The Justice Department agreed Monday not to challenge the merger of two Pacific Northwest banks so long as they sell off 27 branch offices with deposits of more than $600 million.
U.S. Bancorp of Portland, Ore., agreed to sell offices in Washington and Oregon in order to win antitrust division approval for its merger with West One Bancorp of Boise, Idaho.
The department advised the Federal Reserve System that U.S. Bancorp “has entered into definitive agreements with competitively suitable purchasers” for the sale of 24 West One offices and 3 U.S. Bancorp branches. It said U.S. Bancorp agreed the sale would be completed within six months after the merger of the two banks’ combined 688 branches.
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