By Nick Thornton
OneAmerica Financial Partners Inc., an Indianapolis-based provider of insurance and financial services, has acquired City National Bank’s San Diego-based retirement services
City National Bank is a subsidiary of City National Corp. Its retirement business manages more than 240 plans with 40,000 participants and has $6.5 billion in assets under administration.
OneAmerica’s retirement business serves more than 10,000 plans with 680,000 participants and more than $24 billion in assets under administration.
The new recordkeeping business resulting from the acquisition will adopt the name OneAmerica Retirement Services LLC, which will continue to operate from City National Bank’s San Diego offices.
As part of the acquisition, the two firms have entered into an alliance wherein City National will distribute OneAmerica retirement products and provide trustee services to select OneAmerica accounts.
Scott Davison, CEO of OneAmerica, 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.”
OneAmerica is a respected, vibrant and financially strong organization,” Rich Gershen, executive vice president of wealth management services at City National Bank, said in a jointly issued news release. “The alliance with OneAmerica will serve our clients well as their needs and the industry continue to evolve.”
City National is a pioneer in individually directed retirement accounts, according to Bill Yoerger, president of OneAmerica’s retirement services division.
“Their focus on outstanding service to some of the country’s largest and most prestigious professional service firms will allow the companies of OneAmerica to offer more comprehensive programs and will continue to distinguish us in the marketplace,” said Yoerger.
Terms of the acquisition were not released, but the news release said the transaction would not materially impact City National’s financial results.
Originally published on BenefitsPro.com