Feds just closed down Security Pacific Bank

KFI Los Angeles AM640 ^ | 11/7/08 | KFI Los Angeles

[dragnet2]

Will open Monday under new receivership.

Just breaking.

Announced at on Friday evening.. Oh yeah.

[Publius]

This can’t be the Security Pacific Bank that was acquired by Bank of America in 1992. So what is this entity?

[martin_fierro]

PWN3D

[Not A Snowbird]

There apparently is a “Security Pacific Bank” in southern california. From their website:

“On November 7, 2008, Pacific Western Bank acquired all insured and uninsured deposits and branches of Security Pacific Bank.”

Curious. I remember Security Pacific Bank from my EARLY days. I even banked there for awhile. Haven’t actually seen one in years.

[anniegetyourgun]

The consolidation of wealth in the hands of a few (and government) will certainly come in handy for the new prez.

[Shellback Chuck]

Too bad they can’t shut down HSBC. Or at least kick them out of the country.

[rabscuttle385]

Two-for-one special tonight, folks!

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[rabscuttle385]

Ping!

[rabscuttle385]

Failed Bank Information for Security Pacific Bank, Los Angeles, CA

[Jet Jaguar]

Oh goody! We, the taxpayer, owns and is now responsible for another company run into the ground by overregulation.

[Publius]

I worked for Security Pacfic Bank in Seattle from 1989 to 1992. In September 1992, Bank of America completed its acquisition of Security Pacific Bank in all states in which it operated.

Because Seattle First National Bank (the B of A subsidiary in Washington state) was the largest bank in the state and Security Pacific was the second largest, one half of Security Pacific in Washington was split between Key Bank of New York and WestOne of Idaho.

To my knowledge there wasn't a similar split in California, but maybe I've just been out of the loop for too many years.

[Not A Snowbird]

Could also have been a totally different bank. If I recall, the one I banked at was in the Bay Area.

[PugetSoundSoldier]

What’s wrong with HSBC? Just curious...

[Amerigomag]

Security Pacific Bank opened its doors in December 1981 as Golden Pacific Bank, a local community bank serving the Inland Empire. In August 1999 the bank expanded into downtown Los Angeles and West Los Angeles and the name was changed to Network Bank USA. In February 2005 we changed our name to Security Pacific Bank in order to more accurately ...

[hoosiermama]

I worked for a Security Pacific Bank when I lived in CA in ‘69. All of their branches were in the northern part of the state. Is this the same bank?

[Publius]

That Security Pacific Bank was the one I worked for. B of A bought it in '92.

The one that failed today is different. It looks like it bought the name (maybe from B of A) for better brand recognition.

[TenthAmendmentChampion]

I thought they were out of business years ago. They abandoned the tallest building in Fresno back in the 1970s. It’s a gorgeous building now being rebuilt into lofts - very exclusive place.

[MrPiper]

And when the Feds own everything except Walmart? An old song about a company store comes to mind.

[RichardW]

Well, they just shut down my bank in Texas. FDIC at the bank as I type this.

[The Duke]

Feds just closed down Security Pacific Bank

Oh, is it Friday already???