Northern Trust Completes Deal
CHICAGO - Northern Trust Corp., said it has completed its aquisition of Tri-Valley National Bank in Dublin, Calif., following approval by shareholders and regulators. The $10 million-asset Tri-Valley National Bank, which was a subsidiary of SJNB Financial Corp., will be consolidated with Northern Trust of California.
With a commercial bank charter, the Northern Trust unit will be able to offer a full range of private banking services in addition to asset management and trust services. Northern Trust of California administers more than $1.6 billion in trust assets from officers in Santa Barbara, Los Angeles, San Francisco, Newport Beach, and San Diego.
Other banking companies that have recently augmented trust subsidiaries with full-service bank acquisitions include J.P. Morgan & Co. and U.S. Trust Corp. of New York.
