PHILADELPHIA-Bank of America Corp. is reportedly seeking buyers for approximately 40 of its branches in the northeastern part of Pennsylvania, as well as southeastern New York State.
The branches are mainly in rural locations and could sell for between $20 million to $30 million, according to a source cited by Bloomberg News. The branches reportedly have approximately $1 billion in deposits.
“They're pulling out of markets they don't have much growth in, places that aren't meaningful to the big banks,” says Bert Ely, an independent banking consultant based in Alexandria, VA. “There aren't a lot of buyers for them right now, and so you're not seeing them sell for huge premiums.”
Banks that expressed interest in the latest sale include FNB Corp. of Hermitage, PA, Community Bank System Inc. of Dewitt, NY, and National Penn Bancshares Inc. of Boyertown, PA, according to the report. See story at Bloomberg News.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
