Seafirst Corporation was a bank holding company based in Seattle

Seattle, Washington

Seattle is the county seat of King County, Washington. With 608,660 residents as of the 2010 Census, Seattle is the largest city in the Northwestern United States. The Seattle metropolitan area of about 3.4 million inhabitants is the 15th largest metropolitan area in the country...

, Washington. Formed on November 11, 1929, from the merger of Seattle

Seattle, Washington

Seattle is the county seat of King County, Washington. With 608,660 residents as of the 2010 Census, Seattle is the largest city in the Northwestern United States. The Seattle metropolitan area of about 3.4 million inhabitants is the 15th largest metropolitan area in the country...

's three largest banks, the First National Bank Group, the Dexter Horton National Bank (founded 1870 by Dexter Horton

Dexter Horton

Dexter Horton was the founder of the first bank in the City of Seattle. Before his founding of the Bank of Dexter Horton in 1870 financial transactions were conducted by merchants....

), and Seattle National Bank, the bank was originally named First Seattle Dexter Horton National Bank. In 1931, the bank changed its name to First National Bank of Seattle, and again in 1935 to Seattle-First National Bank. In 1970 it was using the name Firstbank; in 1974 the name Seafirst was adopted instead.

Seafirst was acquired by BankAmerica Corp. in 1983, when Seafirst was at risk of seizure by the federal government after becoming insolvent following the demise of Oklahoma City

Oklahoma city

Oklahoma City is the capital and largest city of the U.S. state of Oklahoma.Oklahoma City may also refer to:*Oklahoma City metropolitan area*Downtown Oklahoma City*Uptown Oklahoma City*Oklahoma City bombing*Oklahoma City National Memorial...

-based Penn Square Bank

Penn Square Bank

Penn Square Bank was a small commercial bank located in the rear of the Penn Square Mall in Oklahoma City. The bank made its name in high-risk energy loans during the late 1970s and early 1980s Oklahoma and Texas oil boom. Between 1974 and 1982, the bank's assets increased more than 15 times to...

. Seafirst had acquired a significant share of Penn Square's energy loan debt by participating in loans originated by that bank. Penn Square Bank collapsed in 1982, and the FDIC's decision to pay off only insured deposits rendered the participation assets valueless. The corporation and its primary subsidiary, Seattle-First National Bank, maintained the Seafirst Bank name and brand identity.
During the 1980s and much of the 1990s Seafirst Bank maintained a high degree of autonomy and reigned as the largest bank in Washington.

Following the 1998 merger of BankAmerica Corp. and NationsBank Corp. into the modern Bank of America Corporation

Bank of America

Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...

, Seafirst finally assumed the Bank of America

Bank of America

Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...

brand in 2000.

Further reading

• The Bankoscope: Staff Publication of the Seattle-First National Bank. Special Anniversary Issue, June 1960, Volume XVIII. Seattle: Seattle-First National Bank, 1960.

External links

• http://content.lib.washington.edu/cdm4/results.php?CISORESTMP=results.php&CISOVIEWTMP=item_viewer.php&CISOMODE=thumb&CISOGRID=thumbnail,A,1;title,A,1;subjec,A,0;descri,200,0;none,A,0;20;title,none,none,none,none&CISOBIB=title,A,1,N;subjec,A,0,N;descri,200,0,N;none,A,0,N;none,A,0,N;20;title,none,none,none,none&CISOTHUMB=20%20(4x5);publis,none,none,none,none&CISOTITLE=20;title,none,none,none,none&CISOHIERA=20;subjec,title,none,none,none&CISOSUPPRESS=1&CISOTYPE=link&CISOOP1=all&CISOFIELD1=subjec&CISOBOX1=Seafirst&CISOOP2=all&CISOFIELD2=subjec&CISOBOX2=&CISOOP3=all&CISOFIELD3=descri&CISOBOX3=&CISOOP4=all&CISOFIELD4=CISOSEARCHALL&CISOBOX4=&c=all&CISOROOT=/reportsHistorical Annual Reports for Seafirst]
• CPOL