Banner Bank completed the sale of its Utah branches and related assets and liabilities to People’s Intermountain Bank, a banking subsidiary of People’s Utah Bancorp.

Under the terms of the purchase and assumption agreement, the sale included approximately $250 million in loans, $165 million in deposits and all of Banner Bank’s seven Utah branches located in Provo, Orem, Salem, Springville, South Jordan, Salt Lake City and Woods Cross.

The branches will operate under the name of Bank of American Fork, a division of People’s Intermountain Bank. The deposit premium is estimated to be approximately $13.4 million based on average deposits at closing.

Banner is a $10.2 billion bank holding company operating two commercial banks in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans.