Bank of America has agreed to sell its four Olympic Peninsula branches to 1st Security Bank of Washington.

The four branches are located in the communities of Port Angeles (8th Street), Sequim, Port Townsend and Hadlock in Washington, comprising a total of about $268m in deposits and less than $1m in loans.

Under the terms of the deal, 1st Security Bank will acquire these four branches along with their ATMs, as well as will assume certain liabilities such as checking, savings, IRAs and CDs belonging to households and small business customers living in the local area.

1st Security Bank intends to retain the employees and keep the locations open following the completion of the acquisition.

1st Security Bank CEO Joe Adams said: We are excited to have the Jefferson and Clallam County employees and customers join the 1st Security family. We believe this will be a great fit and is a natural extension of our Puget Sound focused retail footprint."

The deal, subject to regulatory approvals and customary closing conditions, is slated to be completed by next January.