Security Pacific Dropped Merger Talks: Security Pacific...
From Times Staff and Wire Reports
Security Pacific Dropped Merger Talks: Security Pacific was negotiating in January to buy Pacific Western Bancshares, a large San Jose banking firm, but talks broke down, sources said. Those sources confirmed that the reason was a fall in the price of Security Pacific’s stock, which would have been swapped for Pacific Western shares. Security Pacific executives have been frustrated in recent months at the lackluster performance of the Los Angeles bank’s stock because it limits their ability to buy other banks through stock swaps. Both banks declined comment.
