SAN FRANCISCO -- Union Bank said it has obtained Federal Deposit Insurance Corp. approval to complete its acquisition of 33 former branches of Security Pacific National Bank.

The transaction, prompted by the merger of Los Angeles-based Security Pacific Corp. with BankAmerica Corp., San Francisco, still faces a 30-day waiting period for U.S. Justice Department review. It is also awaiting California Banking Department approval.

Union Bank, a Bank of Tokyo affiliate, said it plans to take over the branches during the July 4 weekend.

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