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Bank Closes Operation for Poor Credit Loans

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CHARLOTTE (AP) — Bank of America says it shut down its division that made loans to people with poor credit earlier this year.

Bank spokesman Jerri Franz says the bank quietly closed all 100 offices of NationsCredit. The lending unit had offices in the Southeast and mid-Atlantic.

The bank still operates EquiCredit of Jacksonville, Florida. The EquiCredit division generates loan through brokers and absorbed the NationsCredit loan portfolio during the second quarter.

EquiCredit has lower overhead costs than the other unit. Franz says the bank had wanted to sell the unit or close it and couldn't find a buyer who would meet the bank's requirements.