OneAmerica to Acquire City National Bank's Retirement Services

While the terms of the acquisition agreement were not disclosed, the transaction is expected to close later this year. The new business will adopt the name OneAmerica Retirement Services LLC. OneAmerica will continue business operations from the current San Diego location and clients will continue to work with their current service team.

OneAmerica and City National Bank will also enter into a strategic alliance whereby City National will distribute OneAmerica retirement products and provide directed trustee services to select 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. This strategic alliance will assist us in our continued growth plans by bringing new participants and plans into the retirement services portfolio of OneAmerica,” says Scott Davison, president and chief executive officer of the companies of OneAmerica, based in Indianapolis.

City National’s retirement business manages more than 240 plans with 40,000 participants and has $6.5 billion in assets under administration. OneAmerica’s retirement services businesses serve more than 10,000 plans with 680,000 participants and have more than $24 billion in retirement assets.

The transaction is not expected to have a material impact on City National’s financial results.

OneAmerica Financial Partners, Inc. (www.oneamerica.com) is a provider of retirement plan products and services, individual life insurance, annuities, long-term care solutions and employee benefit plan products. City National Bank (www.cnb.com), a subsidiary of City National Corporation, is a provider of banking, investment and trust services.