April 8, 1992...The Portland Observcr...Page 9
West One Bancorp to Acquire 38 Branches From Security Pacific Corp, in
Washington and 3 Branches From BankAmerica Corp, in Oregon
West One Bancorp, Security Pa
cific Corp, and BankAmerica Corp to
day jo in tly announced the signing o f a
definitive agreement under which West
One Bancorp w ill acquire 38 branches
in Washington from Security Pacific
Corp, and 3 branches in Oregon from
BankAmerica Corp, that arc being d i
vested in connection with the planned
merger between BankAmerica and Se
curity Pacific. As a related develop
ment, KeyCorp announced today that
its wholly-owned subsidiary, Key Bank
o f Washington, w ill acquire 48 such
Security Pacific branches in the Wash
ington area.
West One w ill assume deposit l i
abilities o f approximately $1.3 billion
and loans o f approximately $800 m il
lion from Security Pacific. West One
w ill acquire 38 branches, three busi
ness banking centers, two private bank
ing centers, an auto financing center
and a specialty corporate banking cen
ter located prim arily in the Puget Sound
region. West One w ill also assume the
deposit liabilities o f approximately $54
m illion o f three branches in Oregon
from BankAmerica.
The agreements are subject to sat
isfaction o f certain conditions in c lu d
ing approval o f applicable regulatory
Two S mart
R easons lb O pen
A H ome E quity
L ine O f C redit
8.99% Are.
2. No S et -U p FL es .
I.
authorities and are contingent on
completion o f the merger between
BankAmerica and Security Pacific.
“ Washington and Oregon are mar
kets that have long been top priorities
for West One’ s grow th,” said Dan
Nelson, chairman and chief executive
officer o f West One Bancorp. “ We w ill
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 w ith a
friendly, approachable style. We in
tend 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 presi
dent and CEO o f Rainier Credit Corp.
During his tenure, he also managed the
Branch Banking D ivision and started
the Private Banking Division.
Nelson also said, “ There w ill some
m inor consolidation where branches
overlap, but overall we w ill 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-ser-
vieeofficc was opened in Spokane; the
Com m unity Bank o f Renton and First
Security Bank o f Tacoma were ac
quired in 1989, adding four branches,
and Bank o f Tacoma was acquired in
1990, adding five branches. In Decem
ber 1991 W cstOne acquired Washing
ton Federal Savings Bank headquar
tered in H illsboro, Oregon, adding 15
branches and $362 m illio n in assets.
When the transactions are com
plete, West One Bank, Washington
w ill have 50 branches, about $1.6 b il
lion in assets and over 500 employees.
West One Bank, Oregon, w ill have 31
branches, assets o f $855 m illio n and
o ve r 440 em ployees. W est One
Bancorp w ill have more than 190
branches w ith over $7 b illio n in assets
and w ill 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 b illio n in assets and
more than 155 offices in Idaho, O r
egon, Utah and Washington.
A. Philip Randolph Institute
(Portland Chapter)
Invites You To Celebrate
W litTlici it's a iit’u IainiK imnm. an Explorer \LT. or a week in Cancún, your desires can be
achiev'd with the helpol a low-rate, no-set-up-fee home equity line of credit.'With it, comes the
comemence ol an ongoing axailahilily of funds. As well as some highly attractive tax advantages.
Kind out moreCome into West One Bank today, or call 248-6688.
Seising The lies/ Tor I2i> lears
AtVA
•CuiiMili volli u i v i i M m ii Curri ni M 'kiifH !««, ui'linrsfpim »A.lUllu »2-0«) bi»pr ralrsavallatile un lincsiiwr »25.00U Rau-smay vary
u iil n , ii i v i n i imh \niiiial li - » .in n i fur fusi v a i i i l per ve,ir ihen afti-r Pmprrlv msuranre may lierequin-d McmberFDIC
Black Leadership Conference
The Black Leadership Conference
released its list o f recommendations for
the upcoming prim ary and general elec
tion, endorsing Les A u C oin fo r U.S.
