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BUSINESS
April 11, 1989 | DOUGLAS FRANTZ, Times Staff Writer
BankAmerica said Monday that it will buy a small savings bank in Tacoma, Wash., marking the big banking company's first acquisition since 1983. The San Francisco-based parent of Bank of America said it has agreed to acquire American Savings Bank in a stock exchange valued at about $68.6 million. The savings bank, with $640 million in assets and 22 offices, will become part of Seattle-First National Bank, a subsidiary of BankAmerica. "The deal is probably of more symbolic value than anything else," said Dan B. Williams, an industry analyst in the San Francisco office of Sutro & Co., a regional investment firm.
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BUSINESS
January 9, 1990 | HARRY BERNSTEIN
The campaign recently started by a major union against Bank of America just might serve as an intriguing example of how billions of dollars in workers' pension funds can be used as an alternative to strikes in many instances.
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BUSINESS
January 9, 1990 | HARRY BERNSTEIN
The campaign recently started by a major union against Bank of America just might serve as an intriguing example of how billions of dollars in workers' pension funds can be used as an alternative to strikes in many instances.
BUSINESS
April 11, 1989 | DOUGLAS FRANTZ, Times Staff Writer
BankAmerica said Monday that it will buy a small savings bank in Tacoma, Wash., marking the big banking company's first acquisition since 1983. The San Francisco-based parent of Bank of America said it has agreed to acquire American Savings Bank in a stock exchange valued at about $68.6 million. The savings bank, with $640 million in assets and 22 offices, will become part of Seattle-First National Bank, a subsidiary of BankAmerica. "The deal is probably of more symbolic value than anything else," said Dan B. Williams, an industry analyst in the San Francisco office of Sutro & Co., a regional investment firm.
BUSINESS
April 20, 1987
The Henry J. Kaiser Family Foundation has named Richard P. Cooley, chairman and CEO of Seattle-First National Bank, to its board of trustees. The foundation, based in Menlo Park, disburses $15 million per year for projects in health and medicine.
NEWS
December 28, 1986
Seattle First National Bank has been fined $25,000 by the Commerce Department, which said the bank gave Arab officials information related to the Arab League's boycott of Israel. Lawyers for the bank neither admitted nor denied the accusations in the consent settlement, according to a statement from the department.
BUSINESS
September 21, 1990 | JAMES BATES
Richard P. Cooley, 66, who helped BankAmerica Corp. turn the once-struggling Seafirst Corp. into one of the San Francisco banking firm's most profitable units, announced that he is retiring as head of the Seattle unit at year-end. Cooley is chairman and chief executive of Seafirst Corp. and Seattle-First National Bank. Luke Helms, 46, president of Seafirst's Seattle-First National Bank, will succeed Cooley, who led Seafirst for seven years. Kevin B.
REAL ESTATE
May 17, 1987
In David Myers' article on the Federal Home Loan Bank Board study (May 10), I suspect there is more than meets the eye. The problems that sank Continental Illinois Bank (your numbers by the way are incorrect) stemmed from its decision to be an 'Energy Lender' and its subsequent purchases of undocumented, secondary loans. These loans were secured by oil leases and oil drilling chattels related to oil and gas exploration. What appraisals? The source of this funny paper was the Penn Square Bank of Oklahoma City, and before its failure in mid-1985, it sold $1 billion worth to C.I.B.
BUSINESS
April 18, 1989 | DOUGLAS FRANTZ, Times Staff Writer
In its second acquisition in as many weeks, BankAmerica said Monday that it has signed an agreement to buy the parent of Nevada First Bank. With headquarters in Reno, Nevada First operates 14 branches in Nevada and has assets of $200 million. It is the state's fifth-largest bank. Its parent is Nevada First Development Corp. A spokesman for BankAmerica said the purchase price would not be disclosed because the 5-year-old Nevada banking company is privately held by its founders, Sidney B. Stern and his wife, Vera L. Stern.
CALIFORNIA | LOCAL
January 8, 1992 | ADRIANNE GOODMAN
A New York firm has lowered the bond rating for the Hacienda de Camarillo III housing development after the developer missed three monthly loan payments on the project, an official from the firm said Tuesday. Fitch Investors Services lowered the rating for $9.6 million in bonds issued on the project, which was completed about four years ago, from a BB rating to a CCC, said Vincent J. Barberio, vice president of the firm's public finance department. The highest possible bond rating is AAA.
REAL ESTATE
August 4, 1985
What is being called "an outstanding example of a cooperative town-and-gown relationship between a university and neighboring municipal government" is enabling a new type of on-campus housing to be built at Cal Poly Pomona by next fall. Known as University Village, the $3.4-million project, which will house 400 people, is being built by Mark A. Temple Construction of Palm Springs with no federal or state funds but by tax-exempt, multifamily housing revenue bonds issued by the city of Pomona.
BUSINESS
July 9, 1986 | From Times Wire Services
Seafirst Corp. said it has reached an out-of-court settlement with five of its former top executives over blame for $800 million in bad energy loans by Seattle-First National Bank in the early 1980s. The former officers of Washington state's largest bank were ousted in 1982, when the collapse of Penn Square Bank in Oklahoma City left Seafirst teetering as well. Many of the bad energy loans that led to Penn Square's collapse had been guaranteed by Seafirst.
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