Bank of America (BofA), the third-largest bank in the US by branches, has agreed to sell seven of its branches and two drive-up locations to the Indiana-headquartered First Financial Bank, subject to regulatory approval.
First Financial Bank said they would acquire $252m in deposits and $2.3m in small business loans from BofA.
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The sale excludes credit cards, mortgage, investment brokerage and trust accounts
The nine branches are located in the central and southern Illinois.
The purchase is expected to be completed in the third quarter of 2013.
Donald Smith, First Financial Bank’s chairman, said: "This opportunity made sense for us because it supports our long-term strategy of expanding into areas that we already know well.
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By GlobalData"The new locations are a natural extension of First Financial Bank’s existing footprint and will allow us to strengthen our regional presence in Illinois."
First Financial Bank was founded in 1863 and has113 retail banking locations in Ohio, Kentucky and Indiana.
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