time pretax gain of $2.4 million.
The branch sale included $41.2 million in deposits and certain loans.
Charter Federal is a $741 million-asset thrift with 26 offices in southwestern Virginia and northeastern Tennessee. The move confirms the thrift's intention to concentrate its business along the Interstate 81/Interstate 40 corridor between Roanoke, Va., and Knoxville, Tenn.
The deal will reduce Charter's noninterest expenses by about $350,000, and capital ratios will improve, Charter Federal officials said.