Security Pacific Agrees to Buy Nevada Bank

Security Pacific, in a move to expand its Western banking network, said Tuesday that it has agreed to purchase Nevada National Bancorporation for $31 million.

Earlier this month, Los Angeles-based Security Pacific completed its $480-million acquisition of Arizona Bancwest, that state’s third-largest banking company.

Nevada National, with assets of $639 million, is the parent of Nevada National Bank, the state’s third-largest, with headquarters in Reno and 26 branches statewide.

The deal is subject to shareholder and regulator approvals. If approved, it would be effective after Jan. 1, 1989, when Nevada legislation allows interstate bank acquisitions.

Nevada National Chairman William E. Martin said the proposed merger would be advantageous to the banks’ shareholders and customers. “We are delighted that a company of the size and stature of Security Pacific would take this strong interest in acquiring Nevada National.”

For Security Pacific, the nation’s seventh-largest banking firm, the move represents a further geographical expansion in its chief retail marketplace, the Western United States.

“Through Nevada National, we welcome the opportunity to do business in the state of Nevada, which has a prospering economy and excellent growth potential,” Robert H. Smith, Security Pacific vice chairman, said.