Imagine stepping back in time to 1906. The Security Building stands tall as the city’s tallest building for four years.
Today we explore the story of the Former Security-First National Bank Building. It is a Los Angeles Historic-Cultural Monument. It is a contributing property to the Spring Street Financial District. This district is listed on the National Register of Historic Places.
The Security Building is located at 510 South Spring Street. This places it within the Spring Street Financial District. It once served as the headquarters for Security First National Bank.
John Parkinson and Bergstrom designed this 11-story high-rise. Later Killefer Flammang Architects contributed. The Security Building showcases Classical Revival and Chicago School architectural styles.
Originally an office building, it has been converted. The building now houses the Lofts at the Security Building. Simpson Property Group manages it.
In March 1929, Security Trust and Savings Bank merged. They merged with Los Angeles First National Trust and Savings Bank. This created Security First National Bank of Los Angeles. By that point, Security Trust was already forty years old.
Security Savings Bank & Trust Company opened in 1889. It started in rented space at 148 S. Main Street. F.N. Meyers was the first president. S.A. Fleming served as Vice-President. J.F. Sartori was the Cashier. The bank received over $1,300 in its first day. By the end of 1889, deposits grew to over $154,000.
In 1896, the Security Savings Bank moved. It relocated to the northeast corner of Main and Second Streets. The bank acquired several smaller banks. In 1907, it moved to Fifth and Spring Streets. Another merger in 1912 changed the name again. It became Security Trust & Savings Bank.
Security First National Bank committed to branch expansion in 1919. Branches outside Los Angeles were nearby. They were limited in number. In the next decade, 54 new branches were established. They came from mergers or as new locations. The first branch was approved in 1919. It was constructed in 1920 at Seventh St. and Grand Ave. The new Security First National Bank after the March 1929 merger was significant. It ranked as the seventh largest in the United States. Its resources totaled over $600 million.
By the 1960s, Security First National Bank was the largest bank. It was headquartered in Southern California. In the late 1950s, it acquired two other California banks. These were San Diego’s Security Trust and Savings Bank and Riverside’s Citizens National Trust & Savings Bank. This resulted in over 200 branch locations. Total resources exceeded $3 billion.
In 1967, Security First National Bank bought Pacific National Bank. They became Security Pacific National Bank.
Security Pacific Bank constructed a 55-story tower. It’s now known as Bank of America Plaza.
In 1992, Security Pacific Bank merged with BankAmerica. It was one of the largest bank mergers in history.
The Former Security-First National Bank Building. A landmark of finance and architecture stands before us. It is a testament to Los Angeles’ vibrant history. Its transformation reflects the city’s dynamic spirit.