Washington Bank Acquires Bank Of America Branch

East Oregonian | July 20, 2013 8:56 a.m. | Updated: July 20, 2013 3:56 p.m.

Contributed By:

GEORGE PLAVEN

Washington Federal Inc., the Seattle-based parent company of Washington Federal banks, announced Thursday it will acquire 51 Bank of America branches in four states, including six locations in Central and Eastern Oregon.

Branches in Hermiston, Milton-Freewater, La Grande, Ontario, Hood River and The Dalles are among those in the deal, which is expected to close sometime between October and December. The company also purchased 19 branches in Eastern Washington, 15 Idaho and 11 in New Mexico.

All Bank of America employees will be offered continued employment with Washington Federal, said president and CEO Roy Whitehead in an announcement with the company’s quarterly earnings report.

“Every effort will be made to minimize disruptions to customer banking routines at those locations,” Whitehead said. “Existing clients will benefit from the added convenience of more than 50 new banking locations.”

Whitehead was not available Friday for additional comment.

A former Bank of America branch in Pendleton closed Nov. 20, transferring all accounts to Hermiston. A manager at the Hermiston branch, 305 E. Main St., said she could not comment on the announcement.

Anne Pace, spokeswoman for Bank of America, could not immediately be reached for comment.

With the acquisition, Washington Federal now has 234 branches across the West. The added locations represent $1.8 billion in deposits and $11 million of loans at a weighted average rate of 6.5 percent.

Contact George Plaven at gplaven@eastoregonian.com or 541-564-4547

This story originally appeared in East Oregonian.

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