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Security Pacific to Buy S.F. Bank

November 27, 1987|Associated Press

SAN FRANCISCO — Los Angeles-based Security Pacific Corp. will pay $21.5 million for American Asian Bank, which has seven branches and $232 million in assets.

American Asian, based in San Francisco, lost $3.18 million in 1985, but earned $412,000 last year.

If the Federal Reserve Band in San Francisco approves the deal, Security Pacific will rename the bank Security Pacific Asian Bank.

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