Friday, July 19, 2013

Washington Federal Buys Four Boise B of A Branches, 47 Others in Idaho, Oregon, Washington, New Mexico

Posted By on Fri, Jul 19, 2013 at 10:10 AM

Fifteen Bank of America branches—including four in Boise—are part of a 51 branch acquisition announced this morning by Washington Federal. In addition to the Gem State acquisitions, Washington Federal is looking to take over 36 other B of A branches—19 in Washington, six in Oregon and 11 in New Mexico.

The acquisition is the largest in the Seattle-based Washington Federal's history. If the deal is given final approval, the assets of Washington Federal would swell to approximately $15 billion and would include 1,800 employees in eight states.

Bank of America said it put the branches "up for sale" earlier this year as part of a sweeping restructure. The B of A branches, aimed for the takeover, represent approximately $1.8 billion in deposits and $11 million in loans.

While Washington Federal didn't disclose the purchase price, bank officials said they paid a premium of 2.6 percent on the deposits and picked up $10.9 million in loans.

Washington Federal said it would offer jobs to all of the B of A employees at the affected branches.

The Boise branches include locations on South Capitol Boulevard, South Federal Way, West Fairview Avenue and at the Boise Towne Square mall.

In addition to the four branches in Boise, impacted Idaho branches include Gooding, Hailey, Idaho Falls, Ketchum, Nampa, Osburn, Payette, Pocatello, Salmon, Sandpoint and Twin Falls.

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