Senator, E lizabeth Furse, Ron Wyden
and M ik e K o petski for U.S. Represen
tatives, V era K atz for M ayor o f Port
land, P hil K e islin g for Secretary o f
State, Ted K ulongoski for State A tto r
ney General and Jim H ill for State
Treasurer.
The B LC also endorsed the réélec
tion o f State Representative M a rg a re t
C a rte r fo r Dist. 18, and the réélection
o f M ik e L in d b e rg and D ick Bogle to
the Portland C ity Council.
George Richardson, endorsement
chairm an fo r the B L C , said that
A u C o in ’ s long-tim e comm itment to
economic development in die m inority
com m unity as a key factor in their
endorsement.
“ He has worked hard to bring key
projects toourcom m unity-projccts that
provide jobs, that provide housing, that
provide our kids w ith alternatives to
gangs.”
Ron H erndon, B L C c o -ch a ir,
agreed. “ The deciding factor for us was
A u C oin ’s integrity and his ability to
deliver fo r all Oregonians,” he ex
plained. “ It’ s important thalLcs AuCoin
be in the U.S. Senate.”
Suite Rep. Katz, received the B L C ’s
endorsement for Portland’ s mayor be
cause o f her progressive approach to
government.
“ Although we feel both major can
didates are highly qualified, we are
impressed with Katz’s legislative record
o f getting government to work better
and smarter,” Richardson said. “ Vera is
not afraid to shake up government to get
results. We think she w ill provide strong
leadership on those issues that affect
the A frican American comm unity, in
cluding economic development, public
safety, employment, housing and edu
cation.”
M arg a ret C a rte r received the
B L C ’ s endorsement lor Dist. 18 be
cause o f “ her com m itm ent to develop
ing the economy ad creating jo b oppor
tunities in North/Northcast Portland,”
A Phillip Randolph. America's forem ost Black labor leader, heads a picket line against South African apartheid
Herndon said.
The Black Leadership Conference
isaeonimunity-based organization cre
ated to identify and support national.,
state anil local candidates for public
office that arc sensitive to issues that
impact the African American commu
nity. The B L C ’ s endorsement com m it
tee interviewed thee candidates and
examined their records and credentials
to determine their positions on various
issues.
Other BLC endorsements include
Ron Cease for STatc Senator, Dist., 10;
Dan Saltzman lor Multnomah County
Commissioner, Dist. 1; Tanya Collier
for Multnomah County Commissioner,
Dist. 2; and Michael Sehrunk for
Multnomah County D istrict Attorney.
No endorsements were made for
State Senator, D istrict 8, based on the
candidates’ platform or interview. No
endorsements were made for M u lt
nomah County Commissioner, Dist. 4,
or Multnomah County D istrict Court
Judge, Dept. 14, because thecandidates
did not respond.
Randolph's "103rd Birthday"
Wine and Cheese Tasting
Saturday, April 18,1992
7:30-11 PM
Musicians Hall, 325 NE 20th
\ ^7/
Live Music, Dancing
Door Prizes
A D V E R T IS E
$10 Donation
for info, call 235-9444
PORTLANDQBSERVER
' '
Ernie Warren
Insurance
Agency
• *
S >4® HI
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The Eighth
Oregon Black
Political Convention
"Today’s Leaders Preparing Leaders fo r Tomorrow"
"A Full Service Agency
Serving the Community
For 20 Years"
130 N. K illin g .s u o r ili Street
P ortland, O regon 9"’ 21"T-2-i99
P h o n e (5 0 3 )2 8 3 1976 l a x (5 0 3 )2 8 3 -1 9 7 9
2207 NE Broadway
284-6595
Howard Johnson Plaza-Hotel
14811 Kruse Oaks Blvd. • Lake Oswego, Oregon 97035