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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.

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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.

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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.

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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

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