Washington Federal plans to acquire 51 Bank of America branches including La Grande’s branch on Washington Avenue. (Chris Baxter/The Observer)
La Grande Bank of America branch to become Washington Federal
La Grande Bank of America customers will face some changes toward the end of 2013.
Washington Federal announced last week that it plans to acquire 51 Bank of America branches including La Grande’s branch on Washington Avenue.
The deal is expected to be finalized in the fourth quarter of 2013 and is contingent upon regulatory approval.
Bank of America spokesman T.J. Crawford said the sale will ensure that communities like La Grande “continue to have a brick and mortar banking presence.”
Washington Federal’s acquisition includes the physical aspects of the bank, like ATMs and safe deposit boxes, but most deposit accounts are included in the sale, too.
“In other words, if you’re a customer at one of these 51 locations, you will be a Washington Federal customer when the transaction is complete,” Crawford said.
Not all accounts will be transferred to Washington Federal, though. Crawford said credit cards, mortgages, large corporate accounts and some other accounts will remain with Bank of America.
Bank of America has set up a customer support line at 866-251-0233 specifically for customers who will be transitioning to Washington Federal.
Until the acquisition is complete, Bank of America will continue to operate at the 51 locations, Crawford said.
“Customers will be notified in writing well in advance of any changes,” he said.
Employees at the 51 Bank of America locations will be offered continued employment with Washington Federal.
Washington Federal CEO Roy Whitehead said in a press release last week that the acquisition will enhance the bank’s branch network.
“We enthusiastically welcome all new employees and customers joining us by virtue of this agreement,” he said.
The acquisition represents approximately $1.8 billion of deposits and $11 million of loans.