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Security Pacific State Bank

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BUSINESS
August 13, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
Security Pacific State Bank has been an experiment in state banking that turned into a growing, profitable business for its parent company, Security Pacific Corp. The state bank, created from the ruins of the failed Bank of Irvine seven years ago, is Orange County's largest bank, with assets of $430.2 million at the end of June. It is also the county's most profitable, posting net income of $4.2 million for the first six months of 1991.
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BUSINESS
August 13, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
Security Pacific State Bank has been an experiment in state banking that turned into a growing, profitable business for its parent company, Security Pacific Corp. The state bank, created from the ruins of the failed Bank of Irvine seven years ago, is Orange County's largest bank, with assets of $430.2 million at the end of June. It is also the county's most profitable, posting net income of $4.2 million for the first six months of 1991.
BUSINESS
January 14, 1989 | JAMES S. GRANELLI, Times Staff Writer
Bankers were a little surprised when Security Pacific Corp. formed a state-chartered bank 4 1/2 years ago to take over most of the $29 million in assets at the failed Bank of Irvine. After all, the company already owned Security Pacific National Bank, the state's second largest bank.
BUSINESS
July 2, 1990 | From United Press International
Security Pacific Bias Suit: An employment discrimination lawsuit was filed against Security Pacific Bank by a former employee who claims she was sexually harassed. The Los Angeles Superior Court case by Patricia E. Gough alleges that her former supervisor, Richard Rosenthal, became "hostile, constantly harassed her" and "made demeaning comments" after she stopped dating him.
BUSINESS
September 16, 1986
However, Federal Reserve Board approval of Security Pacific's acquisition of Phoenix-based Arizona Bancwest Corp. was conditional, requiring both the Arizona bank and a Security Pacific subsidiary, state-chartered Security Pacific State Bank of Irvine, to halt direct investment in real estate developments. Security Pacific will pay about $480 million for the parent company of Arizona Bank in a deal that has been pending since August, 1985.
BUSINESS
October 11, 1989 | MICHAEL FLAGG, TIMES STAFF WRITER
Security Pacific Corp. said Tuesday that it had bought Frost Trinen Partners, a small commercial real estate brokerage in Costa Mesa. The price was not disclosed. The transaction surprised local brokers. It is unusual--one bank analyst said unique--for a bank to own a brokerage. Richard N. Frost and Robert M. Trinen, founders of the 10-year-old firm, will stay on. That is significant because ordinarily a brokerage's most valuable assets are its brokers and their connections to clients.
BUSINESS
February 6, 1991 | James S. Granelli / Times staff writer
Big banks may like most of the Bush Administration's plan to overhaul the banking industry, but independent bankers in Orange County are more skeptical. "I don't think it's one that's going to breeze through Congress," said Clyde H. Gossert, chairman and chief executive of CommerceBank in Newport Beach. Duane Rickard, president of Security Pacific State Bank, said he expects that state banking officials throughout the nation will fight the bill because it limits the officials' authority.
BUSINESS
July 2, 1990 | From United Press International
Security Pacific Bias Suit: An employment discrimination lawsuit was filed against Security Pacific Bank by a former employee who claims she was sexually harassed. The Los Angeles Superior Court case by Patricia E. Gough alleges that her former supervisor, Richard Rosenthal, became "hostile, constantly harassed her" and "made demeaning comments" after she stopped dating him.
BUSINESS
January 14, 1989 | JAMES S. GRANELLI, Times Staff Writer
Bankers were a little surprised when Security Pacific Corp. formed a state-chartered bank 4 1/2 years ago to take over most of the $29 million in assets at the failed Bank of Irvine. After all, the company already owned Security Pacific National Bank, the state's second largest bank.
CALIFORNIA | LOCAL
May 10, 1985 | BILL FARR, Times Staff Writer
Former Bank of Irvine vice president Nelson Hallidy was indicted Thursday by a Los Angeles federal grand jury on charges that he helped Orange County businessman W. Patrick Moriarty launder $196,600 in bank transactions to avoid Internal Revenue Service reporting requirements. The 61-year-old Hallidy could be imprisoned for 42 years and fined more than $3.5 million for the alleged scheme. He is scheduled to be arraigned May 20 on the 10-count indictment.
NEWS
May 10, 1985 | BILL FARR, Times Staff Writer
Former Bank of Irvine vice president Nelson Hallidy was indicted Thursday by a Los Angeles federal grand jury on charges that he helped Orange County businessman W. Patrick Moriarty launder $196,600 in bank transactions to avoid Internal Revenue Service reporting requirements. The 61-year-old Hallidy could be imprisoned for 42 years and fined more than $3.5 million for the alleged scheme. He is scheduled to be arraigned May 20 on the 10-count indictment.
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