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OneAmerica to Acquire City National Bank’s Retirement Services Division

OneAmerica will acquire City National Bank’s San Diego-based retirement services record keeping business under an agreement between the companies announced June 25. Once the acquisition is complete, OneAmerica will become OneAmerica Retirement Services LLC. The company plans to maintain business operations at the San Diego location and keep clients working with the same service team.

In addition to the acquisition, the two companies will enter into a strategic alliance. Within this alliance, City National Bank will distribute OneAmerica retirement products and provide trustee services to specific OneAmerica retirement customers.

“The acquisition of City National Bank’s San Diego retirement services operation will significantly expand and enhance our operations and client service capabilities,” said Scott Davison, president and chief executive officer of the companies of OneAmerica. “This strategic alliance will assist us in our continued growth plans by bringing new participants and plans into the retirement services portfolio of OneAmerica.”

The terms of the agreement have not been disclosed, but the transaction is expected to be finalized later this year.

John Adams is a writer for NAPA Net.

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