Bank of America sells Treasure Valley branches to Washington Federal

zkyle@idahostatesman.comJuly 19, 2013 

Seattle-based bank Washington Federal is buying 51 Bank of America branches in the West, including 15 in Idaho.

The sale includes all four Bank of America locations in Boise all branches in southern Idaho. Bank of America's only presence remaining in Idaho will be three branches in Coeur d'Alene and single locations in Hayden Lake and Post Falls.

Bank of America accounts will transfer to Washington Federal sometime in the next two or three months, said Cathy Cooper, vice president of marketing and communications for Washington Federal. Bank of America customers will receive new account numbers and will need new checks and credit cards, she said.

Bank of America customers will receive notifications by mail spelling out any changes to expect or actions that need taking, Cooper said.

“We just announced the agreement yesterday,” Cooper told the Idaho Statesman on Friday. “There’s always details that need to be worked out after the fact.”

Cooper said all employees in the purchased Bank of America branches, including about 320 employees in Boise, will be offered jobs with Washington Federal.

Washington Federal already operates 17 branches in Idaho, including five in Boise and one each in Eagle, Meridian, Nampa and Caldwell. Washington Federal reported $405 million in deposits in 2012, giving the bank the fifth-highest market share in the Treasure Valley, according to the Federal Deposit Insurance Corp.

Bank of America ranked fourth with $485 million in deposits and nearly 6 percent of the Boise market. With the acquisition, Washington Federal will own nearly 14 percent of the Treasure Valley market, leapfrogging KeyBank (8.5 percent) and trailing only Wells Fargo (26.8 percent) and U.S. Bank (19.4 percent).

Washington Federal owns 17 branches in all in Idaho. The other Bank of America branches it will pick up in Idaho are a branch each in Gooding, Hailey, Idaho Falls, Ketchum, Osburn, Payette, Pocatello, Salmon, Sandpoint and Twin Falls.

The rest of the branches in the sale are in Washington, Oregon and New Mexico.

Terms of the sale were not disclosed.

Washington Federal announced the sale Thursday while reporting a $37 million third-quarter profit. The report said the sale the sale will close in the fourth quarter pending regulator approval.

Zach Kyle: 377-6464

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