Coming in May there will no longer be a Bank of America in Payson.
Washington Federal, Inc. recently announced it bought 23 Arizona and Nevada branches from Bank of America.
For customers, it means most savings, checking, CDs and money market accounts will be transitioned to Washington Federal.
“When the accounts are transitioned to Washington Federal’s computer systems, we will need to assign new routing and account numbers and will be issuing new debit and ATM cards,” said Brent Beardall, Washington Federal’s chief financial officer.
However, mortgage loans, credit cards and some business accounts will remain with Bank of America.
“It’s our goal to have new debit cards and checks in the hands of the clients before the conversion weekend, May 2,” Beardall said. “Again, Bank of America credit cards are not part of this agreement and will remain with Bank of America.”
Washington Federal will operate the current Bank of America branch and all of its accounts. Washington Federal plans to offer employment to all existing Bank of America workers.
Pending regulatory approvals, the deal is expected to close the weekend of May 2-5.
Beardall said customers could opt out of joining Washington Federal.
“We realize there are certain clients who travel frequently or for other reasons wish to remain with Bank of America,” he said. “Of course, we encourage clients to explore banking with Washington Federal so they can continue to enjoy the service level and convenience of local bankers right in their community.”
To opt out, contact the Payson branch for more information.
“We enthusiastically welcome all new employees and customers joining us by virtue of this agreement,” said Roy M. Whitehead, chair, president and CEO.
Washington Federal, with headquarters in Seattle, has 235 branches in eight western states. Once the transaction is complete, the number of branches will increase to 258.
Other Arizona BofA branches that will become Washington Federal include those in Globe, Show Low, Parker, Safford, Benson, Bisbee, Douglas and two in Yuma and Nogales.