Rainier Bancorp

Last updated
Rainier Bancorporation
Rainier Bank
FormerlyMarine Bancorporation (before 1928 [1] –1974 [2] )
Typepublic
Nasdaq: RBAN
Industry Banking
Founded1889;134 years ago (1889) as National Bank of Commerce
FounderRichard Holyoke
DefunctJanuary 1, 1989;34 years ago (1989-01-01)
FateAcquired by Security Pacific Corporation
SuccessorSecurity Pacific Bancorporation Northwest
Headquarters Seattle, Washington
Area served
 Washington, Alaska, Oregon
Rainier Tower, the former headquarters of Rainier Bank in Seattle Rainier Tower Seattle Washington.jpg
Rainier Tower, the former headquarters of Rainier Bank in Seattle

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. [11]

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.[ citation needed ] 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.[ citation needed ] 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]

Related Research Articles

Washington Mutual was the United States' largest savings and loan association until its collapse in 2008.

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

Security Pacific National Bank (SPNB) was a large U.S. bank headquartered in Los Angeles, California. It was acquired by Bank of America in 1992.

The Bank of Hawaii Corporation is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that the majority of the voting stockholders reside within the state. Bank of Hawaii has the most accounts, customers, branches, and ATMs of any financial institution in the state. The bank consists of four business segments: retail banking, commercial banking, investment services, and treasury. The bank is currently headed by chairman, president and chief executive officer, Peter S. Ho.

<span class="mw-page-title-main">KeyBank</span> American regional bank headquartered in Cleveland, Ohio

KeyBank, the primary subsidiary of KeyCorp, is a regional bank headquartered in Cleveland, Ohio, and is the only major bank based in Cleveland. KeyBank is one of the largest banks in the United States.

<span class="mw-page-title-main">Rainier Tower</span> 41-story skyscraper in Seattle, Washington

Rainier Tower is a 41-story, 156.67 m (514.0 ft) skyscraper in the Metropolitan Tract of Seattle, Washington, at 1301 Fifth Avenue. It was designed by Minoru Yamasaki, who designed the World Trade Center in New York City as well as the IBM Building, which is on the corner across the street from Rainier Tower to the southeast. Its construction was completed in 1977.

<span class="mw-page-title-main">Seafirst Bank</span> Defunct American bank

Seafirst Corporation was an American bank holding company based in Seattle, Washington. Its banking subsidiary, Seafirst Bank, was the largest bank in Washington, with 235 branches and 497 ATMs across the state.

<span class="mw-page-title-main">Arthur A. Denny</span> American politician

Arthur Armstrong Denny was one of the founders of Seattle, Washington, the acknowledged leader of the pioneer Denny Party, and later the city's wealthiest citizen and a 9-term member of the territorial legislature. Seattle's former Denny Hill was named after him; it was flattened in a series of regrading projects and its former site is now known as the Denny Regrade. The city's Denny Way, however, is named not after Arthur Denny, but after his younger brother David Denny.

First National Bank may refer to:

<span class="mw-page-title-main">National Bank of Alaska</span>

National Bank of Alaska was Alaska's largest financial institution for the latter part of the 20th century. In 2000, it was purchased by Wells Fargo, giving the larger bank a presence in 23 states.

<span class="mw-page-title-main">First Interstate Bancorp</span> Defunct American bank holding company

First Interstate Bancorp was a bank holding company based in the United States that was taken over in 1996 by Wells Fargo. Headquartered in Los Angeles, it was the nation's eighth largest banking company.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

<span class="mw-page-title-main">Zions Bancorporation</span> U.S. financial services company

Zions Bancorporation is a bank holding company headquartered in Salt Lake City, Utah. Zions Bancorporation originated as Keystone Insurance and Investment Co., a Utah Corporation, in April 1955. In April 1960, Keystone, together with several individual investors, acquired a 57.5 percent interest in Zions First National Bank from The Church of Jesus Christ of Latter-day Saints. In 1965, the name of the company was changed to Zions Bancorporation. The first public offering of shares in Zions Bancorporation was made in January 1966. There continued to be some minority shareholders until April 1972, when the company exchanged the remaining minority shares for common shares. In 2018, Zions Bancorporation merged into its bank subsidiary, ZB, N.A., which was then renamed Zions Bancorporation, N.A. Zions Bancorporation now operates as a national bank doing business under eight local brands, rather than as a holding company.

First Interstate BancSystem, Inc. is a financial holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with locations throughout 14 states within the Western and Midwestern United States. It is the largest bank based in Montana, as measured by total assets.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

<span class="mw-page-title-main">Dime Savings Bank of New York</span>

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

<span class="mw-page-title-main">First Bank System</span> American regional bank holding company

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.

<span class="mw-page-title-main">Cadence Bank (1887–2021)</span> American financial institution

Cadence Bank was a US-based bank with 99 branches in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. The bank was based in Atlanta, with executive and operations headquarters in Birmingham, Alabama. It was the primary subsidiary of Houston, Texas based Cadence Bancorporation, a bank holding company.

<span class="mw-page-title-main">Dexter Horton Building</span> Building in Seattle, Washington, U.S.

The Dexter Horton Building is a 15-story office building in Seattle, Washington, United States. It is located at the intersection of 2nd Avenue and Cherry Street in Downtown Seattle and was the headquarters of the Seattle First National Bank (Seafirst) until they moved to the Seafirst Building in 1969. The building was opened in 1924 and designed by John Graham. It underwent seismic renovations in 2002 and was sold to Gerding Edlen in 2013 for $76.6 million. The building was later sold in 2015 to a subsidiary of Great Eagle Holdings for $124.4 million. CIM Group purchased the building for $151 million in 2019; it was the third time the Dexter Horton Building had been sold in a five-year period.

References

  1. ↑ "Merger Of Seattle Banks Is Approved" . Wall Street Journal . December 25, 1928. p. 15. 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. Alternate Link via ProQuest.
  2. ↑ "Marine Bancorporation" . Wall Street Journal . August 1, 1974. p. 27. Marine Bancorporation said it will ask shareholders to approve a change of name to Rainier Bancorporation at a special meeting in October. Alternate Link via ProQuest.
  3. ↑ Matassa Flores, Michele (June 7, 1992). "Loyalty Evoked By Rainier Bank A Thing Of Past?". Seattle Times . Retrieved 2009-09-18.
  4. ↑ "Rainier Merger". New York Times . May 3, 1983. Retrieved 2009-10-23.
  5. ↑ "Rainier Bancorp". New York Times . May 13, 1986.
  6. ↑ "Rainier gains approval of Oregon thrift buyout". United Press International . July 15, 1986.
  7. ↑ "Officials of Rainier Bancorporation, the largest independent commercial bank..." United Press International . 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.
  8. ↑ "URGENT Security Pacific, Rainier Bancorp To Merge In $1.15 Billion Stock Swap". Associated Press . February 24, 1987.
  9. ↑ Ramsey, Bruce (February 24, 1987). "Two Takeover Offers on the Table for Rainier Bancorp., It Confirms". Seattle Post-Intelligencer . Retrieved 2008-09-27.[ dead link ]
  10. ↑ Erickson, Jim (October 7, 1988). "So Long, Rainier Bank: Hello, Security Pacific" . Seattle Post-Intelligencer . p. C1. 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.
  11. 1 2 Buck, Richard (October 7, 1988). "It's Official: No More Rainier - Security Pacific Is New Name for Bank, Building" . Seattle Times . p. D7. 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.
  12. ↑ Matassa Flores, Michele (April 2, 1992). "Key Bank, West One Finalize Purchases". Seattle Times . Retrieved 2009-10-23.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.