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SECURITY PACIFIC SHAREHOLDERS APPROVE MERGER

 SECURITY PACIFIC SHAREHOLDERS APPROVE MERGER
 LOG ANGELES, Dec. 19 /PRNewswire/ -- Security Pacific (NYSE: SPC)


shareholders voted overwhelmingly today to merge with BankAmerica Corporation (NYSE: BAC). The merger, which was approved by 97.75 percent of the votes cast by Security Pacific common stockholders, is expected to be completed during the spring of 1992, subject to regulatory approval.
 BankAmerica Corporation shareholders also met at a special meeting today in San Francisco to vote on the merger.
 The combined organization, to be called BankAmerica Corporation, will be the nation's second largest bank holding company with major franchises in key regional, national, and global markets as well as the largest branch network of any existing U.S. banking company.
 Richard M. Rosenberg, BankAmerica's chairman of the board and chief executive officer, will be the new institution's chairman and chief executive officer. Robert H. Smith, Security Pacific's chairman of the board and chief executive officer, will be president and chief operating officer.
 The merger agreement was approved by the boards of directors of both institutions in August and announced publicly at that time. Under the terms of the merger, each share of Security Pacific Corporation common stock is to be converted into 0.88 of a share of BankAmerica Corporation common stock. In addition, each share of Security Pacific Corporation preferred stock is to be converted into similar securities of the new institution.
 -0- 12/19/91
 /CONTACT: Dick Warner of Security Pacific, 213-345-6836/
 (SPC BAC) CO: Security Pacific Corp; BankAmerica Corp. ST: California IN: FIN SU:


SE -- LA019 -- 4111 12/19/91 17:10 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 19, 1991
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