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.

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