In Brief: Northern Is Acquiring Conn. Administrator

CHICAGO - Northern Trust Corp. said it agreed to acquire RCB International Inc. for $35 million in cash and stock.

The $18.6 billion-asset Northern expects the transaction to close in the third quarter. The deal will be accretive to earnings in the second quarter with "minimal dilution of less than 1% in the first year," the bank said.

RCB is a Stamford, Conn.-based investment administrator and trustee of institutional clients and pension plans. It also has offices in Toronto and London.

"RCB's approach to investment management complements the disciplined research process that characterizes Northern's investment management business," said David Fox, Northern Trust's chairman and chief executive.

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