First Security Corp. and Pacific First Financial Corp., parent of Pacific First Bank, have announced the closing of the sale of Pacific First's Utah operations (formerly the Utah operations of American Savings & Loan).
Government regulators have approved the $3.25 million cash transaction.Effective Dec. 15, all former American Savings customers in Utah who are Pacific First customers will become First Security customers. The sale involves 40,000 customer accounts with deposits of about $240 million.
First Security currently operates 98 offices in 55 communities throughout Utah. The acquisition will bring the bank's statewide network to 101 offices.
Pacific First acquired American Savings' Utah operations from the Resolution Trust Co. in June 1990 as part of a larger sale that involved Willamette Savings Bank branches in Oregon. The Oregon branches now are part of the Pacific First Bank network.
The agreement for First Security to purchase the Pacific First Utah operations was announced in July.
Pacific First has 153 banking locations in Washington, Oregon, California and Nevada. The bank is a wholly owned subsidiary of Royal Trustco Ltd. of Toronto.
First Security is the largest financial services organization headquartered in the Intermountian West. It is the oldest continuously operating multistate bank holding company in the United States and operates 188 full-service banking offices in Utah, Idaho, Oregon and Wyoming.
Other subsidiaries include a leasing company, two insurance companies, an investment management firm and a discount brokerage operation.