	security pacific spc buys orbanco orbn security pacific corp said it completed its previously announced uisition of orbanco financial services corp after receiving federal approval of the deal security pacific said the federal reserve board approved on wednesday its purchase of the portland ore based bank holding company and financial services concern the purchase of orbanco for about mln dlrs in cash and common stock will be effective in days a security pacific spokeswoman said terms call for each share of orbanco common stock to be exchanged for about dlrs of security pacific common stock plus dlrs cash each share of orbanco s dlr par value preferred stock will be exchanged for dlrs cash plus accrued dividends orbanco with one billion dlrs in assests is the holding company for the oregon bank orbanco real estate service co american data service inc and orbanco securities corp security pacific now has four major regional bank purchases outside california completed or pending security pacific bought the arizona bank with assets of four billion dlrs in the fourth quarter of pending approval currently is the purchase of rainier bancorporation rban with assets of billion dlrs in anticipation of legislative changes that take effect in security pacific has also negotiated the future purchase of the nevada bank with assets of mln dlrs security pacific is the sixth largest u s bank holding company with assets of about billion dlrs reuter 
