STATE : Security Pacific Has Record Profits

<i> From Times wire services </i>

Security Pacific Corp. today said its profits rose to a new quarterly record for the first quarter.

The Los Angeles-based bank, the nation’s sixth-biggest bank group, said its profits rose 22% to a record $179.3 million from the same quarter last year. Security Pacific said its higher first-quarter earnings reflected programs to build market share and control expenses.

Gains were achieved in all of the company’s major business groups, including its California bank, interstate banking network and financial services system, Chairman Richard Flamson III said.