BANKING & FINANCE - July 30, 1992

Security Pacific to Lay Off 1,000 in Washington State: The bank will lay off 1,000 employees in Washington between Labor Day and the end of the year, tripling the number originally estimated as a result of its merger with BankAmerica. The layoffs will begin after Sept. 3, when KeyCorp takes over the 48 Security Pacific branches it has acquired and West One Bancorp takes over 38. Seafirst, Washington’s largest bank and a BankAmerica subsidiary, has already taken over Security Pacific’s other 82 branches in Washington, closing some and converting others to Seafirst branches. When the September transfer is completed, the other three banks will have taken on about 3,300 of the 4,300 Security Pacific employees remaining. About 600 Security Pacific employees have already been laid off since the merger.