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In 1985, a class action lawsuit against Security Pacific accused it of overcharging some 2,500 trust accounts going back to 1974. [2] Also in 1985, Security Pacific acquired The Arizona Bank. [3] In 1986, SPNB acquired California Pacific National Bank, a small bank that primarily served Los Angeles' Chinese business community, for US$11.5 million.
The Civic Center Financial District is a historic district composed of five buildings near the intersection of Colorado Boulevard and Marengo Avenue in Pasadena, California. The Security Pacific Building and the Citizens Bank Building are located at the intersection itself and considered the centerpieces of the district, while the MacArthur ...
Bank of America Plaza, formerly Security Pacific Plaza, is a 55-story, 224.03 m (735.0 ft) class-A office skyscraper on Bunker Hill, Los Angeles, California.It was completed in 1974 with the headquarters of Security Pacific National Bank, Capital Group Companies and Sheppard, Mullin, Richter & Hampton as its main tenants.
A company veteran, he joined Home Savings as a loan agent in 1960 and was elected CEO of the subsidiary in 1967. Under Deihl's leadership, Ahmanson company avoided the high returns from junk bonds during the mid-1980s, preferring to rely on the safer 1% to 1.5% earnings garnered from a home loan. It was a prescient decision.
On July 1, 2008, the company announced the sale of its home lending division to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion in debt and the sale of its manufactured housing loan portfolio, with a face value of $470 million in loans, to Vanderbilt Mortgage and Finance for approximately $300 million. [17] [18]
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In the aftermath of the 2007–2008 financial crisis, the bank acquired the assets and deposits of several banks that failed: it acquired Security Pacific Bank of Los Angeles in November 2008, [10] Affinity Bank of Ventura, California in August 2009, [11] and Los Padres Bank of Solvang in August 2010. [12]
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