Washington Federal (WAFD) in Seattle negotiated a discount on its recent purchase of Bank of America (BAC) branches after deposits levels at those locations fell.

The $14.4 billion-asset company disclosed in a regulatory filing that the deposit premium for the 23 branches fell to 0.5% of deposits from 1.3%. The premium fell because deposits at the Arizona and Nevada branches were 11% lower than the $610 million Washington Federal planned to obtain when it announced the deal in January. The deal closed May 2.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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