The real Sec Pac

The squib over the weekend about Security Pacific being seized by regulators - and then taken over by Pacific Western Bank - brings back memories of the old Security Pacific Bank (no relation). Actually, it's a shame that this new and unsuccessful bank might be confused with one of California's oldest and most important financial institutions. Its roots go back to 1868 and the opening of Hellman, Temple and Co., which soon became Farmers and Merchants Bank and then Security First National Bank. The bank became an important resource for the growth of California’s economy. Eventually, there was a push to provide non-banking activities, which led to a diversification strategy (it was reincorporated in 1971 as Security Pacific). In 1992 it was taken over by Bank of America - part of a massive consolidation of the local financial services industry that came about, ironically, in the throes of the last nasty recession we had.