BOA selling it's branches to Old National Bank, AKA: no profit in Michigan banks.
EVANSVILLE, Ind., Jan. 9, 2013 (GLOBE NEWSWIRE) -- Old National Bancorp (ONB) announced today that its bank subsidiary, Old National Bank, entered into a purchase and assumption agreement to acquire 24 retail bank branches of Bank of America. The branches are located in the Northern Indiana cities of South Bend and Elkhart, and the Southwest Michigan cities of Adrian, Battle Creek, Benton Harbor, Blissfield, Brooklyn, Constantine, Jackson, Kalamazoo, Niles, Paw Paw, Portage, and St. Joseph.
Deposit and loan balances to be included in the transaction were $778.8 million and $7.7 million, respectively, as of August 2012. This transaction is subject to regulatory approval from the Office of the Comptroller of the Currency (OCC) and the satisfaction of customary closing conditions.
With $9.4 billion in assets, Old National is the largest financial services holding company headquartered in Indiana. This acquisition will position Old National with more than 200 banking centers and enables the company to expand its branch network in Northern Indiana and into the communities of Southwest Michigan. Old National does not anticipate any job losses as a result of this transaction.
Actually not true. BAC isn't just too big to fail... its WAY too big to fail. During the financial crisis Congress and the FDIC waived the maximum deposit limits banks were allowed have share wise to stablize the entire system. You will see much more of this one off activity where small regions are sold off so that banks will be able to once again comply with the old maximum share percentages. BAC will keep the city cores and dump the rural branches where there will be less ability to cross sell weath management and commercial.