BANKING/FINANCE

Purchase Completed: Royal Trustco Ltd., the Toronto financial services conglomerate that bought Pacific Savings Bank in Costa Mesa in mid-October, has completed its purchase of Pacific First Financial Corp., a Seattle thrift holding company.

And the Seattle firm has completed its previously announced purchase of the California-based residential real estate construction lending unit of Old Stone Bank, a federal S&L; based in Providence, R.I.

Like the purchase of Pacific Savings, the purchase of the Old Stone assets will help Royal Trust establish a thrift operation along the West Coast. Pacific First Financial operates S&Ls; in Washington and Oregon and manages Pacific Savings, now called Pacific First Bank. Eventually, all thrift operations will be merged into one and will be run out of Seattle.

As part of its deal to acquire Pacific First Financial, Royal Trust agreed to sell over time about 1.4 million shares of Glenfed Inc., the Glendale holding company of Glendale Federal Savings & Loan. Royal Trust had acquired 9.5%, or about 2.5 million shares, of Glenfed and must reduce its holdings to less than 5% to comply with federal law.