Security Pacific Bank Unit Acquires Discount Broker
Security Pacific National Bank said Wednesday that its discount stock brokerage unit has acquired this city’s C. D. Anderson & Co., a discount brokerage with more than 20,000 brokerage accounts. Terms weren’t disclosed.
The acquisition represents an invasion by the Southern California banking giant into the home turf of rival BankAmerica Corp. and its Charles Schwab & Co. discount brokerage unit. Both are headquartered in San Francisco.
Security Pacific, a unit of Los Angeles-based Security Pacific Corp., said Anderson’s accounts, which are concentrated in Northern California, will add to its discount brokerage unit’s market penetration. The deal brings Security Pacific Brokers Inc.'s account base to 250,000--about a quarter of the size of Schwab’s account base.
Anderson’s 1984 revenue was about $2 million, while Security Pacific Brokers posted 1984 revenue of $16 million. Anderson’s office here, located across the street from the Bank of America building, brings the total number of Security Pacific Brokers offices to 20.