Northwest Bank announced completion of the acquisition of Bank of America (NYSE: BAC) locations in Spencer, Algona, Fort Dodge and Estherville, according to Spencer Daily Reporter.

The acquisition follows receipt of necessary regulatory approvals and banks in each location, which will be known as Northwest Bank going forward.

Commenting on the acquisition, Greg Post, president and CEO of Northwest Bank, said: "We are excited about the completion of this acquisition and welcome our new customers and employees to our growing organization. This opportunity supports our strategic plan of growing in the areas that we are familiar with and to continue to provide safe and secure financial products and services."

Apparently, First National Bank of Sioux City, a sister bank of Northwest Bank, owned by Northwest Financial Corp, has acquired a Bank of America branch in Sioux City, Spencer Daily Reporter has added.

Bank of America Stock Rating Gets Reaffirmed

Meanwhile, in a related development, Bank of America stock (BAC) received a "strong-buy," rating reaffirmation from the research analysts at Raymond James in a report released Monday. The stock currently has a $12.00 target price on the stock, Daily Political has reported.

Citigroup analysts raised their price target on Bank of America shares from $8.50 to $10.00 in a research note Sept. 17. They now have a “neutral” rating on the stock.

Analysts at Wells Fargo & Co. reiterated a “market perform” rating on Bank of America scrip in a research note to investors Sept. 17.

Zacks analysts reiterated a “neutral” rating on Bank of America shares in a research note to investors Sept. 5. They now have an $8.50-price target on the stock Daily Political has pointed out.

Bank of America (BAC) scrip closed flat Sept.24, at $9.1.