Add-on Acquisition • Financial Services

Bank of America Acquires Security Pacific Merchant Bank

On April 23, 1992, Bank of America acquired financial services company Security Pacific Merchant Bank

Acquisition Context
  • This is Bank of America’s 1st transaction in the Financial Services sector.
  • This is Bank of America’s 1st transaction in the United States.
  • This is Bank of America’s 1st transaction in California.

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M&A Deal Summary

Date April 23, 1992
Target Security Pacific Merchant Bank
Sector Financial Services
Buyer(s) Bank of America
Deal Type Add-on Acquisition

Target Company

Security Pacific Merchant Bank

Los Angeles, California, United States
Security Pacific Merchant Bank provides financial services, as on April 23, 1992, it was acquired by Bank of America Corporation.
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Buyer Overview 1

Buyer

Bank of America

Charlotte, North Carolina, United States

Category Company
Founded 1784
Sector Financial Services
Employees213,000
Revenue 101.9B USD (2024)
DESCRIPTION
Entrance to Bank of America Center in downtown Charlotte, North Carolina.
Entrance to Bank of America Center in downtown Charlotte, North Carolina.

Bank of America is a financial services institution serving individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America was incorporated in 1784 and is headquartered in Charlotte, North Carolina.


Deal Context for Buyer #
Overall 1 of 12
Sector: Financial Services 1 of 9
Type: Add-on Acquisition 1 of 7
State: California 1 of 3
Country: United States 1 of 11
Year: 1992 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-04-13 BankAmerica Housing Services

United States

BankAmerica Housing Services is an originator and servicer of manufactured housing loans.

Sell $603M