Wachovia Corp. plans to sell more than 100 vacant branches to a real estate company with plans to generate more than $150 million, American Banker reports.

The $812 billion-asset Charlotte company has sold 39 branches to American Realty Capital Trust Inc. for about $53 million, a spokesman for the New York real estate company said Monday. The sales, completed over the last month but scheduled to be announced today, include branches in Florida, New Jersey, and Texas.

Wachovia has agreed to sell at least 70 more branches to American Realty over the next year, the spokesman said. That could generate another $100 million.

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