Rainier Bancorp Explained
Rainier Bancorporation was the Seattle-based parent corporation of Rainier National Bank, a Washington state bank with branches throughout the state. Rainier traced its roots back to the National Bank of Commerce, which was founded by Richard Holyoke in 1889.[3] The name Rainier National Bank was adopted in 1974. Rainier Bancorp expanded into Alaska with the purchase of Anchorage's People's Bank & Trust in 1983[4] and into Oregon with the purchase of Gresham's Mount Hood Security Bank in 1986,[5] expanding further in Oregon in 1986 with the government-assisted purchase of Portland's failed Lincoln Savings & Loan Association[6] (not related to the Californian thrift of the same named that failed in 1989).
After a brief bidding war with First Bank System,[7] Rainier Bancorp. was acquired by Security Pacific Corporation in 1987 for $1.15 billion in stock.[8] At the time of its acquisition, it was the second largest bank in the state.[9] After the merger, Rainier Bancorporation was renamed Security Pacific Bancorporation Northwest, and Rainier National Bank was renamed Security Pacific Bank Washington.[10] Rainier Bank Alaska was renamed Security Pacific Bank Alaska.[11] Rainier Bank Oregon was merged into recently acquired Oregon Bank to form Security Pacific Bank Oregon.
In 1992, Security Pacific Bank merged with San Francisco-based BankAmerica (now called Bank of America), a deal that was at the time one of the largest bank mergers in history. Federal regulators, however, forced the divestiture of over half of the former Rainier Bank Washington state franchise (having been renamed Security Pacific Bank Washington, N.A. in 1989), as the combination of BankAmerica's Seafirst subsidiary and Rainier would have given BankAmerica too large a share of the retail banking market in Washington state. While 82 branches were retained and consolidated with Seafirst, 38 were sold to West One Bancorp (now itself merged into U.S. Bancorp) and 48 to KeyBank.[12]
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Notes and References
- News: Merger Of Seattle Banks Is Approved . . December 25, 1928 . 15 . . subscription . Directors have approved consolidation of Dexter Horton National Bank and Marine Bencorporation, resulting in the change in name of the latter corporation to the Dexter Horton Marine Corp. and the uniting of National Bank of Commerce, National City Bank of Seattle, two Marine member institutions, with the Dexter Horton. Under merger plans the Dexter Horton National Bank will be known as Dexter Horton National Bank of Commerce, the National City merging with it shortly. . .
- News: Marine Bancorporation . . August 1, 1974 . 27 . . subscription . Marine Bancorporation said it will ask shareholders to approve a change of name to Rainier Bancorporation at a special meeting in October. . .
- News: Loyalty Evoked By Rainier Bank A Thing Of Past? . Matassa Flores . Michele . June 7, 1992 . . 2009-09-18.
- News: Rainier Merger . May 3, 1983 . . 2009-10-23 . .
- News: Rainier Bancorp . . May 13, 1986 . .
- News: Rainier gains approval of Oregon thrift buyout . . July 15, 1986 . .
- News: Officials of Rainier Bancorporation, the largest independent commercial bank... . . February 23, 1987 . . Officials of Rainier Bancorporation, the largest independent commercial bank in Washington, said Monday it has received two takeover offers from out-of-state firms. No details were made public..
- News: URGENT Security Pacific, Rainier Bancorp To Merge In $1.15 Billion Stock Swap . . February 24, 1987 . .
- News: Bruce . Ramsey . Two Takeover Offers on the Table for Rainier Bancorp., It Confirms . February 24, 1987 . . 2008-09-27.
- News: So Long, Rainier Bank: Hello, Security Pacific . . October 7, 1988 . C1 . Jim . Erickson . subscription . Rainier National Bank officials yesterday ended months of rumors by announcing the bank would get a name change early next year to Security Pacific Bank Washington... Rainier Bancorporation, the holding company for Rainier Bank, will be known as Security Pacific Bancorporation Northwest..
- News: It's Official: No More Rainier - Security Pacific Is New Name for Bank, Building . . October 7, 1988 . D7 . Richard . Buck . subscription . Early next year, Rainier Bank will change its name to Security Pacific Bank Washington, reflecting the name of the Los Angeles company that bought Rainier last year for $1.1 billion... At the same time, other banks in the region will change their names as well: -- Oregon Bank, a Rainier subsidiary, will become Security Pacific Bank Oregon; -- Rainier Bank Alaska will become Security Pacific Bank Alaska; -- United Bank, a 16-office institution in Tacoma owned by Rainier, will become Security Pacific Savings Bank..
- News: Michele . Matassa Flores . Key Bank, West One Finalize Purchases . April 2, 1992 . . 2009-10-23.
