Bank of America (BofA) is reportedly planning to divest its 11 bank branches located in Kansas, as part of its business transformation strategy.
The branches are located in Caney, Coffeyville, Emporia, Great Bend, Hays, Hutchinson, Independence, Lindsborg, McPherson and Salina.
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Lyon County State Bank is acquiring a BofA branch in Emporia; Commercial Bank in Parsons is buying Caney, Coffeyville and Independence branches; First Kansas Bank of Hoisington is purchasing two Great Bend branches and one in Hays; and First Bank Kansas in Salina is acquiring branches in Hutchinson, Lindsborg, McPherson and Salina.
Bank of America spokeswoman, Diane Wagner, was quoted by the Wichita Eagle as saying: "We constantly adapt our banking centre network to fit customers’ changing needs and habits.
"That includes consolidating centres where we have overlap; investing in new centres where there’s a high growth opportunity; and, in select instances, selling some centres when an outright closure would leave associates with few employment opportunities, and customers with no convenient banking centre."
"The decision to sell these locations to a community bank, rather than closing them, was made to preserve as many jobs as possible and to ensure that these communities will continue to be served with convenient local branches," Wagner told the publication.
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By GlobalDataPending receipt of regulatory approvals, the transaction is expected to conclude during summer 2014. Post-divestment, BofA will have 40 branch offices in Kansas.
