City National in L.A. to Sell Retirement Division

M&A

B of A Selling N.C., Virginia Branches to HomeTrust, First Community

Bank of America (BAC) has agreed to sell 17 branches in North Carolina and Virginia with a total of $944 million in deposits to First Community Bank in Bluefield, Va., and HomeTrust Bancshares (HTBI) in Asheville, N.C.

By Paul Davis

June 10
M&A

Commerce in Missouri Selling Three Branches to New Era Bank

Commerce Bancshares (CBSH) in Kansas City, Mo., has agreed to sell three branches in rural southeastern Missouri to New Era Bank in Fredericktown, Mo.

By Andy Peters

May 8

City National Bank in Los Angeles has agreed to sell its retirement services business to OneAmerica, an insurance and asset management firm.

City National's retirement unit, based in San Diego, will be rebranded as OneAmerica Retirement Services. The bank has also agreed to distribute OneAmerica retirement products and provide trustee services to certain customers.

A purchase price was not announced. The deal is expected to close by yearend.

"The alliance with OneAmerica will serve our clients well as their needs and the industry continue to evolve," Rich Gershen, the bank's executive vice president of wealth management services, said in a press release Wednesday.

City National currently administers $6.5 billion in retirement assets, while OneAmerica's retirement business manages assets of more than $24 billion, according to the release.

City National has assets of $26 billion and is a subsidiary of City National Corp. (CYN). The bank has 77 offices in California, Nevada, New York, Tennessee and Georgia.

Kristin Broughton

twitter

MORE FROM AMERICAN BANKER

Politics and policy

'We lean optimistic': Bankers hope election outcome will boost loan growth

Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.

By Catherine Leffert

November 4
Payments

How one industry group is challenging the CFPB's BNPL rule

The Consumer Financial Protection Bureau will soon have to defend its interpretive buy now/pay later rule in court following an industry advocacy group lawsuit. Here's what's at stake.

By Joey Pizzolato

November 4
Election 2024

Election could mean new leaders for key Congressional committees

Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.

By Caitlin Devitt

November 4
Customer experience

'Like qualitative research without having to pay': A bank's guide to Reddit

Few banks are listening to what their customers are saying on Reddit, but the site can help them spot customer complaints and develop content that dispels misinformation.

By Miriam Cross

November 4
Federal Reserve

Senate Democrats call for another half-point Fed rate cut

Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.

By Kyle Campbell

November 4
Community banking

Community banks hire, promote top executives in October

Multiple lenders filled leadership roles across the country, including National Bankshares in Virginia, while Peoples Financial in Pennsylvania said its CEO would step down.

By Jim Dobbs

November 4