BANKING & FINANCE - Oct. 28, 1992
From Times Staff and Wire Reports
Pacific First Bank to Be Acquired: Washington Mutual Savings Bank said it signed a definitive agreement to acquire Pacific First Bank for $663 million in cash. Under the agreement, Seattle-based Washington Mutual will purchase all stock outstanding of Pacific First’s parent, Pacific First Financial Corp., from RT Holdings Inc., a unit of Toronto-based Royal Trustco Ltd. Before closing the deal, Pacific First must either complete its previously announced exchange of 10 branches in California for Great Western Bank’s 14 branches in Washington, or sell its California branches, which would reduce Washington Mutual’s current purchase price.
