Chemical Banking Corp. signed a letter of intent to acquire the shareholder services business of Maryland National Corp. The purchase price and the number of accounts were not disclosed.
Chemical will acquire the business from Security Trust Corp., a subsidiary of Maryland National, during the fourth quarter. Security Trust services mostly mid-sized companies in the Baltimore-Washington area.
Many banks have been shedding their stock transfer businesses because of low margins. Chemical, the second-largest provider of shareholder services with 6.5 million shareholders and 750 corporate customers, has scooped up a number of businesses.
Earlier this year the bank acquired the stock transfer portfolios of Bishop Trust of Hawaii and First City Bancorp.