Terms of Security Pacific’s Oregon deal changed.

Orbanco Financial Services said the terms of its proposed acquisition by Los Angeles-based Security Pacific Corp. have been modified. The original purchase terms for each share of Orbanco stock were to have been $14 in Security Pacific common stock plus Security Pacific preferred stock worth a maximum of $3.50. The preferred stock portion has now been replaced by $1.50 in cash, the banks said. The deal still requires shareholder and regulatory approvals.