Security Pacific Acquires Santa Clarita Bank

Security Pacific Corp. completed its acquisition of Santa Clarita National Bank on Thursday in a deal with a paper value of $41.6 million. Security Pacific paid 1.75 million of its shares of common stock for the 11-branch bank.

The merger had been imperiled because Santa Clarita National was allowed to back out if Security Pacific’s stock was below an average of $26 per share for the five days before closing; Security Pacific’s stock has plunged to less than $25 per share recently amid worries about the health of major banks. But Santa Clarita National officials decided to go ahead with the deal anyway.