the board. Furthermore, a company associated with Fok would be entitled, upon completion of the acquisition, to purchase a limited equity position in BoC. SPNB agreed to pay $59.31 per share for the 714,128 common shares (31%) that it did not already own for a total cost of about $42 million. In 1985, a class action lawsuit against Security Pacific accused it of overcharging some 2,500 trust accounts going back to 1974. Please Reference J. Nicholas McIntosh Vs Mills Law firm regarding Trust Fee Cases with Bank Of America https://casetext.com/case/mcintosh-v-mills . Also in 1985, Security Pacific acquired The Arizona Bank. In 1986, SPNB acquired California Pacific National Bank, a small bank that primarily served Los Angeles' Chinese business community, for US$11.5 million. Earlier, BoC had revealed plans for a major expansion in the United States, concentrating on the growing Asian community in California. SPNB also entered into talks with American Asian Bank. This Chinese ethnic bank operated four branches around San Francisco and four in the Los Angeles area. In 1987, Security Pacific acquired Rainier Bancorp, which served the Pacific Northwest. In 1988, Security Pacific denied a job to hacker Kevin Mitnick for his failure to disclose prior convictions. Four days later, a false press release circulated stating that the bank had lost $400 million in the first quarter, hurting the bank's share price. The Federal Bureau of Investigation attempted to use this circumstantial evidence in their case against Mitnick, but no proof of a connection was ever uncovered. Mitnick, in particular, denied the allegation in his book Ghost in the Wires, saying it was not his style, while admitting other crimes unrelated to the bank. Also in 1988 SPNB completed the acquisition of Bank of Canton and renamed it Security Pacific Asian Bank. SPNB finally acquired American Asian Bank, controlled by individuals associated with the ailing Hong Kong-based Tung Group. (Earlier American Asian had acquired a portion of the failed American City Bank in 1983 and Toronto Dominion Bank of California in 1984). The 1980s boom for a time sustained the bank, but its aggressive acquisition strategy, unfavorable financial engineering arrangements, and the 1990 recession and Southern California real estate crash devastated its loan portfolio and balance sheet. Banking regulators, concerned problems at Security Pacific could compound the emerging savings and loan crisis, placed the bank under heightened scrutiny. On April 22, 1992, Security Pacific Bank merged with San