Bank of America Branch to Change Hands

DAYTON - Washington Federal, a Seattle-based banking company, an- nounced Thursday that it has entered into an agreement to purchase 51 branches in four western states from Bank of America. Local employees would not comment for the record, but confirmed that Dayton's B of A branch is one of them.

A press release issued by Washington Federal said the branches it is purchasing are in Washington, Oregon, Ida- ho and New Mexico. Nine- teen of those branches are in eastern Washington, where Washington Federal does not currently have a presence.

The bank said most of the branches it is purchasing are in smaller rural communities. Officials say B of A branches in Walla Walla and Milton-Freewater are also included in the sale.

No price was disclosed, but according to the release, Washington Federal will gain $1.8 billion in deposits and $11 million in loans. The sale is subject to regulatory approval, but the transition is expected to be completed by the end of this year.

Washington Federal an- nounced that it will offer jobs to all B of A employees in the affected branches. The sale is expected to increase its workforce by more than 300.

In a written statement being given Dayton customers, B of A says that the types of accounts being transferred to Washington Federal include checking, savings, IRAs and CDs, along with safe deposit boxes. Many other customer account types will remain with B of A, including credit cards, mortgages, invest- ments and merchant service accounts.