Seafirst Corporation was an American bank holding company based in Seattle , Washington. Its banking subsidiary, Seafirst Bank , was the largest bank in Washington, with branches and ATMs across the state. Formed in via the merger of Seattle's three largest banks, Seafirst was acquired in by BankAmerica after posting huge losses from loans it purchased from the failed Penn Square Bank ; the Seafirst brand was retired in after NationsBank acquired BankAmerica the previous year and subsequently implemented the Bank of America brand nationwide. Seattle-First Nat. Bank , by arguing that it did not have to pay a transfer tax when it converted from a state to a federally chartered bank.
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