SAN DIEGO -- The Bank of San Diego has signed a definitive agreement to sell North American Trust Co.

The buyer will not be disclosed until the sale is approved by the State Banking Department of California, said BSD Bancorp, the holding company for Bank of San Diego.

The sale will close immediately upon approval, expected within 30 to 45 days. Alta Colleges, which had previously bid for North American Trust, is not a participant in this transaction.

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