Security Pacific acquired a Canadian bank.
The Los Angeles-based bank holding company said its Canadian unit would merge with Morguard Bank of Canada, headquartered in Vancouver, to create Security Pacific Bank Canada. The new unit, with combined assets of about $363 million, will be based in Vancouver, British Columbia, with branches in Toronto, Montreal, Edmonton and Calgary. Separately, Security Pacific filed with the SEC for a proposed offering of 2.5 million common shares. The bank said it would use the proceeds to fund investments at subsidiaries and to boost capital at Arizona Bancwest, which it is buying.
For the record:
12:00 a.m. Nov. 28, 1985 FOR THE RECORD
Los Angeles Times Thursday November 28, 1985 Home Edition Business Part 4 Page 2 Column 3 Financial Desk 2 inches; 53 words Type of Material: Correction
The purpose of a proposed common stock offering by Security Pacific Corp. was incorrectly described in Wednesday’s editions of The Times. Funds from the offering of 2.5 million common shares would be used primarily to invest in the activities of subsidiaries and to boost Security Pacific’s capital in anticipation of its acquisition late next year of Arizona Bancwest Corp.
