Security Pacific Subsidiary Buys Failed Bank In Alaska

ANCHORAGE - A subsidiary of Security Pacific Bancorp. Washington has acquired $63.4 million in deposits of the failed Home Savings Bank in Anchorage.

Security Pacific Bank Alaska's purchase, for $582,000, was through the Resolution Trust Corp., an agency responsible for the assets of failed banks and thrifts.

Home Savings had two offices, in Anchorage and Wasilla, Alaska. They will reopen Tuesday as Security Pacific branches, raising the Alaska operation's total to six offices.

Security Pacific Bank Alaska is a subsidiary of Security Pacific Bancorp. Washington. The latter is owned by Los Angeles-based Security Pacific Corp., the nation's fourth largest bank company.