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Bank of America Corporation To Sell Maine Branches


Bank of America Corporation (NYSE:BAC) has scheduled to sell 15 of its branches in Maine.

Bank of America Corporation To Sell Maine Branches

Bank of America Corporation (NYSE:BAC) announced that it has agreed to sell 15 branches in Maine to Camden National Bank, a local community lender.

According to the deal, Bank of America Corporation (NYSE:BAC) will also sell $414 million in deposits and $14 million in small business loans to Camden.

Camden will pay about a 3.7% premium on the deposits, or about $15.3 million.

The acquisition includes Bank of America Corporation (NYSE:BAC) branches in Auburn, Augusta, Bangor, Brewer, Gardiner, Lewiston, Newport, Old Town, Orono, Rockland and Waterville.

Brian Moynihan, Bank of America Corporation (NYSE:BAC) CEO, said that, “Bank of America Corporation (NYSE:BAC) is trying to shrink its branch network nationwide by about 750 branches. Bank of America Corporation (NYSE:BAC) wants to focus on large metropolitan areas. Bank of America Corporation (NYSE:BAC) considers selling branches in less populated areas”.

Bank of America Corp. (NYSE:BAC) stocks are currently standing at 8.21.

Bank of America Corporation To Sell Maine Branches
Price History
Last Price: 8.21
52 Week Low / High: 4.92 / 12.71
50 Day Moving Average: 8.71
6 Month Price Change %: 21.7%
12 Month Price Change %: -33.6%


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