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WEST ONE BANCORP COMPLETES ACQUISITION OF 38 BRANCHES FROM SECURITY PACIFIC CORP. IN WASHINGTON

 WEST ONE BANCORP COMPLETES ACQUISITION OF 38 BRANCHES
 FROM SECURITY PACIFIC CORP. IN WASHINGTON
 BOISE, Idaho, Sept. 3 /PRNewswire/ -- West One Bancorp (NASDAQ-NMS: WEST) today announced completion of its acquisition of 38 branches from Security Pacific Corp.
 West One assumed deposit liabilities of $1.1 billion and acquired loans of $800 million from Security Pacific as the result of a definitive agreement signed April 2, 1992, with Security Pacific Corp. and BankAmerica Corp. (NYSE: BAC) in conjunction with their merger.
 West One acquired 38 branches, three business banking centers, two private banking centers, an auto financing center and a specialty corporate banking center located primarily in the Puget Sound region.
 "West One will be the fifth largest commercial bank in Washington," said Dan Nelson, chairman and chief executive officer of West One Bancorp. "We have waited a long time for this opportunity and we look forward to the challenges ahead."
 West One's expansion into Washington began four years ago when the first of four community banks was purchased. The current acquisition increases West One's presence in Washington to 50 branches, $1.5 billion in assets and over 600 employees.
 West One Bancorp is a 125-year-old regional bank holding company headquartered in Boise, with $6.5 billion in assets and more than 200 offices in Idaho, Washington, Oregon and Utah.
 -0- 9/3/92
 /CONTACT: Michael J. Moser of West One Bancorp, 208-383-7474/
 (WEST) CO: West One Bancorp; Security Pacific Corp. ST: Washington, Idaho IN: FIN SU: TNM


LM -- SE010 -- 6668 09/03/92 17:11 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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