OneAmerica has agreed to buy City National Bank’s San Diego-based retirement services recordkeeping business for an undisclosed sum.
Following completion of the transaction, which is likely to conclude later this year, the acquired entity will be rebranded as OneAmerica Retirement Services.
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The company will continue to operate its business from the existing San Diego location.
Furthermore, both OneAmerica and City National Bank have signed a strategic alliance contract, pursuant to which, City National will distribute OneAmerica retirement products and provide directed trustee services to select OneAmerica retirement customers.
OneAmerica companies president and CEO said, "The acquisition of City National Bank’s San Diego retirement services operation will significantly expand and enhance our operations and client service capabilities."
"This strategic alliance will assist us in our continued growth plans by bringing new participants and plans into the retirement services portfolio of OneAmerica."
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By GlobalDataCity National’s retirement services businesses serve over 240 plans with 40,000 participants and has $6.5bn in assets under administration, while OneAmerica’s retirement business manages more than 10,000 plans with 680,000 participants and have more than $24bn in retirement assets.
