Seafirst Bank
Seafirst Corporation was an American bank holding company based in Seattle, Washington.[1][2] Formed in 1929 via the merger of Seattle's three largest banks, Seafirst was acquired in 1983 by BankAmerica after posting huge losses from loans it purchased from the failed Penn Square Bank; the Seafirst brand was retired in 1999 after NationsBank acquired BankAmerica the previous year and subsequently implemented the Bank of America brand nationwide.[3] In 1944, the bank won a case before the US Supreme Court, United States v. Seattle-First Nat.[5][6] In April 1983,[7][8] San Francisco–based BankAmerica Corporation announced the pending acquisition of the ailing Seafirst Corporation for $400 million in cash and stock,[9][10] when Seafirst was at risk of seizure by the federal government after becoming insolvent following the demise of Oklahoma City–based Penn Square Bank.Penn Square Bank collapsed in 1982, and the FDIC's decision to pay off only insured deposits rendered the participation assets valueless.