Bank takes over ownership of Fresno Pacific Towers

Monday, May 09, 2011

A Fresno landmark once known as the Security Bank Building got a new owner late Monday morning. The bank that foreclosed on the building, is now the new owner.

East-west bank bought the 85-year-old building for $1.9-Million. The bank foreclosed on past owner Saundra King who filed for bankruptcy to try and keep the building. But King couldn't come up with enough money to pay her debt of more than $5-million.

King says she's lined up a new investor from Massachusetts who wants to buy the building from the bank. "He sees my vision and he wants to complete it, you know, finish off the top with loft residences," said King.

King says she plans to still live in one of the six finished lofts in the building which is now known as the Fresno Pacific Towers, and she says she signed a lease to run the ballroom on the ground floor.

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