2/28/92 |
Justice
Department Will Not Challenge
BankAmerica/Security Pacific Proposed Merger upon
Completion of Certain Divestitures
The Department of Justice,
Antitrust Division, announced that it will not challenge the proposed
merger of BankAmerica and Security Pacific, provided BankAmerica
completes its divestiture of 211 bank branches in five states
(California, Washington, Oregon, Arizona and Nevada). BankAmerica
committed to the divestitures to address competitive concerns
raised by the Antitrust Division that the merger might lessen
competition in various commercial and retail banking markets.
BankAmerica, headquartered in San Francisco, California, is the
third largest bank holding company in the United States, with
Security Pacific, headquartered in Los Angeles, California, being
the seventh. The combined firm would be the second largest bank
holding company in the country and the largest bank in California,
Washington, Nevada and Arizona. The Antitrust Division will advise
the Federal Reserve Board it has no objection to approval of the
merger after BankAmerica provides the Division with an amended
application containing its commitment to the agreed-to divestitures.
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