wsj_0706.xml
WSJ891027-0189
WSJ891027-0189
=
891027
=
891027
891027-0189
.
891027-0189
.
Security
Pacific
Corp.
Security
Pacific
Corp.
10/27/89
10/27/89
10/27/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
SPC
LJC
SPC
LJC
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
BANKS
(
BNK
)
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
BANKS
(
BNK
)
LOS
ANGELES
LOS
ANGELES
Security
Pacific
Corp.
has
set
its
sights
on
buying
its
second
bank
holding
company
this
year
.
Security
said
it
signed
a
letter
of
intent
to
purchase
La
Jolla
Bancorp
,
agreeing
to
pay
$
15
of
its
own
stock
for
each
share
of
La
Jolla
.
Based
on
the
current
number
of
La
Jolla
shares
,
that
gives
the
transaction
a
value
of
$
104
million
.
La
Jolla
is
the
parent
company
of
La
Jolla
Bank
&
Trust
Co.
,
which
has
12
branches
in
San
Diego
County
.
As
of
Sept.
30
,
the
bank
had
assets
of
$
511
million
and
deposits
of
$
469
million
,
Security
Pacific
said
.
Earlier
this
month
,
Security
Pacific
,
which
is
among
the
10
largest
bank
holding
companies
in
the
U.S.
,
completed
the
acquisition
of
San
Diego-based
Southwest
Bancorp
.