CHARLOTTE, N.C. – A number of small banks are feasting on branches being sold by Bank of America.
BofA has unloaded 21 branches in Iowa and Maine since the end of March, and since Nov. 20 has reached agreements to sell another 38 branches in the central United States. Overall the branches hold deposits of $1.5 billion. A community bank is the buyer in all cases.
Analysts said prices for branches of identical sizes can vary widely, with one observer noting that a branch that sells for $2.5 million in one market can sell for $250,000 in another market, even if the buildings themselves are nearly identical.