Citicorp to Buy Fifth-Largest Arizona Bank

Citicorp, the nation’s largest bank holding company, said Thursday that it has agreed to buy Great Western Bank & Trust, Arizona’s fifth-largest bank, effective Oct. 1, 1986.

Terms were not disclosed in a statement issued here by Citicorp. John Maloney, a Citicorp spokesman in New York, also declined to specify a price.

The transaction is subject to approval from regulatory agencies, Citicorp said in its statement.

The deal is the third announced acquisition involving an Arizona bank and an out-of-state bank since passage of the state’s new interstate banking law earlier this year. The new law will allow out-of-state banks to buy or merge with Arizona banks beginning in October, 1986.

Great Western, which is based in Phoenix, has 39 offices in Arizona and total assets of $556.5 million, according to the state Banking Department’s June 30 report.

Citicorp had $150.6 billion in assets as of Dec. 31, 1984. It lobbied for passage of the new Arizona law.

There have been two other announced acquisition agreements involving combinations of Arizona banks with out-of-state banks since the Arizona law was passed. Both deals are effective Oct. 1, 1986.

Security Pacific Corp. of Los Angeles agreed in August to acquire Arizona Bancwest, owner of the state’s third-largest bank, Arizona Bank.

United Bank of Arizona, the state’s fourth-largest bank, said Sept. 5 that its holding company would be sold to British-owned Union Bancorp of Los Angeles.