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Washington Federal (WAFD) in Seattle has agreed to buy 23 Bank of America (BAC) branches in Arizona and Nevada.
January 24 -
Washington Federal (WAFD) in Seattle reported substantial deposit runoff tied to its purchase of 51 Bank of America (BAC) branches.
January 14
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
Washington Federal said it gained 98,000 deposit accounts, $5 million in loans, $11 million in branch properties and $523 million in cash from the acquisition.
This is Washington Federal's second branch deal with Bank of America. The earlier deal, which involved 51 branches,