US credit union Washington Federal will acquire 23 Bank of America (BofA) branches in Arizona and Nevada.
The Seattle-based credit union said it expected to receive approximately $610m in deposits and $4m in loans from the transaction and that its branch network would be boosted to 258 across the western states.
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CEO of Washington Federal Roy Whitehead said: "We enthusiastically welcome all new employees and customers joining us by virtue of this agreement.
"When completed, the transaction will represent a significant enhancement of our branch network in Arizona and Nevada.
"All employees from the acquired branches will be offered employment with Washington Federal and every effort will be made to minimize disruptions to customer banking routines at those locations."
The deal is expected to close sometime in the first six months of 2014.
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By GlobalDataBrent Verdall, executive vice president and chief financial officer of Washington Federal, said that the transaction was expected to be completed by May.
"We’re shooting for sometime in May," he said.
He also reassured customers of the BofA branches that the credit union would smooth the transition process as much as possible.
"There is no need to worry, and we’ll help with the step by step process," he said, adding that Washington Federal has helped customers during a previous acquisition of 51 Bank of America branches.
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