OneAmerica To Buy City National Bank's Retirement Services Unit - Quick Facts

(RTTNews) - OneAmerica and City National Bank, an unit of City National Corp. (CYN), have signed an agreement, whereby OneAmerica would buy City National Bank's San Diego-based retirement services recordkeeping business for undisclosed terms.

The transaction may close later this year. During that time, the business would adopt the name OneAmerica Retirement Services LLC. OneAmerica would continue business operations from the present San Diego location and clients would continue to work with their current service team. Also, OneAmerica and City National Bank would enter into a strategic alliance, whereby City National would distribute OneAmerica retirement products and provide directed trustee services to select OneAmerica retirement customers.

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

City National's retirement business manages over 240 plans with 40,000 participants and has $6.5 billion in assets under administration.