BANKING

FDIC OKs Bank Branch Sale: Union Bank received notice of approval from the Federal Deposit Insurance Corp. to acquire 33 former Security Pacific National Bank branches. There is a 30-day waiting period for a Justice Department review, and the application must be approved by the state Banking Department. The branches in Central and Southern California are being sold to meet divestiture requirements in connection with the merger of BankAmerica Corp. and Security Pacific. Union Bank will acquire about $1.2 billion in deposits and a consumer and commercial loan portfolio of about $120 million when the acquisition is completed.