Security Pacific: A History
1889: Investor Joseph Sartori opens Security Savings Bank & Trust Co. in Los Angeles.
1904: Absorbs Security Main St. Savings Bank--the first of six acquisitions before World War I.
1927: Makes first installment mortgage loans.
1929: Enters banking big leagues by merging with its main competitor, First National Bank. Security-First National has 157 branch offices, $600 million in assets and 3,500 employees.
1937: Opens a new drive-in branch office in Vernon, drawing international attention.
1951: The bank unveils the Hopalong Cassidy Savers Club and Saving Rodeo for children. With a deposit of $2, savers receive a plastic savings bank and a “personal letter” from the famous cowboy.
1956: Acquires Farmers & Merchants Bank of Los Angeles, which opened in 1871.
1968: Security-First merges with San Francisco-based Pacific National Bank, forming Security Pacific National Bank.
1971: A holding company--known as Security Pacific Corp.--is formed.
1974: Builds a 54-story headquarters on Bunker Hill, then the tallest building in L.A.
1978: Richard J. Flamson III takes over company’s helm and launches it on large-scale expansion.
1984: Moves into international arena by buying into a stock brokerage firm in England.
1985: Begins major regional expansion by acquiring a large bank in Arizona.
1987: Sets aside more than $900 million for bad loans to developing countries.
1988: Earns a record $638 million.
1989: Becomes the fifth-largest bank holding firm in U.S.
1990: Severe loan problems appear; scales back its global ambitions and dismantles its merchant banking operation.
1991: Announces merger with Bank of America on Aug. 12; real estate and other losses mount.
1992: Security Pacific posts losses of $775 million for ’91 and $496 million in the first three months of this year. Merger completed today and Security name passes into history at age 103.
Source: Security Pacific, Los Angeles Times, news reports