Printer Friendly

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 -- 3999 12/19/91 14:38 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 19, 1991
Words:262
Previous Article:NEW SOURCE OF FUNDING MAKES HOUSING MORE AFFORDABLE FOR EL PASO COUNTY HOME BUYERS
Next Article:FORD ANNOUNCES SERVICE ACTIONS
Topics:


Related Articles
SECURITY PACIFIC SHAREHOLDERS APPROVE MERGER
First American Financial and National Information Group Announce Approval By California Insurance Commissioner of Pending National Information Group...
BUSINESS NOTES STUDIOS TO BE USED FOR FILM ARCHIVES.
EDITORIAL : ANOTHER ONE BITES THE DUST; GLENDALE FEDERAL JOINS THE RANKS OF BIG BANKS LEAVING THE L.A. AREA.
Pacific Northwest Bancorp Agrees to Join Wells Fargo.
Another Large CB Shareholder Supports CPF's Offer.
Central Pacific Financial Corp. and CB Bancshares, Inc. Shareholders Approve Bank Merger.
Pacific Continental Corporation Completes Acquisition of NWB Financial Corporation.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters