The transaction is pending receipt of approval from the office of the comptroller of the currency (OCC) and is likely to complete in fourth quarter of 2013.
Commenting on the acquisition, Washington Federal chairman, president & CEO Roy Whitehead said that the deal will significantly increase branch network in Eastern Washington and will also boost its presence in Idaho, Oregon and New Mexico.
"All employees from the acquired branches will be offered continued employment with Washington Federal and every effort will be made to minimize disruptions to customer banking routines at those locations," Whitehead added.
The acquirer said that the transaction will improve its deposit grouping, decrease overall funding costs and will be accretive to earnings upon closing.
With the acquisitions of BofA’s bank branches, Washington Federal completed its conversion to a national bank charter with the OCC on 17 July 2013 and is now operating as a national bank.
Headquartered in Seattle, Washington Federal manages 185 branch offices in eight western states and following completion of transaction, it will manage 236 branches. It reported 6.2% increase in earnings during the second quarter of 2013.
