Security Pacific plans to add up to...
Security Pacific plans to add up to $100 million in bad loans from its Arizona subsidiary to its books in the fourth quarter. A spokesman said the Los Angeles-based banking company hopes to balance the addition with improvements in the level of bad loans in other sectors. Earnings for the quarter should remain at predicted levels, the spokesman said. Analyst George M. Salem at the New York investment firm of Prudential-Bache Securities lowered his investment rating on the stock to neutral from a previous buy recommendation on news of the addition to non-performing assets.
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