City National Corp., Beverly Hills, said last week that it had agreed to buy North American Trust Co., San Diego, for $11.5 million in cash.
The deal would boost City National's trust and investment business by more than 40%, to $14.2 billion of assets under administration and management.
North American would become the seventh office of City National Investments, the banking company's trust and investment division.
City National opened a personal trust office in the La Jolla section of San Diego two years ago. The North American acquisition would give the bank "stature" in San Diego's crowded trust marketplace, said Vernon C. Kozlen, executive vice president of City National Investments.
North American is owned by London Pacific Group, which manages and administers $9 billion. City National has assets of $5.8 billion.