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BANKING & FINANCE

From Times Staff and Wire Reports

BofA Deal to Divest Disclosed: Oregon’s U.S. Bancorp has agreed to pay $70 million to buy 20 Northern California branches and 29 Nevada branches being sold as part of San Francisco-based BankAmerica Corp.'s pending merger with Los Angeles rival Security Pacific Corp. The sale is the first in BankAmerica’s previously announced divestiture of $7.3 billion in deposits to ease antitrust concerns over the merger. The branches being sold have $1.6 billion in deposits, and include both Security Pacific and Bank of America branches.


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