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WEST ONE BANCORP TO ACQUIRE 38 BRANCHES FROM SECURITY PACIFIC IN WASHINGTON, THREE BRANCHES FROM BANKAMERICA CORP. IN OREGON

 WEST ONE BANCORP TO ACQUIRE 38 BRANCHES FROM SECURITY PACIFIC
 IN WASHINGTON, THREE BRANCHES FROM BANKAMERICA CORP. IN OREGON
 BOISE, Idaho, April 2 /PRNewswire/ -- West One Bancorp (NASDAQ-NMS WEST), Security Pacific Corp. (NYSE: SPC) and BankAmerica Corp. (NYSE: BAC) today jointly announced the signing of a definitive agreement under which West One Bancorp will acquire 38 branches in Washington from Security Pacific Corp. and 3 branches in Oregon from BankAmerica Corp. that are being divested in connection with the planned merger between BankAmerica and Security Pacific. As a related development, KeyCorp (NYSE: KEY) announced today that its wholly-owned subsidiary, Key Bank of Washington, will acquire 48 such Security Pacific branches in the Washington.
 West One will assume deposit liabilities of approximately $1.3 billion and loans of approximately $800 million from Security
Pacific. West One will acquire 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 also assume the deposit liabilities of approximately $54 million of three branches in Oregon from BankAmerica.
 The agreements are subject to satisfaction of certain conditions including approval of applicable regulatory authorities and are contingent on completion of the merger between BankAmerica and Security Pacific.
 "Washington and Oregon are markets that have long been top priorities for West One's growth," said Dan Nelson, chairman and chief executive officer of West One Bancorp. "We will be a major player in these markets. This opportunity is the vehicle to strengthen our position and become even more competitive in the Pacific Northwest. There is a demand for a regional bank that delivers financial services at competitive prices with a friendly,
approachable style. We intend to respond to that demand in this market."
 Nelson is no stranger to the greater Northwest. He spent 22 years with Rainier Bank in Seattle where he held many senior management positions. He started five new ventures for the company and in 1974 became president and chief executive officer of Rainier Credit Corp. During his tenure, he also managed the Branch Banking Division and started the Private Banking Division.
 Nelson also said, "There will be some minor consolidation where branches overlap, but overall we will need to add people."
 West One Bancorp made its first appearance in Washington three and one-half years ago when it acquired First Western Bank, a two-branch bank in Bellevue. Since then, one full-service office was opened in Spokane; the Community Bank of Renton and First Security Bank of Tacoma were acquired in 1989, adding four branches; and Bank of Tacoma was acquired in 1990, adding five branches. In December 1991 West One acquired Washington Federal Savings Bank headquartered in Hillsboro, Ore., adding 15 branches and $362 million in assets.
 When the transactions are complete, West One Bank, Washington will have 50 branches, about $1.6 billion in assets and over 500 employees. West One Bank, Oregon will have 31 branches, assets of $855 million and over 440 employees. West One Bancorp will have more than 190 branches with over $7 billion in assets and will employ approximately 4,100 people in the Pacific Northwest.
 West One Bancorp is a 125 year old regional bank holding company headquartered in Boise, Idaho, which currently has $5.4 billion in assets and more than 155 offices in Idaho, Oregon, Utah and Washington.
 -0-
 /CONTACT: Linda Blount-Strauss of West One Bancorp, 208-383-7474/
 (WEST SPC BAC) CO: West One Bancorp; Security Pacific Corp.; BankAmerica Corp.;
 KeyCorp ST: Idaho, Oregon, Washington IN: FIN SU: TNM


LM -- SE014 -- 4532 04/02/92 16:13 EST
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Publication:PR Newswire
Date:Apr 2, 1992
Words:600
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