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BUSINESS
March 14, 1991
Ronald S. Parker, a senior Wells Fargo Bank corporate lending executive, has defected to Security Pacific Bank. Parker was named to head Los Angeles-based Security Pacific's corporate banking activity. In its announcement, Security Pacific inexplicably did not identify rival Wells as his previous employer, saying only that Parker's "most recent assignment was heading corporate banking for another California bank." Parker, 46, worked for Security Pacific in corporate banking from 1972 to 1984.
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ENTERTAINMENT
June 14, 2013 | By Sean O'Connell
Long Beach's Pine Avenue has had its ups and downs over the last few decades. After a determined rebirth in the 1990s, a tide of prosperity rolled into the time-worn neighborhood with a bustling night life scene. That tide receded with newer developments elsewhere around town, and Pine Avenue fell into an awkward state of transition as it struggled to compete with amenities such as a Ferris wheel and a world class aquarium. However, the newly opened Federal Bar aims to bring revelers back to Pine Avenue by offering a restaurant and a music venue in the cavernous yet elegant Security Pacific National Bank building.
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BUSINESS
April 22, 1992 | TOM FURLONG
1889: Investor Joseph Sartori opens Security Savings Bank & Trust Co. in Los Angeles. 1904: Absorbs Security Main St. Savings Bank--the first of six acquisitions before World War I. 1927: Makes first installment mortgage loans. 1929: Enters banking big leagues by merging with its main competitor, First National Bank. Security-First National has 157 branch offices, $600 million in assets and 3,500 employees. 1937: Opens a new drive-in branch office in Vernon, drawing international attention.
BUSINESS
November 8, 2008 | E. Scott Reckard, Reckard is a Times staff writer.
Crippled by loans to Inland Empire developers and home builders, Security Pacific Bank of West Los Angeles was shut down Friday by regulators, who said L.A.-based Pacific Western Bank would take over its four branches. Depositors of the failed bank will have their $450 million in accounts transferred to 60-branch Pacific Western, which also is buying some of Security Pacific's loans, the California Department of Financial Institutions and the Federal Deposit Insurance Corp. said.
BUSINESS
February 28, 1986
Jerry Neely is chairman of Smith International, which is facing probable default on substantially all of its $260-million debt. Security Pacific is Smith International's largest lender. Both Smith and Security Pacific confirmed that Neely resigned from the board of directors of Security Pacific National Bank and its parent, Security Pacific Corp., to avoid a conflict of interest during ongoing negotiations between Smith and its bank creditors.
BUSINESS
May 28, 1986
The Los Angeles banking firm said it has received approval from British authorities to underwrite certain classes of insurance, including life and credit-related general insurance lines such as accident and health. The company has set up two subsidiaries in London to sell insurance: Security Pacific Assurance Ltd. and Security Pacific Insurance Ltd.
NEWS
January 16, 1990 | From Times Wire Services
Robert H. Smith succeeded Richard J. Flamson III today as chief executive officer of Los Angeles-based Security Pacific Corp., the nation's fourth-largest bank holding company. Flamson, 60, said he will continue to serve as chairman of the board, with Smith, 54, becoming president and chief executive officer of Security Pacific Corp. and chairman of the board of Security Pacific National Bank.
BUSINESS
December 31, 1986
Westamerica Bancorp, based in San Rafael, Calif., said it has agreed to drop its lawsuit against Security Pacific and hold talks with the Los Angeles-based bank company about a possible friendly merger. As part of the agreement, Security Pacific reportedly is withdrawing its application to the Federal Reserve Board for approval to acquire Westamerica, a Northern California bank holding company with $1.11 billion in assets.
BUSINESS
July 1, 1987
The Federal Reserve said it approved Security Pacific Corp.'s application to acquire Wells Fargo Business Credit Inc., the commercial finance arm of Wells Fargo & Co. The Fed, noting that Wells Fargo had decided to withdraw from the commercial finance business, said the deal would not lead to undue concentration, unfair competition or other adverse effects.
BUSINESS
March 25, 1986
Attempting to capitalize on uncertainty caused by the pending acquisition of Crocker National Corp. by Wells Fargo & Co., Security Pacific Chairman and Chief Executive Richard J. Flamson III is calling on Crocker's corporate customers and is hosting parties for San Francisco business leaders. "There's going to be a period of time where (Crocker's) accounts, major customers, are worried" about the impending takeover by Wells Fargo, Flamson said at a San Francisco press luncheon.
CALIFORNIA | LOCAL
February 11, 2006
Security Trust & Savings Bank opened at 148 S. Main St. Co-founder Joseph Francis Sartori went on to become one of Los Angeles' leading bankers and was still chairman of Security when he died in 1946 at age 87. After several mergers and name changes, the company Sartori helped found, by then known as Security Pacific National Bank, built a 54-story headquarters atop Bunker Hill in 1974. It was the tallest building in the city at the time.
CALIFORNIA | LOCAL
June 22, 2000
Russell Adams Freeman, 67, the last general counsel of Security Pacific Bank and its parent corporation, who helped draft codes for bankers. A native of Albany, N.Y., who was educated at Amherst College, Albany Law School and USC, Freeman was in the legal department of Security First National Bank, which became Security Pacific, from 1959 until it merged with Bank of America in 1992.
NEWS
January 5, 2000 | EDMUND SANDERS, TIMES STAFF WRITER
Carl E. Hartnack, who began his career at Security Pacific Bank as a 17-year-old messenger and rose through the ranks to lead one of California's largest financial institutions, died Tuesday in Santa Barbara of Alzheimer's disease. He was 83. Hartnack, who retired as chairman of Los Angeles-based Security Pacific National Bank in 1982, oversaw the bank's statewide and international expansion, and was an advocate for the redevelopment of downtown Los Angeles in the 1970s.
BUSINESS
October 1, 1999 | WALTER HAMILTON, TIMES STAFF WRITER
The Securities and Exchange Commission on Thursday charged a former Pacific Exchange trader with securities fraud for allegedly trying to avoid losing trades by claiming they were done by other investment firms. The SEC said Edward R. Cox and his firm, Los Angeles-based Cox Securities, sought to assign responsibility for more than 1,000 losing trades worth more than $1.5 million to at least 34 investment firms.
BUSINESS
October 31, 1998 | DEBORA VRANA, TIMES STAFF WRITER
Merger negotiations between the Pacific Exchange and the Chicago Board Options Exchange are taking longer than expected as both sides continue to wrangle over key issues, including a new trading facility in San Francisco, sources close to the negotiations said.
BUSINESS
July 24, 1998 | DEBORA VRANA, TIMES STAFF WRITER
Confirming weeks of speculation, the Pacific Exchange and the Chicago Board Options Exchange said Thursday they have agreed to combine into one market that will handle the bulk of the nation's trading in stock option contracts. And as expected, the deal puts in jeopardy the future of the Pacific's downtown Los Angeles trading floor, as the new entity chooses to focus on the more lucrative options business.
BUSINESS
April 1, 1989
Security Pacific National Bank's 552 branches will be open from 9 a.m. to 1 p.m. on Saturdays, beginning April 15. The announcement Friday by the state's second largest bank came a day after Bank of America, the state's largest, said its 850 branches would be open longer hours. B of A branches will be open from 9 a.m. to 1 p.m. on Saturdays starting April 15 and until 6 p.m. on Fridays starting April 14. Earlier in March, Security Pacific extended hours at its branches to 7 p.m.
CALIFORNIA | LOCAL
March 5, 1998
An Encino mortgage broker pleaded guilty Wednesday to a federal charge of scheming to defraud Security Pacific National Bank of $1.2 million, according to the U.S. Attorney's Office. Ron Amiran, 60, a fugitive for seven years, controlled several Encino-based businesses involved in the mortgage and title industry, according to the U.S. Attorney's Office in Los Angeles.
BUSINESS
May 30, 1996 | JESUS SANCHEZ, TIMES STAFF WRITER
Arco Products Co. on Wednesday said it will move its headquarters from the so-called West Bank of downtown Los Angeles--the once red-hot commercial real estate market west of the Harbor Freeway--to a prime skyscraper on Bunker Hill. Arco Products, the marketing and refining arm of Los Angeles-based energy giant Arco, said it will relocate about 500 workers into eight floors in the former headquarters of the now-defunct Security Pacific Bank.
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