Washington Federal Bank has agreed to acquire 23 Bank of America branches including those in Fernley and Fallon.
Washington Federal, Inc., has entered into an agreement to acquire 23 Bank of America branches in Arizona and Nevada.
The acquisition involves 10 branches in Nevada including Fallon, Fernley and Hawthorne, said Brent Verdall, executive vice president and chief financial officer. With headquarters in Seattle, Washington Federal has 235 branches in eight western states. Once the transaction is complete, the number of branches will increase to 258.
Verdall said the acquisition is subject to regulatory approval from the Office of the Comptroller of the Currency (OCC) and the satisfaction of customary closing conditions. He said the transaction is expected to close in the second calendar quarter of this year.
“We’re shooting for sometime in May,” he said.
Verdall said Washington Federal will assist customers during the transfer period.
“There is no need to worry, and we’ll help with the step by step process,” he said, adding that Washington Federal has helped customers during a previous acquisition of 51 Bank of America branches.
Although customers may want to transfer to another Bank of America branch in Reno or Carson City, he wants current customers to give Washington Federal a try.
“We believe banking should be simple,” Verdall said.
He said Washington Federal has the fifth highest capital ratio of the largest 100 U.S. banks.
“We enthusiastically welcome all new employees and customers joining us by virtue of this agreement,” added Roy M. Whitehead, president and CEP. “When completed, the transaction will represent a significant enhancement of our branch network in Arizona and Nevada. All employees from the acquired branches will be offered employment with Washington Federal and every effort will be made to minimize disruptions to customer banking routines at those locations.”
Whitehead said existing clients would benefit from 23 new banking locations.
“This transaction will improve the Company’s deposit mix and reduce overall funding costs,” he said.
In addition to Fallon, Fernley and Hawthorne, Veardall said other Northern Nevada Bank of American branches being acquired include those in Elko, Ely and Winnemucca.