February 20, 1992 |
Legislators in Arizona on Wednesday joined the effort to impede BankAmerica Corp.'s union with Security Pacific when a measure was introduced into the state's Senate that would restrict the percentage of deposits a newly merged bank can hold in the state. The bill, moved along by one legislative committee on a 5-4 vote, closely resembles a measure making its way through the Legislature in the state of Washington, where B of A's potential antitrust problems are much more severe.
April 1, 1992 |
Key ARM Rate Drops: The 11th District cost of funds index, the measurement most widely used in setting adjustable-rate mortgages in California, fell again in February to 5.800% from 6.002% in January. Homeowners with ARMs tied to the index typically pay an interest rate set from 2 to 2.5 percentage points higher than the index. The index, compiled by the Federal Home Loan Bank of San Francisco, measures the costs of money for thrifts in California, Nevada and Arizona.
March 13, 1992 |
The Justice Department said Thursday that the fifth-largest bank in Arizona will be created when BankAmerica Corp. sells 49 branches in the state to gain approval for its merger with Security Pacific. The branches have deposits of $2.4 billion and loans of $225 million. They will be divested by BankAmerica to assure that competition remains strong in Arizona, the department said in a letter to the Federal Reserve Board, which must approve the merger.
February 9, 1990 |
First Interstate Bancorp revealed Thursday that the Securities and Exchange Commission has expanded its investigation of the company to include the firm's troubled Arizona operations. In an amended filing with the SEC, First Interstate also revealed that it is providing the Arizona operations with another $91 million in capital. And its upcoming stock offering is expected to generate $275 million, not the $325 million that had been expected.